Smartsheet Inc. (NYSE:SMAR) shares were trading around 14% lower today, despite the company’s reported strong Q2 results, with revenue growth of 44.4% year-over-year, billings growth rate of 46.9% year-over-year, and bottom-line results exceeding expectations.

The company’s quarterly EPS of ($0.05) came in better than the consensus estimate of ($0.13), driven by broad-based demand across verticals and regions.

The company also raised its full 2022-year revenue estimates to $530-533 million, versus the consensus estimate of $514 million, supported by broad-based demand and sales engagement/enterprise expansion above pre-COVID-19 levels.

Analysts at Oppenheimer raised their price target on the company’s shares to $95 from $85 following the quarterly results, mentioning that the company's product and packaging enhancements (Smartsheet Advance, WorkApps) are resonating with customers, driving net retention improvement (+ 128% quarter-over-quarter), accelerating large account and commercial activity, and strong ACV growth (+42.3% year-over-year).

The brokerage believes there's room for more upside as the company adds sales capacity, simplifies its product implementation/purchasing motion (Smartsheet Advance), adds new products and use cases, and extends its vertical and regional reach (growing partner leverage, Smartsheet Regions, etc).