Smartsheet Inc (NYSE:SMAR) Short Interest Update

Smartsheet Inc (NYSE:SMAR) was the target of a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 2,620,000 shares, a decrease of 15.8% from the October 31st total of 3,110,000 shares. Based on an average daily trading volume, of 4,120,000 shares, the short-interest ratio is presently 0.6 days.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SMAR shares. Guggenheim downgraded shares of Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Barclays increased their target price on shares of Smartsheet from $50.00 to $56.50 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Jefferies Financial Group restated a “hold” rating and set a $56.50 price target (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Canaccord Genuity Group reiterated a “hold” rating and issued a $56.50 price objective (down previously from $60.00) on shares of Smartsheet in a research report on Wednesday, September 25th. Finally, Citigroup restated a “neutral” rating and set a $56.50 price objective (down from $63.00) on shares of Smartsheet in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Smartsheet currently has an average rating of “Hold” and a consensus price target of $55.82.

Smartsheet Stock Down 0.1 %

Shares of Smartsheet stock opened at $55.95 on Friday. Smartsheet has a 12-month low of $35.52 and a 12-month high of $56.55. The stock has a market capitalization of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74. The company has a 50-day simple moving average of $55.80 and a 200 day simple moving average of $49.02.

Smartsheet (NYSE:SMAR) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.15. The company had revenue of $276.41 million during the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.23) earnings per share. On average, equities analysts anticipate that Smartsheet will post -0.05 earnings per share for the current year.

Smartsheet declared that its board has approved a share repurchase program on Thursday, September 5th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Mark Patrick Mader sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the sale, the chief executive officer now owns 588,762 shares in the company, valued at $30,486,096.36. This represents a 3.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jolene Lau Marshall sold 3,571 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.59, for a total value of $180,656.89. Following the completion of the sale, the insider now directly owns 13,529 shares in the company, valued at $684,432.11. This trade represents a 20.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 42,194 shares of company stock valued at $2,248,098. Company insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Several large investors have recently made changes to their positions in the business. Eminence Capital LP raised its holdings in shares of Smartsheet by 9.2% in the second quarter. Eminence Capital LP now owns 4,251,328 shares of the company’s stock valued at $187,399,000 after buying an additional 358,988 shares during the last quarter. State Street Corp increased its position in Smartsheet by 6.2% in the 3rd quarter. State Street Corp now owns 2,492,949 shares of the company’s stock valued at $138,010,000 after acquiring an additional 146,353 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Smartsheet by 2.4% in the third quarter. Geode Capital Management LLC now owns 2,231,050 shares of the company’s stock worth $123,545,000 after acquiring an additional 52,293 shares during the last quarter. RGM Capital LLC lifted its position in shares of Smartsheet by 7.6% during the second quarter. RGM Capital LLC now owns 2,223,763 shares of the company’s stock worth $98,023,000 after purchasing an additional 156,817 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in shares of Smartsheet by 40.9% during the second quarter. Marshall Wace LLP now owns 1,835,994 shares of the company’s stock valued at $80,931,000 after purchasing an additional 533,278 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Smartsheet Company Profile

Smartsheet, Inc engages in managing and automating collaborative work. Its platform provides solutions that eliminate the obstacles to capturing information, including a familiar and intuitive spreadsheet interface as well as easily customizable forms. The company was founded by W. Eric Browne, Maria Colacurcio, John D.