Jefferies analyst Brent Thill maintained a Buy rating on Smartsheet (SMAR – Research Report) today and set a price target of $50.00.
Brent Thill has given his Buy rating due to a combination of factors reflecting Smartsheet’s recent performance and future prospects. One significant aspect is the company’s revenue beat in the fourth fiscal quarter, which was driven by improvements in the enterprise segment. This positive outcome occurred even though there was ongoing pressure in small and medium-sized business (SMB) expansions, indicating resilience in Smartsheet’s core business segments.
Additionally, Brent Thill acknowledges the conservative revenue guidance provided for the first quarter and the fiscal year 2025, which does not factor in potential stabilization in SMB. The recruitment of a new head of Go-To-Market (GTM) strategy is considered a potential catalyst for rejuvenating growth. Thill also anticipates a gradual momentum build-up over the year, bolstered by an improving enterprise landscape, cautious revenue projections, and the emerging impact of product self-discovery and artificial intelligence. This multifaceted analysis supports the continuation of a Buy rating, with a price target adjustment to $50.
In another report released on March 11, BMO Capital also maintained a Buy rating on the stock with a $48.00 price target.
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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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