- KeyBanc analyst Jason Celino reiterated an Overweight rating on Smartsheet Inc (NYSE:SMAR) with a $46 price target.
- Celino maintained a Sectorweight rating on Asana, Inc (NYSE:ASAN). The analyst sees fair value at $16 based on 5x FY24E EV/revenue.
- Work management peers Smartsheet and Asana reported starkly different Q3 results.
- SMAR reported a solid Q3 beat and better Q4 guidance, while ASAN posted mixed results and lowered Q4 guidance.
- Smartsheet reported third-quarter revenue growth of 38% year-on-year to $199.6 million, beating the consensus of $194.3 million.
- Non-GAAP EPS loss of $(0.01) beat the consensus loss of $(0.15).
- Smartsheet sees Q4 revenue of $205 million – $207 million (vs. consensus $204.4 million), non-GAAP EPS loss of $(0.02) – $(0.00) (vs. consensus loss $(0.09)).
- Asana’s Q3 revenue increased 41% year-over-year to $141.4 million, beating the consensus of $139.37 million.
- Non-GAAP EPS loss of $(0.26) beat the consensus loss of $(0.32).
- Asana expects Q4 revenue to be $144 million – $146 million versus average estimates of $151.06 million. The company anticipates a non-GAAP EPS loss of $(0.27) – $(0.28) versus a consensus loss of $(0.29).
- Though both companies mentioned worsening macro, SMAR looks to be executing well, with ASAN facing incremental challenges given the company’s exposure to tech and more limited cross-sell go-to-market.
- Price Action: SMAR shares traded higher by 15.26% at $37.47 on the last check Friday.
Cathie Wood Juggles Crypto Portfolio: Adds Robinhood, Offloads $5M Of This Stock Amid Multi-Month High, Bitcoin ETF Hype
The cryptocurrency space has been volatile of late as mixed headlines have pulled the asset up and down. Cathie Wood’s Ark Investment Management on Monday traded in two crypto-linked stocks, daily trade disclosure from the firm showed.
