Smartsheet Analyst Concerns Are Priced In; Remains Sidelined Given Crowded Competition

Smartsheet Analyst Concerns Are Priced In; Remains Sidelined Given Crowded Competition
  • RBC Capital analyst Rishi Jaluria kept his Sector Perform rating and $32 price target on Smartsheet Inc SMAR after attending its Engage 2022 annual user conference. 
  • After speaking with 12 customers and Investor Relations, he is more optimistic about Smartsheet's go-to-market and competitive positioning but mixed on the spending outlook.
  • Also Read: Needham Remains Most Optimistic On Smartsheet Citing Robust CWM Demand, And Veeva For Digitization Of Budgets
  • On the positive side, customer interest in Advance was encouraging, and he saw meaningful expansion opportunities within the installed base. 
  • However, near-term spending intentions were mixed, and while the partner announcement was positive, the ecosystem is still very early and growing much slower than total revenue. 
  • He remains sidelined given his concerns about crowded competition in an unproven TAM. 
  • MoffettNathanson analyst Jackson Ader initiated coverage on Smartsheet with an Outperform rating and a $50 price target.
  • Price Action: SMAR shares traded lower by 2.95% at $31.62 on the last check Monday.

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