Smartsheet Q2 Tracking To Expectations
Sep 8, 2024
Smartsheet, the collaborative work management software provider, reported Q2 results that were pretty much in-line with expectation. Revenues were up 17%, with average revenue per customer up 16%, and net retention of 113%. All of these are good figures, showing Smartsheet as a stable, reasonably modest growth firm. I did like that their largest cohort, customers over $100k annually, grew 23% - these are your stickiest and most-likely-to-expand clients. This continues to look like a solid choice on the Green Screens but it does trade a good bit over the (re-iterated) $45 fair value target. We will leave it on the Watch List.
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Watch List
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vs. Fair Value Estimates
Buy List
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vs. Fair Value Estimates
Hold List
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vs. Fair Value Estimates