Smartsheet Analysts Boost Their Forecasts After Upbeat Earnings
Portfolio Pulse from Avi Kapoor
Smartsheet Inc. (NYSE:SMAR) exceeded Q3 earnings expectations with an adjusted EPS of 16 cents, surpassing the forecast of 9 cents. Revenue was also higher than anticipated at $245.92 million against the expected $241.69 million. Following the earnings report, Smartsheet's stock price increased slightly by 0.4% to $45.05. Analysts from Keybanc, Canaccord Genuity, and Truist Securities have raised their price targets for Smartsheet, maintaining positive ratings.
December 08, 2023 | 4:23 pm
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POSITIVE IMPACT
Smartsheet's Q3 earnings beat and raised FY24 revenue outlook, along with increased price targets from analysts, suggest a positive short-term impact on the stock.
The positive earnings report and raised revenue outlook typically lead to increased investor confidence and can drive the stock price up in the short term. The raised price targets from respected analysts further support the potential for a positive stock price reaction.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100