RBC Capital analysts provided their key takeaways from Smartsheet’s (NYSE:SMAR) annual user conference ENGAGE 2022, coming away positive on the company’s GTM and competitive positioning, but mixed on the spend outlook.
On the positive side, the analysts mentioned that customer interest in Advance was encouraging and they see meaningful expansion opportunities within the installed base.
However, near-term spending intentions were mixed and while the partner announcement was positive, the ecosystem is still very early and growing much slower than total revenue.
The analysts reiterated their sector perform rating and $32 price target, remaining sidelined given their concerns on crowded competition in an unproven TAM.