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
| WDAY | -13.18% |
| VEEV | 12.52% |
| PSTG | -7.13% |
| INTU | 14.19% |
| CMG | 31.78% |
| RDDT | 7.17% |
| NTNX | 17.22% |
| CRWD | 76.14% |
| SE | 19.26% |
| SNOW | 5.28% |
| APPF | 6.95% |
vs. Fair Value Estimates
Buy List
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| HRMY | -60.41% |
| YOU | -37.20% |
| ABNB | -33.55% |
| MELI | -26.26% |
| ADBE | -45.26% |
vs. Fair Value Estimates
Hold List
| VTEX | -17.92% |
| CELH | 49.08% |
| TOST | 16.30% |
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| MNDY | 7.35% |
| GLBE | -24.43% |
| ZS | 23.06% |
| V | -7.38% |
| ADSK | -2.06% |
| NOW | -1.85% |
| FTNT | -4.90% |
| TEAM | -8.65% |
vs. Fair Value Estimates