Smartsheet surges after results, forecast beat

Smartsheet

02/12/2022 16:06

** Smartsheet Inc's  SMAR.N  shares up 13.9% at $37.03 on
Fri after cloud-based software firm's qtrly report tops
expectations
    ** SMAR shares surge as much as 18.4% to $38.48, highest
since mid-Sept
    ** Co late Thurs posted Q3 rev of $199.6 mln, up 38% yr/yr,
and adj loss of 1 cents/sh beating Refinitiv estimates of $194.3
mln and expected loss/sh of 15 cents  urn:newsml:reuters.com:*:nBw5G0dYqa
    ** Co forecasted FY23 rev of $760-$762 mln and adj loss/sh
of 30-31 cents; consensus view called for rev of $753 mln and
adj loss of 53 cents/sh
    ** At least 7 analysts hike their PTs in reaction to report
    ** Jefferies says SMAR showed signs of profitability
potential this qtr beating on both operating margin and free
cash flow
    ** D.A. Davidson says cost controls driving significant
leverage in the model and believes meaningful cash generation
next year is likely
    ** 18 of 21 analysts rate SMAR "buy" or higher, 3 "hold",
per Refinitiv; median PT is $45
    ** Despite move on the session, shares down 52% YTD
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))