Smartsheet price target raised to $57 from $54 at Guggenheim

Guggenheim raised the firm’s price target on Smartsheet to $57 from $54 and keeps a Buy rating on the shares, citing increased confidence that management will prudently manage growth and profits through a challenging macro backdrop after having hosted a virtual meeting with Smartsheet’s CEO, CFO and VP of IR and Treasury. The firm believes that investors are most interested in Smartsheet’s ability to sustain profitable expansion and based on its discussion it believes that Smartsheet "continues to successfully thread the needle of offering sophisticated enterprise-grade capabilities with an easy-to-use product experience," the analyst tells investors.