Selected stock price target news of the day - March 15th, 2024

By: Matthew Otto

SentinelOne Shines with Q4 Earnings Amid Market Volatility

SentinelOne announced financials for the fiscal fourth quarter ending January 31, showcasing revenue surging to $174.2 million, representing a 38% year-over-year increase. Furthermore, annual recurring revenue reached $724.4 million, marking a 39% upswing.

With adjusted loss of 2 cents per share, SentinelOne exhibited non-GAAP gross margin at 78% and non-GAAP operating margin, narrowing it to -9%, outperforming initial forecasts of -14%.

Looking ahead, SentinelOne provided guidance for the fiscal first quarter ending April 30, forecasting revenue to reach $181 million, reflecting a 36% year-over-year growth trajectory. For the full fiscal year ending January 2025, SentinelOne anticipates revenue between $812 million and $818 million, with non-GAAP gross margin projected to range between 77.5% and 78.5%, and non-GAAP operating margin between -2% and -6%.

Analysts Remain Bullish Despite Price Target Adjustments

Morgan Stanley analyst Hamza Fodderwala maintained an Overweight rating and raised the price target from $27 to $29.
Bernstein analyst Peter Weed reiterated an Outperform rating and increased the price target from $34 to $37.
JMP Securities analyst Trevor Walsh reiterated Market Outperform rating and a $33 price target.
DA Davidson analyst Rudy Kessinger maintained a Neutral rating and raised the price target from $22 to $24.
Wells Fargo analyst Andrew Nowinski maintained an Equal-Weight rating but lowered the price target from $28 to $26.
Loop Capital analyst Yun Kim kept a Buy rating and upgraded the price target from $28 to $30.
Needham analyst Alex Henderson reiterated Buy rating and the $31 price target.

Which Analyst has the best track record to show on S?

Analyst Joshua Tilton (WOLFE) currently has the highest performing score on S with 3/4 (75%) price target fulfillment ratio. His price targets carry an average of $2.68 (11.49%) potential upside. SentinelOne stock price reaches these price targets on average within 13 days.

Adobe’s Fiscal Q1 Report: Exceeds EPS Expectations but Misses Revenue Guidance

Adobe released its fiscal first-quarter results exceeding analysts’ expectations with adjusted earnings per share of $4.48 compared to an anticipated $4.38. Slightly missed quarterly revenue guidance, reporting $5.18 billion against the expected $5.14 billion. This was accompanied by a 11% year-over-year revenue growth, while net income decreased from $1.25 billion to $620 million, resulting in earnings per share dropping from $2.71 to $1.36.

During the quarter, Adobe faced a setback as it withdrew from a $20 Billion acquisition deal with design software startup Figma due to regulatory concerns, incurring a $1 billion termination fee. Additionally, the company announced a collaboration with OpenAI on the Sora project, aiming to generate videos based on textual descriptions.

Looking forward, Adobe provided guidance for the fiscal second quarter, forecasting adjusted earnings per share in the range of $4.35 to $4.40 and revenue between $5.25 billion to $5.30 billion, indicating continued growth potential.

Analysts Adjust Price Targets Following Fiscal Q1 Report

UBS analyst Karl Keirstead maintained a Neutral rating but lowered the price target from $600 to $540.
Evercore ISI Group analyst Kirk Materne reiterated an Outperform rating yet lowered the price target from $700 to $650.
Wells Fargo analyst Michael Turrin kept an Overweight rating but downgraded the price target from $690 to $675.
HSBC analyst Stephen Bersey maintained a Hold rating yet lowered the price target from $557 to $511.
Baird analyst Rob Oliver reiterated a Neutral rating but decreased the price target from $590 to $525.
Barclays analyst Saket Kalia reiterated an Overweight rating but lowered the price target from $700 to $630.
JP Morgan analyst Mark Murphy kept a Neutral rating yet downgraded the price target from $600 to $570.
Piper Sandler analyst Brent Bracelin kept an Overweight rating yet downgraded the price target from $705 to $700.

Which Analyst has the best track record to show on ADBE?

Analyst Matthew Hedberg (RBC) currently has the highest performing score on ADBE with 15/15 (100%) price target fulfillment ratio. His price targets carry an average of $30.36 (5.19%) potential upside. Adobe Systems stock price reaches these price targets on average within 134 days.

Smartsheet’s Q4 2024 Performance: Surpasses ARR Milestone Amidst Revenue Growth

Smartsheet reported performance for Q4 of fiscal year 2024, surpassing $1 billion in annual recurring revenue within the original timeframe set back in 2018, achieving this milestone while expanding operating margins by over 1500 basis points.

In Q4 alone, Smartsheet saw 98 customers expand their ARR by over $100,000 each, with a total of 65 customers ARR exceeding $1 million, up from 45 the previous year. The quarter ended with ARR standing at $1.031 billion and a user base exceeding 14.3 million.

Furthermore, Smartsheet’s subscription revenue for Q4 reached $244 million, reflecting a year-over-year growth of 23%. Services revenue stood at $2.9 million, with revenue from capabilities constituting 34% of subscription revenue. Smartsheet’s total gross margin remained at 85%, with a subscription gross margin of 88%.

Smartsheet’s Q4 billings totaled $341.9 million, representing a year-over-year growth of 19%, while quarterly operating income amounted to $39.6 million, accounting for 15% of revenue. Free cash flow for the quarter hit $56.3 million.

Looking ahead to fiscal year ’25, Smartsheet anticipates revenue for the first quarter to range between $257 million to $259 million, with non-GAAP operating income expected to be in the $32 million to $34 million range. For the full fiscal year ’25, the company forecasts revenue to reach $1.113 billion to $1.118 billion, representing a growth rate of 16% to 17%, with services expected to constitute around 5% of total revenue.

Analysts Offer Varied Perspectives Amid Price Target Adjustments

DA Davidson analyst Robert Simmons maintained a Buy rating but lowered the price target from $65 to $55.
UBS analyst Taylor McGinnis reiterated a Buy rating yet downgraded the price target from $60 to $54.
Oppenheimer analyst George Iwanyc kept an Outperform rating and lowered the price target from $60 to $55.
Wells Fargo analyst Michael Berg kept an Overweight rating while lowering the price target from $55 to $47.
Jefferies analyst Brent Thill maintained a Buy rating but decreased the price target from $57 to $50.
Needham analyst Scott Berg reiterated a Buy rating and a $57 price target.
Barclays analyst Ryan Macwilliams reiterated an Equal-Weight rating however lowered the price target from $50 to $40.
Keybanc analyst Jason Celino maintained an Overweight rating yet downgraded the price target from $53 to $51.

Which Analyst has the best track record to show on SMAR?

Analyst Rishi Jaluria (RBC) currently has the highest performing score on SMAR with 16/17 (94.12%) price target fulfillment ratio. His price targets carry an average of $3.84 (8.70%) potential upside. Smartsheet stock price reaches these price targets on average within 19 days.