Smartsheet Gets Price Target Bumps By Analysts After Strong Q4 Results

Smartsheet Inc. SMAR reported better-than-expected Q4 results and issued strong EPS guidance.

The company reported quarterly revenue of $212.34 million, which exceeded market estimates of $206.19 million. The company’s earnings came in at 7 cents per share, topping estimates for a loss of 1 cent per share.

Smartsheet expects Q1 revenue to be between $213 million and $215 million versus estimates of $217.1 million. The company sees Q1 adjusted earnings between 8 and 9 cents per share versus estimates for a loss of 6 cents per share.

Smartsheet shares jumped 9.1% to $41.81 in pre-market trading.

These analysts made changes to their price targets on Smartsheet following the release of results.

• Keybanc raised the price target on Smartsheet from $48 to $53. Keybanc analyst Jason Celino maintained an Overweight rating.
• RBC Capital increased the price target on Smartsheet from $36 to $43. RBC Capital analyst Rishi Jaluria maintained a Sector Perform rating.
• Needham analyst Scott Berg reiterated Smartsheet with a Buy and maintained a $57 price target.
• Credit Suisse analyst Fred Lee reiterated the stock with a Neutral and maintained a $40 price target.

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