Smartsheet Inc (NYSE:SMAR) Short Interest Update

Smartsheet Inc (NYSE:SMAR) was the recipient of a large decrease in short interest in 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.

Smartsheet Stock Down 0.1 %

Shares of NYSE:SMAR opened at $55.95 on Friday. The firm has a fifty day moving average of $55.80 and a two-hundred day moving average of $49.02. Smartsheet has a 12-month low of $35.52 and a 12-month high of $56.55. The firm has a market capitalization of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74.

Smartsheet (NYSE:SMAR) last issued its earnings results 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 for the quarter, compared to analyst estimates of $274.23 million. Smartsheet had a negative return on equity of 4.29% and a negative net margin of 4.07%. The business’s revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.23) EPS. Equities research analysts expect that Smartsheet will post -0.05 earnings per share for the current fiscal year.

Smartsheet announced that its board has approved a stock buyback program on Thursday, September 5th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts recently commented on SMAR shares. Guggenheim downgraded shares of Smartsheet from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $56.50 price target (down previously from $60.00) on shares of Smartsheet in a report on Tuesday, September 24th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $56.50 price objective (down from $60.00) on shares of Smartsheet in a research note on Tuesday, September 24th. Morgan Stanley boosted their target price on Smartsheet from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, UBS Group reiterated a “neutral” rating and issued a $56.50 price target (down previously from $61.00) on shares of Smartsheet in a research report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $55.82.

Insider Activity at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.59, for a total transaction of $180,656.89. Following the completion of the transaction, the insider now directly owns 13,529 shares of the company’s stock, valued at approximately $684,432.11. This trade represents a 20.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mark Patrick Mader sold 5,000 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $56.05, for a total value of $280,250.00. Following the completion of the sale, the chief executive officer now directly owns 578,762 shares in the company, valued at $32,439,610.10. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,194 shares of company stock worth $2,248,098 in the last 90 days. Corporate insiders own 4.52% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC bought a new stake in Smartsheet in the second quarter worth $25,000. Brooklyn Investment Group acquired a new stake in shares of Smartsheet in the third quarter worth about $28,000. Versant Capital Management Inc acquired a new stake in shares of Smartsheet in the second quarter worth about $31,000. Raleigh Capital Management Inc. bought a new stake in shares of Smartsheet during the 3rd quarter worth about $31,000. Finally, Waldron Private Wealth LLC acquired a new position in shares of Smartsheet during the 3rd quarter valued at about $33,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

About Smartsheet

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.