12:49 PM EDT, 03/15/2024 (MT Newswires) -- Smartsheet ( SMAR ) shares fell more than 6% in recent Friday trading after the company provided lower-than-expected guidance amid Q4 outperformance, prompting some analysts to lower their price targets.

Oppenheimer analysts, including George Iwanyc, said the firm delivered "solid" fiscal Q4 results but fiscal Q1 and 2025 guidance missed estimates, pointing to the still uncertain macro environment, weakening small to medium business trends, and incremental caution for a chief revenue officer transition.

"Management's careful approach leaves room for upside through the year, though until better visibility into improving expansion and stronger growth materializes we expect the shares to be range-bound," the analysts said. They cut their price target to $55 from $60 while keeping their outperform rating.

Other price target cuts included RBC to $36 from $48, citing "guidance underwhelmed," KeyBanc to $51 from $53, JPMorgan to $50 from $54, and UBS to $54 from $60.

Late Thursday, Smartsheet ( SMAR ) reported higher fiscal Q4 non-GAAP earnings and revenue that beat analysts' expectations.

Smartsheet ( SMAR ) also said Chief Revenue Officer Mike Arntz will retire on March 31, while Chief Marketing Officer Andrew Bennett will step down to pursue an opportunity outside the company.

Price: 37.53, Change: -2.77, Percent Change: -6.87