Smartsheet Inc. SMAR posted better-than-expected second-quarter financial results and raised its FY25 EPS outlook on Thursday.
Smartsheet reported quarterly earnings of 44 cents per share which beat the analyst consensus estimate of 29 cents per share. The company reported quarterly sales of $276.41 million which beat the analyst consensus estimate of $274.19 million.
“Q2 was a strong quarter highlighted by continued growth in the enterprise,” said Mark Mader, CEO of Smartsheet. “Our customers are scaling their work on Smartsheet, with over 70 customers expanding their Smartsheet annualized recurring revenue by more than $100,000 this quarter. We have a significant opportunity ahead to drive durable, long-term growth. We’ve been investing in product innovations that empower our customers to manage their work at an even larger scale on our platform, which we look forward to sharing more about at our annual customer conference, ENGAGE Seattle, in a few weeks.”
Smartsheet raised its FY25 adjusted EPS outlook from $1.22 – $1.29 to $1.36 – $1.39.
Smartsheet shares gained 4.3% to close at $49.35 on Thursday.
These analysts made changes to their price targets on Smartsheet following earnings announcement.
- BMO Capital analyst Keith Bachman maintained Smartsheet with an Outperform and raised the price target from $48 to $59.
- Barclays analyst Ryan Macwilliams maintained Smartsheet with an Equal-Weight and boosted the price target from $45 to $50.
- Needham analyst Scott Berg reiterated Smartsheet with a Buy and maintained a $57 price target.
Considering buying SMAR stock? Here’s what analysts think:
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