Analysts Continue To See Visible Upside In Smartsheet Following Q3 Beat

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Analysts see sharp upside despite adjusting their price targets on Smartsheet Inc SMAR following Q3 beat, Q4, and FY22 outlook.

  • BMO Capital analyst Keith Bachman lowered the price target to $88 from $90 (27% upside) but kept an Outperform. 
  • The reduced price target reflects macro interest rate risk and a pullback in software valuations, but the company's billings guide of 37%-40% was "very strong" and materially above consensus estimates. 
  • Bachman adds that he remains constructive on the shares longer-term as the stock has the most capable and complete platform while serving a total addressable market with meager penetration rates.
  • Keybanc analyst Steve Enders maintained an Overweight and raised the price target from $94 to $100 (44% upside).
  • Citi analyst Tyler Radke raised the price target to $80 from $72 and kept a Neutral. 
  • The analyst says that despite an overall strong performance, he's uncertain about the efficiency of Smartsheet's growth and how much hiring has contributed to billings growth.
  • Wells Fargo analyst Michael Turrin lowered the price target to $74 from $84 (8% upside) and kept an Equal Weight. 
  • The analyst finds the print acknowledge "encouraging."
  • Price Action: SMAR shares traded higher by 14.1% at $69.79 on the last check Friday.
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Posted In: Analyst ColorNewsPrice TargetReiterationAnalyst RatingsMoversTechTrading IdeasBriefs
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