Smartsheet price target lowered to $55 from $65 at DA Davidson

DA Davidson analyst Gil Luria lowered the firm’s price target on Smartsheet to $55 from $65 but keeps a Buy rating on the shares. The compay’s Q4 results saw margin upside but weaker than expected annual recurring revenue, ARR, and total revenue guidance sent the stock lower post-earnings, the analyst tells investors in a research note. Longer term, the firm continues to view Smartsheet as a deeply embedded and market leading collaboration platform with room to become further entrenched in enterprise workflows, DA Davidson added.