UPDATE: JPMorgan Downgrades Smartsheet Inc. (SMAR) to Neutral

April 23, 2020 4:38 AM EDT
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Price: $74.38 -0.55%

Rating Summary:
    13 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 25 | Down: 37 | New: 115
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(Updated - April 23, 2020 4:44 AM EDT)

(updating comment)

JPMorgan analyst Mark Murphy downgraded Smartsheet Inc. (NYSE: SMAR) from Overweight to Neutral with a price target of $50.00.

The analyst comments "Smartsheet is a leading cloud-based work execution platform that allows users to handle ad hoc or unstructured projects that have traditionally been managed using emails, whiteboards, documents, and spreadsheets. Its simple and familiar spreadsheet-based user interface along with a straightforward licensing model designed for viral adoption allows it to spread organically within organizations and become an integral part of business process workflows. The stickiness of the product increases with higher adoption and helps fend off competition from large legacy vendors as well as smaller startups. We are impressed by Smartsheet’s rapid growth profile, strong dollar-based net retention rate, and superior sales efficiency (14-month S&M payback period). Looking forward, while we think the current sales reorganization could present a slight near-term headwind, we believe that Smartsheet has ample growth opportunities across several vectors and thus carries potential to become part of the enterprise software fabric within organizations."

For an analyst ratings summary and ratings history on Smartsheet Inc. click here. For more ratings news on Smartsheet Inc. click here.

Shares of Smartsheet Inc. closed at $52.52 yesterday.

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