Software as a service; the once-niche is exploding throughout our digital lives – from commerce to accounts and everything in between, SaaS is proving to be one of the most successful emerging sectors within today’s tech landscape. Smartsheet (NYSE: SMAR) – a SaaS company offering workplace management and collaboration software – is thriving off the recent digital transformation, as more companies adapt to modernized work structures.
Smartsheet stock is up 13.6% with the opening of Friday’s market, thanks to a more-than-promising Q3 report posted after market close on Thursday. Billings were up 50% year-on-year amounting to a total of $162M, hitting record sales for monthly licenses in October. Growth continues in all corners, with professional services revenue also climbing by 50% to $12M.
The company expects Q4 revenue of between $151-$152M, with an aggregate full-year revenue of $544-545M at an increase of 41%.
Mark Mader, Smartsheet President & CEO, announced:
“This was a record quarter for Smartsheet on multiple financial and operational levels, including closing the highest number of large deals in a quarter and seeing the best bookings performance in our company’s history.”
Smartsheet has demonstrated sustained success and estimates continued growth in the years to come. This will be crucial as the software space becomes more competitive, and hence investors will need a clear-cut, long-term strategy in order to act as a viable investment. SMAR stock is trading with a daily gain of just over 10%, at a price of $67.67.
Should you invest in Smartsheet shares?
Tech stocks offer some of the best growth potential, but time and time again, traders and investors ask us “what are the best tech stocks to buy?” You've probably seen shares of companies such as Amazon and Netflix achieve monumental rises in the past few years, but there are still several tech stocks with room for significant gains. Here is our analysts view on the best tech stocks to buy right now