What's Going On With Smartsheet Stock Thursday?

Smartsheet Inc SMAR shares are trading lower Thursday in the wake of the cloud based work management platform company's first-quarter results. Multiple analysts are out with updates following the print. 

• Q1 Revenue: $219.89 million beat estimates of $214.07 million
• Q1 Adjusted EPS: 18 cents beat estimates of 8 cents

Revenues grew 31% year-over-year. Operating cash flow came in at $34.6 million and free cash flow totaled $31.3 million. The company ended the quarter with $489.5 million in cash, equivalents and short-term investments.

"We are seeing strong demand from our enterprise customers, who continue to choose Smartsheet to help them accomplish their mission critical work and solve their toughest problems," said Mark Mader, president and CEO of Smartsheet.

"Looking ahead, we're planning to expand the AI-based capabilities in our platform to help our customers unlock new, higher value work."

Outlook: Smartsheet expects second-quarter revenue to be between $228 million and $231 million versus estimates of $230.09 million. The company sees second-quarter adjusted earnings of 7 cents to 8 cents per share versus estimates of 7 cents per share.

Smartsheet anticipates full-year revenue of $943 million to $948 million versus estimates of $945.92 million. The company raised full-year adjusted earnings to a range of 37 cents to 44 cents per share versus estimates of 35 cents per share. 

Analyst Changes:

• Oppenheimer analyst George Iwanyc reiterated Smartsheet with an Outperform and maintained a $55 price target.
• Morgan Stanley analyst Josh Baer maintained Smartsheet with an Overweight and lowered the price target from $56 to $55.
• Credit Suisse analyst Fred Lee reiterated Smartsheet with a Neutral and maintained a $40 price target.

See Also: What's Going On With MGO Global Stock?

SMAR Price Action: Smartsheet shares were down 18.5% at $39.94 at the time of writing, per Benzinga Pro.

Photo: courtesy of Smartsheet.