Smartsheet's Engage Conference Reveals Future Growth Drivers: Analyst Weighs In On AI And Scalability
Portfolio Pulse from Anusuya Lahiri
Needham analyst Scott Berg reiterated a Buy rating for Smartsheet Inc (NYSE:SMAR) with a $57 price target. The analyst attended Smartsheet's annual customer conference, Engage, which saw a nearly doubled turnout. The conference highlighted new AI functionality and scalability of the platform. Smartsheet announced an updated template gallery and a Solution Panel for efficient work management. The company also introduced new functionalities for Resource Management and a Content Library usable across Brandfolder and SmartSheet. The analyst projects Q3 revenue of $241.09 million and adjusted EPS of $0.08.
September 20, 2023 | 5:48 pm
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POSITIVE IMPACT
Smartsheet's new AI functionality and scalability improvements, along with positive customer feedback, could drive future growth. The stock has a Buy rating from Needham with a $57 price target.
The news about Smartsheet's new AI functionality and scalability improvements, as well as positive customer feedback, is likely to be seen positively by investors. This, combined with the Buy rating from Needham, could lead to an increase in the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100