smartsheet inc shares fell more than 20 thursday after wall street acknowledged that the soft business spending environment had finally caught up with the cloudbased workmanagement platform provider smartsheet smar shares fell as much as 21 to an intraday low of 3858 and were last down 19 on track for their worstperforming day in three years since shares dropped 23 on june 4 2020 smartsheet went public in april 2018 smartsheet shares are up 1 for the year compared with a 12 advance by the sp 500 spx and a 26 gain by the nasdaq composite comp  meanwhile the ishares expanded techsoftware sector exchangetraded fund igv and the first trust cloud computing etf skyy are both up 27 year to date late wednesday smartsheet’s otherwise strong earnings report was marred by a billings miss and a freecashflow fcf outlook for the year that fell short of the wall street consensus at the time last quarter the company issued a “conservative” outlook amid a tough business spending environment guggenheim analyst john difucci who has a buy rating and a 57 price target on the stock said soft smalltomidsize business transactions and elongated sales cycles were the main culprits in smartsheet’s report “the company is seeing effects of a soft macro backdrop albeit later than most others in our coverage universe who have been seeing new business declines for most of 2022” difucci said “the bottom line here is the macro softness is something everyone is dealing with but there is nothing in smartsheet’s model that would preclude it from achieving the longterm fcf characteristics we would expect from most software companies with scale and maturity” difucci said “we believe it’s facing a tremendous greenfield opportunity and stands as the most enterprise ready solution in the class” read sentinelone stock plummets 35 on record volume for worst oneday drop ever da davidson analyst robert simmons who has a buy rating and a 57 price target also pointed to the macro weakness despite the strong results for the quarter but he was a little more cautiously optimistic “macro is impacting the company in multiple ways with smalltomidsize businessmidmarket weaker and longer sales cycles upmarket but growth remained above 30 and the company is delivering upside to margins we see little downside to current numbers though the degree of upside is difficult to gauge” simmons said in a note thursday read mongodb stock surges 28 for best day ever on big beat forecast oppenheimer analyst george iwanyc who has an outperform rating and a 55 price target said that while the company beat fcf estimates for the quarter the outlook would weigh on the stock “management remains cautious with respect to macro pressures and lengthening deal cycles providing unchanged fiscal year 2024 revenue and billings guidance that could disappoint investors” iwanyc said of the 21 analysts who cover smartsheet 17 have buy ratings and four have hold ratings along with an average price target of 52 according to factset data