Short Interest in Smartsheet Inc (NYSE:SMAR) Declines By 15.8%

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

Smartsheet Trading Down 0.1 %

NYSE SMAR opened at $55.95 on Monday. The firm has a market capitalization of $7.77 billion, a P/E ratio of -180.48 and a beta of 0.74. The firm’s fifty day moving average price is $55.80 and its two-hundred day moving average price is $49.13. Smartsheet has a 1 year low of $35.52 and a 1 year high of $56.55.

Smartsheet (NYSE:SMAR) last issued its earnings results on Thursday, September 5th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.15. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. The company had revenue of $276.41 million for the quarter, compared to analysts’ expectations of $274.23 million. During the same period in the prior year, the firm earned ($0.23) EPS. Smartsheet’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, research analysts anticipate that Smartsheet will post -0.05 EPS for the current fiscal year.

Smartsheet declared that its Board of Directors has authorized a stock buyback plan on Thursday, September 5th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SMAR. William Blair reiterated a “market perform” rating on shares of Smartsheet in a report on Wednesday, September 25th. Citigroup restated a “neutral” rating and set a $56.50 target price (down from $63.00) on shares of Smartsheet in a report on Friday, September 27th. Canaccord Genuity Group cut shares of Smartsheet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th. Needham & Company LLC restated a “hold” rating and set a $57.00 price objective on shares of Smartsheet in a report on Tuesday, September 24th. Finally, Guggenheim cut shares of Smartsheet from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. One 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $55.82.

Insider Transactions at Smartsheet

In other Smartsheet news, insider Jolene Lau Marshall sold 3,205 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $55.92, for a total value of $179,223.60. Following the sale, the insider now directly owns 18,695 shares in the company, valued at approximately $1,045,424.40. This trade represents a 14.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Mark Patrick Mader sold 20,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $51.78, for a total transaction of $1,035,600.00. Following the completion of the transaction, the chief executive officer now directly owns 588,762 shares of the company’s stock, valued at $30,486,096.36. This trade represents a 3.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,194 shares of company stock worth $2,248,098 in the last three months. Insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

Institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC bought a new stake in shares of Smartsheet in the second quarter valued at about $25,000. Brooklyn Investment Group acquired a new stake in Smartsheet in the 3rd quarter worth about $28,000. Versant Capital Management Inc bought a new stake in Smartsheet in the 2nd quarter valued at about $31,000. Raleigh Capital Management Inc. acquired a new position in shares of Smartsheet during the 3rd quarter worth approximately $31,000. Finally, Waldron Private Wealth LLC bought a new position in shares of Smartsheet during the third quarter worth approximately $33,000. Institutional investors 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.