Scott Berg, an analyst from Needham, maintained the Buy rating on Smartsheet (SMAR – Research Report). The associated price target is $57.00.
Scott Berg’s rating is based on various aspects of Smartsheet’s performance and strategic positioning. Berg recognizes that Smartsheet has been making significant strides in leveraging artificial intelligence to enhance customer experience, indicating an innovative edge in its product offering. Additionally, the company’s successful strategies in cross-selling have shown promising growth over the past year, suggesting a robust expansion of its customer base and an increase in the average revenue per user. This bodes well for future sales and financial performance.
Furthermore, Smartsheet’s ability to generate free cash flow (FCF) has been impressive, pointing to strong operational efficiency and financial health. This aspect of financial performance is crucial as it indicates the company’s potential for sustainable growth and investment in further development. The combination of technological innovation, effective sales strategies, and solid financials underpins Berg’s Buy rating for Smartsheet, painting a positive outlook for the company’s stock.
In another report released on January 11, Citi also upgraded the stock to a Buy with a $63.00 price target.
SMAR’s price has also changed slightly for the past six months – from $43.100 to $45.830, which is a 6.33% increase.
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Smartsheet (SMAR) Company Description:
Smartsheet, Inc. engages in the design and development of cloud-based platform for work management. It offers ways for customers to plan and manage their work using grids, projects, cards, and calendars. The company was founded by W. Eric Browne, Maria Colacurcio, John D. Creason, and Brent R. Frei in 2005 and is headquartered in Bellevue, WA.
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