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Smartsheet assumed with Sector Perform from Outperform at RBC Capital » 16:1906/1006/10/21
RBC Capital analyst Rishi…
RBC Capital analyst Rishi Jaluria downgraded Smartsheet (SMAR) to Sector Perform from Outperform with a price target of $65, down from $80, after assuming coverage of the name. The analyst likes Smartsheet's "unique business focus and strong value proposition," but views the shares as fairly valued and has concerns around competition. Smartsheet's market opportunity "seems relatively unproven" and "crowded," with multiple players including Asana (ASAN), Monday.com (MNDY), and Airtable, as well as larger vendors entering the space, mostly via acquisition, including Citrix (CTXS), Adobe (ADBE), and Atlassian (TEAM), says the analyst.
Smartsheet price target raised to $65 from $60 at Jefferies » 08:5206/0306/03/21
Jefferies analyst Brent…
Jefferies analyst Brent Thill raised the firm's price target on Smartsheet to $65 from $60 and keeps a Hold rating on the shares following the company's fiscal Q1 report. Billings growth of 48% beat expectations and "was impressive," said Thill, who also notes that net retention and gross retention rates increased in the quarter. While the company "impressively beat" consensus non-GAAP operating margin expectations in Q1, it guided FY22 non-GAAP operating margin in a way that indicates "little leverage as we move through the year" as it invests in headcount and products, added Thill, who views the investments as appropriate given increasing competition.
Smartsheet business headwinds largely abating, says Citi » 07:1906/0306/03/21
Citi analyst Tyler Radke…
Citi analyst Tyler Radke raised the firm's price target on Smartsheet to $77 from $76 and keeps a Neutral rating on the shares. The company had a "solid start to the year with significant" billings upside, improvement in dollar-based net retention rate and an acceleration in large customer additions, Radke tells investors in a research note. It appears the headwinds impacting Smartsheet's business in 2020 have largely abated, says the analyst. However, Radke still has long-term growth and profitability concerns given the competitiveness of the collaboration space.
Fly Intel: After-Hours Movers » 18:2606/0206/02/21
ESTC, SMAR, SMTC, PVH, WKHS, REAL, AI, SPLK, SPTN, NCNO, NTAP, SUMO, FEYE, AMC
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Smartsheet jumps over 2% to $61.50 after Q1 results and guidance 16:1306/0206/02/21
Smartsheet sees FY22 EPS (44c) to (36c), consensus (40c) » 16:1206/0206/02/21
Sees FY22 revenue…
Sees FY22 revenue $510M-$515M, consensus $502.76M.
Smartsheet sees Q2 EPS (14c) to (13c), consensus (10c) » 16:1206/0206/02/21
Sees Q1 revenue…
Sees Q1 revenue $125M-$126M, consensus $119.57M.
Smartsheet reports Q1 average ACB per domain customer up 41% » 16:1106/0206/02/21
The company states:…
The company states: "The number of all customers with annualized contract values ("ACV") of $5,000 or more grew to 12,655, an increase of 32% year over year. The number of all customers with ACV of $50,000 or more grew to 1,674, an increase of 61% year over year. The number of all customers with ACV of $100,000 or more grew to 661, an increase of 69% year over year. Average ACV per domain-based customer increased to $5,461, an increase of 41% year over year Dollar-based net retention rate was 125%."
Smartsheet reports Q1 calculated billings up 48% at $132.8M 16:1006/0206/02/21
Smartsheet reports Q1 EPS (30c), consensus (14c) » 16:1006/0206/02/21
Reports Q1 revenue…
Reports Q1 revenue $117.1M, consensus $111.81M. "We're very pleased with our strong start to the year, bolstered by our continued traction in the enterprise," said Mark Mader, CEO, "These results demonstrate how no-code technologies like Smartsheet are becoming a critical part of the enterprise technology stack, enabling organizations to manage programs, processes, and projects at scale."