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
| APPF | 1.76% |
| CMG | 41.39% |
| VEEV | 15.19% |
| INTU | 18.43% |
| WDAY | -7.41% |
| PSTG | -1.35% |
| RDDT | 21.21% |
| NTNX | 25.72% |
| CRWD | 93.19% |
| SE | 28.99% |
| SNOW | 13.54% |
vs. Fair Value Estimates
Buy List
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| FLYW | -41.42% |
| HRMY | -59.78% |
| YOU | -38.88% |
| ABNB | -30.73% |
| ADBE | -42.67% |
vs. Fair Value Estimates
Hold List
| ASML | -23.38% |
| VTEX | -14.40% |
| ASR | -24.34% |
| CELH | 43.72% |
| TOST | 19.13% |
| CPNG | -11.62% |
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| PAYC | -18.53% |
| MNDY | 18.86% |
| GLBE | -22.26% |
| ZS | 34.88% |
| V | -6.51% |
| ADSK | 0.54% |
| NOW | 13.21% |
| MELI | -23.90% |
| FTNT | 0.63% |
| TEAM | 0.80% |
vs. Fair Value Estimates