Smartsheet’s stock heads for worst day in 3 years as effects of soft business spending show up in outlook

Smartsheet Inc. shares fell more than 20% Thursday after Wall Street acknowledged that the soft business spending environment had finally caught up with the cloud-based work-management platform provider.

Smartsheet SMAR shares fell as much as 21% to an intraday low of $38.58 and were last down 19%, on track for their worst-performing day in three years, since shares dropped 23% on June 4, 2020. Smartsheet went public in April 2018. Guggenheim analyst John DiFucci, who has a buy rating and a $57 price target on the stock, said soft small-to-midsize business transactions and elongated sales cycles were the main culprits in Smartsheet’s report.

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