Smartsheet Inc (NYSE:SMAR) saw a significant drop in short interest in June. As of June 30th, there was short interest totalling 3,146,200 shares, a drop of 11.2% from the May 30th total of 3,542,900 shares. Based on an average daily volume of 2,060,000 shares, the days-to-cover ratio is currently 1.5 days. Currently, 8.8% of the company’s stock are short sold.
A number of brokerages have recently commented on SMAR. Stephens reaffirmed a “buy” rating and issued a $34.00 target price on shares of Guaranty Bancshares in a report on Tuesday, April 23rd. Royal Bank of Canada set a GBX 1,750 ($22.87) target price on shares of Prudential and gave the company a “neutral” rating in a report on Wednesday, March 20th. DA Davidson began coverage on shares of Arcosa in a report on Thursday, March 21st. They issued a “buy” rating and a $29.74 target price on the stock. Zacks Investment Research cut shares of Essential Properties Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, June 13th. Finally, Canaccord Genuity cut their target price on shares of Western Energy Services from C$0.50 to C$0.40 in a report on Wednesday, March 20th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Smartsheet has an average rating of “Buy” and an average target price of $52.36.
Shares of Smartsheet stock traded up $1.12 during trading on Friday, reaching $54.11. The company’s stock had a trading volume of 1,576,336 shares, compared to its average volume of 2,277,537. The stock has a 50-day moving average price of $46.89. The company has a market capitalization of $5.77 billion, a price-to-earnings ratio of -87.27 and a beta of 2.01. Smartsheet has a fifty-two week low of $20.34 and a fifty-two week high of $54.44. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.63 and a current ratio of 1.63.
Smartsheet (NYSE:SMAR) last announced its earnings results on Wednesday, June 5th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.15. The business had revenue of $56.19 million for the quarter, compared to analysts’ expectations of $54.65 million. Smartsheet had a negative net margin of 30.04% and a negative return on equity of 34.42%. The company’s quarterly revenue was up 54.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.12) EPS. As a group, sell-side analysts anticipate that Smartsheet will post -0.97 EPS for the current year.
In other Smartsheet news, major shareholder Venture Fund L. P. Madrona III sold 5,175,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $43.50, for a total transaction of $225,112,500.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Matthew S. Mcilwain sold 5,225,000 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $43.54, for a total transaction of $227,496,500.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,958,389 shares of company stock worth $477,654,521. 24.73% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. Massachusetts Institute of Technology purchased a new position in Smartsheet in the 4th quarter valued at $8,923,000. Raymond James & Associates purchased a new position in Smartsheet in the 4th quarter valued at $553,000. Whale Rock Capital Management LLC grew its position in Smartsheet by 320.6% in the 4th quarter. Whale Rock Capital Management LLC now owns 2,687,999 shares of the company’s stock valued at $66,824,000 after buying an additional 2,048,846 shares during the last quarter. SG Americas Securities LLC purchased a new position in Smartsheet in the 1st quarter valued at $209,000. Finally, Hamilton Lane Advisors LLC grew its position in Smartsheet by 172.0% in the 1st quarter. Hamilton Lane Advisors LLC now owns 185,822 shares of the company’s stock valued at $7,580,000 after buying an additional 117,493 shares during the last quarter. Hedge funds and other institutional investors own 56.63% of the company’s stock.
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.
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