Smartsheet price target raised to $50 from $45 at Canaccord

Canaccord analyst David Hynes raised the firm’s price target on Smartsheet to $50 from $45 and keeps a Buy rating on the shares. The analyst said Smartsheet reported solid Q4 results – enterprise was again the standout in the quarter, as growth rates and retention dynamics in that segment continue to meaningfully outpace the whole. Management did acknowledge some degradation in close rates over the course of the quarter, which manifested in smaller deal sizes and longer sales cycles ultimately contributing to lower expansion rates in the base.