Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Smartsheet Inc (NYSE:SMAR) reported better-than-expected first-quarter financial results and announced an inaugural $150 million share repurchase program on Wednesday.
Smartsheet reported quarterly earnings of 32 cents per share which beat the analyst consensus estimate of 27 cents per share. The company reported quarterly sales of $263.00 million which beat the analyst consensus estimate of $258.28 million, according to data from Benzinga Pro.
The company also announced that its board authorized the repurchase of up to $150 million of its common stock.
"This will be a pivotal year for Smartsheet. We believe the combination of new product innovations, the upcoming launch of our modern pricing and packaging model, and a reinvigorated go-to-market strategy positions us for long-term, durable growth," said Mark Mader, CEO of Smartsheet.
Smartsheet expects full-year revenue to be between $1.116 billion and $1.121 billion versus estimates of $1.116 billion. The company sees full-year adjusted earnings in the range of $1.22 to $1.29 per share versus estimates of $1.11 per share.
Smartsheet Inc shares rose 0.5% to close at $37.78 on Wednesday.
These analysts made changes to their price targets on Smartsheet after the company reported quarterly results.
- Canaccord Genuity raised the price target on Smartsheet from $45 to $52. Canaccord Genuity analyst David Hynes maintained a Buy rating.
- RBC Capital increased Smartsheet price target from $36 to $43. RBC Capital analyst Rishi Jaluria maintained a Sector Perform rating on the stock.
- Morgan Stanley analyst Josh Baer maintained Smartsheet with an Overweight and raised the price target from $51 to $53.
- Needham analyst Scott Berg, meanwhile, reiterated Smartsheet with a Buy and maintained a $57 price target.
Latest Ratings for SMAR
| Feb 2022 | Morgan Stanley | Maintains | Overweight | |
| Jan 2022 | RBC Capital | Maintains | Sector Perform | |
| Jan 2022 | Wells Fargo | Upgrades | Equal-Weight | Overweight |
View the Latest Analyst Ratings
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