Despite Macro Challenges and Concerns over Second-Half Billings, Smartsheet Gains Analyst Confidence with Solid Free Cash Flow
Portfolio Pulse from Anusuya Lahiri
Smartsheet (NYSE: SMAR) reported better than expected 1Q FY24 results, with a solid free cash flow of $31.3 million. However, concerns over macro pressures and lengthening deal cycles have led to unchanged FY24 revenue and billing guidance. Analysts from Oppenheimer and Needham reiterated their positive ratings on the stock with price targets of $55 and $57, respectively.
June 08, 2023 | 5:21 pm
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NEUTRAL IMPACT
Smartsheet reported better than expected 1Q FY24 results, but concerns over macro pressures and lengthening deal cycles have led to unchanged FY24 revenue and billing guidance. Analysts from Oppenheimer and Needham maintain positive ratings on the stock.
Smartsheet's better than expected 1Q FY24 results and solid free cash flow are positive factors for the stock. However, concerns over macro pressures and lengthening deal cycles, which have led to unchanged FY24 revenue and billing guidance, may offset the positive impact. Analysts from Oppenheimer and Needham maintain positive ratings on the stock, which could provide some support to the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100