RBC hikes Smartsheet PT on Q1 results; shares extend gains

Smartsheet

06/06/2024 12:57

** RBC Capital Markets hikes Smartsheet's  SMAR.N  PT on a
solid Q1, "an uncommon event" 
    ** SMAR shares up 14.29% to $43.18 in pre market trade after
rising 9% post results on Wednesday
    ** Cloud-based software seller's Q1 revenue beat estimates
while its Q2 forecasts were also above analysts estimates
    ** RBC hikes PT to $43 from $36; maintains 'Sector Perform'
rating
    ** Brokerage says encouraged by strong improvement in
profitability outlook 
    ** Says ARR beat-and-raise was due to buying behaviours
being in line with expectations unlike softening trends
highlighted by other cos
    ** Barclays also raises PT to $45 from $40; says SMAR had
better than expected upmarket execution in a tough macro
backdrop
    ** Stock has fallen 21% this year, as of last close

    

 (Reporting by Gokul Pisharody in Bengaluru)
 ((Gokul.Pisharody@thomsonreuters.com;))