Needham Reiterates Buy Rating on Smartsheet Inc. (SMAR)

Needham analyst Scott Berg reiterated a Buy rating and $57.00 price target on Smartsheet Inc. (NYSE: SMAR).

The analyst commented: "SmartSheet reported solid 2Q results driven by continued upmarket execution, highlighted by the signing of multiple $1mm+ deals (including a $4mm contract), while ARR and Billings came in above consensus expectations. While still in the early days, management has seen positive results from their recent pricing and packaging change, while the new UI/UX release could provide a further tailwind to customer adoption and competitive win rates. News regarding acquisition rumors broke prior to the results release and overshadowed the public call, which stole some spark from what we viewed as a solid 2Q report. Pushing additional services work to partners in 2H (which we view as positive to driving partner sales) limited the FY25 total revenue raise but our FY25 subscription estimate was raised by more than the 2Q outperformance."

For an analyst ratings summary and ratings history on Smartsheet Inc. click here. For more ratings news on Smartsheet Inc. click here.

Shares of Smartsheet Inc. closed at $49.35 yesterday.

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