|Bid||45.50 x 1000|
|Ask||0.00 x 1200|
|Day's Range||45.49 - 50.00|
|52 Week Range||30.91 - 60.45|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Sep. 02, 2020 - Sep. 08, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||51.77|
Customer wins and growth in business value drive Smartsheet's (SMAR) first-quarter fiscal 2021.
Shares of cloud-based technology company Smartsheet (NYSE: SMAR) are getting crushed today, after the company reporting earnings for the first quarter of fiscal 2021. As of 11:30 a.m. EDT on Thursday, Smartsheet stock was down 22%. Smartsheet reported results for full-year fiscal 2020 back in March.
(Bloomberg) -- Smartsheet Inc.’s first-quarter results were hamstrung by the Covid-19 pandemic as demand and sales cycles were hurt across a range of its segments and management cut its expectations for the year.Jefferies analyst Brent Thill said expectations were elevated going into the earnings and that Smartsheet “unfortunately fell victim to a weaker business environment due to Covid-19.” Thill said bears will also point to a material accounting weakness and reduced close rates. Smartsheet’s stock fell the most on record, sinking 23% at 10:08 a.m. Thursday, after shares closed at a record high on Monday.Some on the Street, such as Needham analyst Scott Berg, opted to look beyond the first-quarter weakness. “We are aggressive buyers on what we expect will be significant stock weakness as our industry work suggests this decelerating bookings momentum is temporary and will reaccelerate in” the second half of fiscal 2021, he wrote in a note to clients.The Bellevue, Washington-based company had snapped back 84% from a March 16 low through Wednesday’s close.Jefferies, Brent Thill“We questioned Smartsheet’s sanguine guidance last quarter when most companies would have been given a hall pass due to the pandemic. Unfortunately for Smartsheet it provided forecasts before the true impact of the pandemic was known and couldn’t meet the elevated expectations that come along with high multiples.”“That said, the company noted improvements in May (engagements increasing with larger customers) and we don’t believe anything is wrong with the go-to-market motion or the product as low cost, high ROI solutions tend to thrive in the long run.”Management commentary that it expects to grow its sales headcount more than it did last year despite macro concerns is evidence that “the pipeline and opportunity remain strong.”Rates hold, cut price target to $50 from $55.Needham, Scott Berg“Covid had a much larger impact on the company’s first-quarter sales than our industry work suggested and guidance suggests these headwinds will remain in second-quarter.”“Net Revenue Retention remains best in class at +132% year-over-year and large customer growth remained positive against the disappointing overall results backdrop.”Maintains buy rating, price target to $67 from $60 as the firm rolls its valuation multiple forward to fiscal year 2021 estimate.William Blair, Arjun BhatiaSmartsheet saw signs of demand stabilization in May as well as strong pipeline development across all customer segments though “headwinds still exist.”Company is still not back to pre-Covid-19 selling levels though “this is not a problem of demand or changing competitive dynamics” and customer engagement remains high.“Some investors may be disappointed that the work from home benefit is not coming through, and while near-term uncertainty still exists, we think Smartsheet is ultimately well-positioned to benefit in the collaboration/workflow automation market once the macro backdrop is on more stable ground.”Maintains outperform.SunTrust, Terry Tillman“We believe the company’s favorable competition position and large TAM associated with work execution software could drive upside to consensus estimates but realize the potential for Covid-19 to further impact billings/new business.”“We believe recent product developments in areas like accelerators and capabilities-based solutions, content and resource management in marketing use cases, solid sales execution, and the ability to expand significantly within the existing customer base through addressing additional use cases should aid in maintaining much higher growth (30% plus) compared to our broader coverage over the long term.”Maintains buy rating, $50 price target.Wedbush, Steve KoenigManagement said that its short sales cycles “translate into a rapid impact on results from a change in the demand environment.”“The company is prudently assuming a headwind from Covid-19 for the remainder of the year.”Maintains neutral rating and raises price target to $45 from $40.(Updates share movement in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Thank you for standing by and welcome to the Smartsheet First Quarter Fiscal 2021 Earnings Conference Call. Good afternoon and welcome everyone to Smartsheet's first quarter of fiscal year 2021 earnings call.
Smartsheet (SMAR) delivered earnings and revenue surprises of 45.00% and 3.87%, respectively, for the quarter ended April 2020. Do the numbers hold clues to what lies ahead for the stock?
NEW YORK, NY / ACCESSWIRE / June 3, 2020 / Smartsheet, Inc. (NYSE:SMAR) will be discussing their earnings results in their 2021 First Quarter Earnings call to be held on June 3, 2020 at 4:30 PM Eastern ...
Benefits from a wider client base and expanding international presence are likely to get reflected in Smartsheet's (SMAR) third-quarter fiscal 2020 results.
Smartsheet (SMAR) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Smartsheet Inc. (NYSE: SMAR), the platform for enterprise achievement, today announced that it will release its financial results for its first quarter of fiscal year 2021 which ended April 30, 2020 after the close of U.S. financial markets on June 3, 2020. Smartsheet executives will host a conference call that day at 4:30 p.m. ET (1:30 p.m. PT) to discuss the results. The dial-in number to access the call will be (877) 274-9243 or (647) 689-5417 (outside of the US). The conference ID is 4242968.
Yahoo Finance catches up with Dropbox co-founder and CEO Drew Houston to discuss the future for the tech outfit after the COVID-19 pandemic.
While a few states have begun to relax their stay-at-home orders -- and a handful never imposed them -- about 290 million Americans remain under state- or municipality-imposed restrictions that prevent all but essential workers from going to their jobs. The Motley Fool has a disclosure policy.
Smartsheet (NYSE: SMAR), the platform for enterprise achievement, today announced that 89% of Generation Z and 91% of Millennial workers report difficulty working from home as a result of COVID-19, according to a global survey of professionals conducted by ENGINE INSIGHTS and commissioned by Smartsheet.
Smartsheet (NYSE: SMAR), the platform for enterprise achievement, today announced that young Australian workers including 93% of Generation Z and 90% of Millennials are reporting difficulty working remotely as a result of COVID-19, according to a survey of professionals conducted by ENGINE INSIGHTS and commissioned by Smartsheet.
Smartsheet (NYSE: SMAR), the platform for enterprise achievement, today announced that despite being more tech fluent, 95% of Generation Z and 93% of Millennial workers report difficulty working from home as a result of COVID-19, according to a survey of professionals conducted by ENGINE INSIGHTS and commissioned by Smartsheet.
(Bloomberg Opinion) -- The coronavirus is changing the way we work. As more governments implement stricter shelter-in-place orders, corporations and their employees are scrambling to figure out how to conduct business operations in a work-at-home world. First, new hardware is required. Sales of monitors, webcams and laptops are soaring as people build out their home offices. But that’s the easy part.The bigger issue is how to enable similar levels of productivity without the many brief conversations and in-person meetings during a typical day at the office. To accomplish this, companies are increasingly turning to a handful upstarts in the aptly named workforce collaboration software category. These are the tools, initially designed for use in an office, which the world has now discovered work so well when trying to stay connected remotely, from video conferencing to electronic messaging platforms. And as they gain traction in the home workspace, it seems more and more likely they’ll stick once we’re all back in the office again, accelerating a trend toward greater usage that was happening anyway.Three tools that particularly stand out come from Zoom Video Communications Inc., Slack Technologies, Inc. and Smartsheet Inc. What these companies have in common is they are upstarts, their products are arguably best-in-class for what they do and they’ve all seen their shares jump amid the widening coronavirus crisis.As recently as a couple months ago, the companies faced challenges in trying to raise awareness for their offerings. Microsoft Corp. and Cisco Systems, Inc. have much larger marketing budgets and deeper relationships with Fortune 500 tech buyers. Well that is less of a problem now. The need to just get work done has become a showcase opportunity for the best-of-breed software vendors to break through the noise and put some distance between their products and the tech-industry goliaths’ less-capable offerings.Zoom is further along in the brand-awareness process. By now, everyone knows how the company is thriving as the video-conferencing pure play of choice. Earlier this month, Zoom CEO Eric Yuan said on a call, “Given this coronavirus, I think that overnight almost every business really understands they needed a tool like this. This will dramatically change the landscape.” Last week, Bernstein’s survey of 516 working adults revealed Zoom’s momentum continues to rise. Based on an analysis of responses, the data implied Zoom’s boost in usage among knowledge workers was more than double, versus any other vendor since the coronavirus crisis began. Zoom’s success will have ramifications for when the crisis ends too. As businesses get acclimated to using inexpensive, high-quality videoconferencing, executives may realize the prior level of travel spend simply isn’t worth the cost.Smartsheet is also flourishing in the moment. The company makes software that automates business processes and workflows without requiring technical programming skills. For example, it can replace the manual data entry into Excel spreadsheets by using automatically updated web-enabled forms, improving accuracy and productivity. Earlier this month, the company posted 58% quarterly billings growth for its fiscal fourth quarter and said it wasn’t seeing a negative impact from the coronavirus.And then there’s Slack. The messaging platform has seen a surge in demand for its service, and as a hard-core user myself, I can vouch for how Slack has improved communications with colleagues inside and outside the office. Compared to email, it enables a faster form of iterative communication, similar to a back-and-forth real-life discussion with a co-worker, saving time and increasing understanding. Perhaps even more important, the software offers a searchable repository of conversations, documents and files that enables an efficient knowledge transfer to other team members.Many companies have started realizing Slack’s utility in recent weeks. Late Wednesday — in a now-epic tweet thread chronicling the explosion in demand for Slack and pressures on the company to meet it — CEO Butterfield revealed updated growth metrics for the current quarter, and they were jaw-dropping. In about two months, Slack had acquired 9,000 new paid customers, a figure 80% higher than the roughly 5,000 in each of the prior two quarters. Average messages sent per day per user were also up 20%.Slack shares rose 10% Thursday as investors cheered the improving metrics, and have largely held that gain since. It’s important to note that even after these gains, Slack is trading only a few dollars above its $26-a-share initial direct-listing price in June 2019, and for much of its time as a public company has traded below that level. Moreover, there is no guarantee the rising usage will translate into a permanent customer base; there will be some users, perhaps, who drop the service when things are working more normally. And there may be major corporate layoffs and losses from economic shocks that could make larger enterprise deals more difficult to close. Butterfield himself is aware of this, saying Friday in an interview with Bloomberg Television that the company’s current pace of growth “is just not sustainable … We would have the whole world on it in a couple of months if we kept going.”But as workers form new ingrained habits using these tools, they will become that much harder to give up. This points to better sustainable results for Zoom, Slack and Smartsheet over time.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Tae Kim is a Bloomberg Opinion columnist covering technology. He previously covered technology for Barron's, following an earlier career as an equity analyst.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Please note the removal of "for 120 days" from the end of the first sentence, first paragraph of the release dated March 18, 2020.