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Smartsheet's shares have been a laggard in my high-growth tech portfolio over 2023, but I believe this could change in 2024. Increasing adoption of premium capabilities should be an important company-specific growth driver supported by stabilizing enterprise demand. There is a significant valuation gap compared to peers, which should gradually close as topline growth reaccelerates and margins continue to expand further.
I continue to expect growth to revert back to 30% as it gains market share from Excel users and converts free users to paid. Smartsheet's financial performance is exceeding expectations, with subscription revenue growing 24.9% and gross margin expanding to 83.7%. A long-term DCF model suggests a target price of $81 for SMAR, reflecting its strong growth and improving profit margin.
The average of price targets set by Wall Street analysts indicates a potential upside of 25.5% in Smartsheet (SMAR). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.
Does Smartsheet (SMAR) have what it takes to be a top stock pick for momentum investors? Let's find out.
After reaching an important support level, Smartsheet (SMAR) could be a good stock pick from a technical perspective. SMAR recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.
Smartsheet (SMAR) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
Smartsheet Inc. (NYSE:SMAR ) Q3 2024 Earnings Conference Call December 7, 2023 4:30 PM ET Company Participants Aaron Turner - Head, Investor Relations Mark Mader - Chief Executive Officer Pete Godbole - Chief Financial Officer Conference Call Participants Scott Berg - Needham Michael Berg - Wells Fargo Securities Josh Baer - Morgan Stanley Jake Roberge - William Blair John DiFucci - Guggenheim Steve Enders - Citi Pinjalim Bora - JPMorgan Taylor McGinnis - UBS Taylor McGinnis - UBS Keith Bachman - Bank of Montreal Terry Tillman - Truist Ethan Bruck - Wolfe Research DJ Hynes - Canaccord John Byun - Jefferies Chris Fountain - RBC Capital Markets Operator Good day, and welcome to the Smartsheet Third Quarter Fiscal 2024 Earnings Call. Today's call is being recorded.
Smartsheet (NYSE: SMAR ) just reported results for the third quarter of 2024. Smartsheet reported earnings per share of 16 cents.
Although the revenue and EPS for Smartsheet (SMAR) give a sense of how its business performed in the quarter ended October 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.