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Smartsheet SMAR shares have outperformed the Zacks Computer & Technology sector and its Zacks Internet - Software industry peer Asana ASAN over the past month.
While Smartsheet has moved up 5.4%, Asana, which is a competitor in the project management and collaboration market, has declined 10.3%. The broader sector has dropped 2.2% over the same timeframe.
The uptick can be attributed to Smartsheet’s growing customer base, enhanced product features, and the increasing adoption of AI tools.
In the second quarter of fiscal 2025, Smartsheet saw strong growth in its enterprise segment, with 75 customers increasing its annual recurring revenue (ARR) by more than $100,000 and three transactions exceeding $1 million, including one more than $4 million. The number of customers with ARR of more than $1 million grew 50% year over year, reaching 77.
Smartsheet Price and Consensus
Smartsheet price-consensus-chart | Smartsheet Quote
SMAR ended the quarter with annualized recurring revenue of $1.093 billion and more than 15.3 million Smartsheet users. Its ARR growth was 17% year over year.
However, does the strong portfolio and growing customer base make the SMAR stock attractive?
Let’s give a peek at its fundamentals.
Will SMAR’s Strong Portfolio Aid Prospect?
Smartsheet’s increasing adoption of AI tools has been noteworthy. In second-quarter 2024, SMAR’s AI tools, including formula generation and tech summaries, saw a 50% sequential growth and helped 47,000 users save an estimated 1 million hours.
Further expanding its portfolio, SMAR also introduced a new Kanban-style board view in the same quarter, providing customers with clear visibility into task status. This will allow customers to see what’s in progress, completed and upcoming quickly.
Smartsheet’s growing clientele, including key partners like Amazon AMZN and Alphabet GOOGL, has been a major growth driver for its success.
In July, Smartsheet implemented Amazon Q Business, a generative AI-powered assistant, to streamline knowledge management and boost employee productivity across its global workforce.
Smartsheet’s collaboration with Alphabet has been noteworthy. The collaboration includes deep integration with Alphabet’s Google Apps for Work, enhancing workplace productivity through features like Gmail and Calendar sync, secure Drive storage and seamless G Suite access.
In second-quarter fiscal 2025, the company also achieved notable expansions and new customer acquisitions, including Intuit, Skechers, City National Bank and a prominent financial services company, highlighting its enterprise readiness and scalability.
SMAR Q3 Guidance Positive
For third-quarter fiscal 2025, SMAR expects revenues in the $282-$285 million range, suggesting year-over-year growth of 15-16%.
The Zacks Consensus Estimate for third-quarter fiscal 2025 revenues is currently pegged at $120.75 million, suggesting 17.64% growth year over year.
The consensus mark for earnings is currently pegged at 30 cents, increasing by a penny in the past 30 days and calling for year-over-year growth of 87.50%.
Zacks Rank & Valuation
Smartsheet’s stock is not so cheap, as the Value Score of D suggests a stretched valuation at this moment.
The forward 12-month Price/Sales ratio for SMAR stands at 7.14X, higher than its Zacks Internet - Software sector’s 3.11X, reflecting a stretched valuation.
Smartsheet currently carries Zacks Rank #3 (Hold), suggesting that it may be wise to wait for a more favorable entry point in the stock.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Monday.com MNDY, a cloud-based work management platform, has seen its stock price skyrocket 33.2% year to date, outpacing the Zacks Computer & Technology sector's rise of 17.6% and many of its tech peers. This impressive rally has caught the attention of investors and analysts alike. So, is now the time to buy Monday.com stock, or should potential investors exercise patience?
MNDY provides Work OS, a cloud-based visual work operating system that consists of modular building blocks used and assembled to create software applications and work management tools. The outperformance can be attributed to the robust adoption of its cutting-edge products, strategic growth initiatives and resilient operational management.
Year-to-date Performance
MNDY Capitalizes on the Digital Workplace Revolution
Monday.com has emerged as a standout performer in the workplace productivity software sector, demonstrating robust growth and resilience in a competitive market. The company's success can be attributed to several key factors that position it for continued expansion and market leadership.
At the core of Monday.com's growth strategy is its efficient go-to-market model, which has proven highly effective in acquiring new customers across various segments, including enterprise, mid-market and SMBs. This approach, coupled with a net dollar retention rate exceeding 110%, underscores the platform's stickiness and pricing power, indicating strong customer satisfaction and upselling potential.
The company's commitment to innovation is evident in its substantial R&D investments and ability to attract top technical talent. With an open platform architecture, Monday.com is well-positioned to shape the future of work and challenge established productivity suites. Its product roadmap suggests a trajectory of sustained growth, with projections of maintaining over 40% growth in the coming years.
Monday.com's addressable market in workplace operating systems and workflow applications is estimated at a staggering $117 billion, providing ample room for expansion. The anticipated launch of the new Monday service product in late 2024 further broadens its offering portfolio, potentially opening new revenue streams.
Financial performance has been consistently strong, with the company surpassing expectations in recent quarters. In the second quarter of 2024, revenues grew 34% year over year to $236.1 million. This performance led to an upward revision of full-year revenue guidance to $956 million- $961 million, indicating 31-32% year-over-year growth.
The Zacks Consensus Estimate for 2024 revenues is pegged at $959.02 million, which suggests 31.4% year-over-year growth. The consensus mark for earnings is pegged at $2.76 per share, which implies a 49.2% increase.
Customer metrics are equally impressive, with the number of paid customers generating over $100,000 in Annual Recurring Revenue (ARR) reaching 1,009, a 49% increase from the previous year. This growth across customer segments demonstrates the platform's broad appeal and scalability.
Monday.com's capital-efficient business model is noteworthy. The company generated a free cash flow of $50.8 million in the second quarter, driven by low customer acquisition costs, high gross margins of around 91%, and disciplined marketing spending. This financial strength allows Monday.com to self-fund its growth initiatives without diluting shareholder value or incurring debt.
Monday.com is on track to achieve sustainable non-GAAP operating profitability in 2024, with projected non-GAAP operating margins of 10-11% by year-end.
As the company continues to scale, its high operating leverage is expected to drive significant margin expansion and profitability, cementing its position as a leader in workplace innovation and productivity solutions.
Stiff Competition, Stretched Valuation Remain Overhangs
Potential investors should consider several factors before jumping in. The stock's current valuation may be seen as stretched, with its three-year forward 12-month price-to-sales ratio of 10.64X being significantly higher than the Internet - Software industry average of 2.5X. This elevated valuation could make the stock vulnerable to short-term volatility, especially if the company fails to meet high growth expectations in future quarters.
MNDY’s Price/Sales F12M Ratio Depicts Stretched Valuation
Additionally, the competitive landscape in the work management software sector is intensifying. Monday.com faces competition from established tech giants and specialized productivity tools. Key rivals include Asana ASAN, Trello, Smartsheet and Airtable. Among the larger players, Microsoft MSFT, with Microsoft Teams and Planner, and Atlassian TEAM, with Jira and Confluence, continuously enhance their offerings, which could potentially put pressure on Monday.com's market share and growth prospects in the long run.
Investors should also keep an eye on the broader economic environment. With concerns about inflation and potential interest rate hikes looming, high-growth tech stocks like Monday.com could face headwinds if market sentiment shifts toward more defensive sectors.
Conclusion
While Monday.com's year-to-date stock surge is impressive and reflective of the company's strong execution, potential investors should carefully weigh the growth prospects against the current valuation and market risks. New investors should wait for a better entry point for Monday.com, which currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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