Smartsheet up on Q2 revenue beat

Smartsheet

02/09/2022 14:49

** Shares of cloud-based software firm Smartsheet Inc
 SMAR.N  up 3.3% at $31.84 
    ** SMAR on Thursday reported Q2 revenue above ests, driven
by 43% rise in subscription sales  urn:newsml:reuters.com:*:nBw5KnH54a
    ** On an adj. basis, co posted loss of 10 cents/share vs
estimates for a loss of 20 cents/share
    ** However, co forecast Q3 and annual revenue below ests 
    ** "Despite the less than stellar outlook, SMAR shares,
somewhat surprisingly, appear to be holding steady ... which
suggests the broader investment community was adequately bearish
heading into the quarter," says Canaccord Genuity; cuts PT to
$45 from $60
    ** BMO cuts PT to $38 from $43 due to ongoing pressure on
software growth and a concerning macro backdrop
    ** Avg. rating of 16 analysts is "buy"; median PT is $45-
Refinitiv data
    ** As of last close, stock fell ~60% this year

    

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))