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

Smartsheet Inc (NYSE:SMAR) saw a significant drop in short interest in 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.

Analyst Upgrades and Downgrades

SMAR has been the topic of a number of research analyst reports. Needham & Company LLC restated a “hold” rating and issued a $57.00 price target on shares of Smartsheet in a research note on Tuesday, September 24th. Citigroup reissued a “neutral” rating and issued a $56.50 price objective (down previously from $63.00) on shares of Smartsheet in a research note on Friday, September 27th. UBS Group reaffirmed a “neutral” rating and set a $56.50 target price (down previously from $61.00) on shares of Smartsheet in a research note on Thursday, September 26th. Guggenheim cut Smartsheet from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Finally, Canaccord Genuity Group lowered Smartsheet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $55.82.

Insider Buying and Selling

In other Smartsheet news, insider Jolene Lau Marshall sold 3,571 shares of the company’s 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 sale, the insider now directly owns 13,529 shares in the company, valued at $684,432.11. This represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mark Patrick Mader sold 5,000 shares of Smartsheet stock in a transaction on Monday, November 4th. The shares were sold at an average price of $56.05, for a total value of $280,250.00. Following the completion of the transaction, the chief executive officer now owns 578,762 shares in the company, valued at approximately $32,439,610.10. The trade was a 0.86 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,194 shares of company stock worth $2,248,098. Company insiders own 4.52% of the company’s stock.

Institutional Investors Weigh In On Smartsheet

Several institutional investors and hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. lifted its stake in Smartsheet by 24.6% in the first quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company’s stock valued at $70,000 after buying an additional 360 shares during the period. Cetera Advisors LLC acquired a new position in shares of Smartsheet during the 1st quarter valued at $219,000. Versant Capital Management Inc bought a new position in Smartsheet during the second quarter worth $31,000. Quent Capital LLC grew its holdings in Smartsheet by 169.1% in the second quarter. Quent Capital LLC now owns 915 shares of the company’s stock worth $40,000 after purchasing an additional 575 shares during the period. Finally, Harbor Capital Advisors Inc. increased its stake in Smartsheet by 94.6% in the second quarter. Harbor Capital Advisors Inc. now owns 69,189 shares of the company’s stock valued at $3,050,000 after purchasing an additional 33,640 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Smartsheet Stock Performance

NYSE:SMAR opened at $55.95 on Monday. Smartsheet has a fifty-two week low of $35.52 and a fifty-two week high of $56.55. The company has a 50 day simple moving average of $55.80 and a two-hundred day simple moving average of $49.13. The company has a market capitalization of $7.77 billion, a PE ratio of -180.48 and a beta of 0.74.

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 analysts’ expectations of $274.23 million. Smartsheet had a negative net margin of 4.07% and a negative return on equity of 4.29%. Smartsheet’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.23) earnings per share. Research analysts predict that Smartsheet will post -0.05 EPS for the current year.

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

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.