DA Davidson analyst Rishi Jaluria kept his Neutral rating and $45 price target on Smartsheet after its "strong" beat-and-raise Q1 results, saying the quarter saw "continued strength" in subscription revenue and large customer growth. The analyst attributes the 3% afterhours decline in the stock price to below-consensus Q2 profitability guidance that reflected the spending shift from Q1 and the deceleration in domain customer growth. Jaluria adds that Smartsheet has been "remarkably consistent" with subscription growth of 56%-57% over the past 5 quarters but also notes that the stock trades at a premium valuation relative to its peer group.