Smartsheet (NYSE:SMAR) Trading Up 5.2%

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Smartsheet Inc (NYSE:SMAR)’s share price was up 5.2% on Friday . The company traded as high as $41.28 and last traded at $41.25, approximately 2,004,084 shares traded hands during mid-day trading. An increase of 11% from the average daily volume of 1,804,622 shares. The stock had previously closed at $39.20.

A number of analysts have recently weighed in on SMAR shares. Wedbush cut Smartsheet from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $62.00 to $42.00 in a research report on Monday, November 11th. JPMorgan Chase & Co. raised their price objective on Smartsheet from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Royal Bank of Canada lowered their price objective on Smartsheet from $60.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, October 3rd. Berenberg Bank started coverage on Smartsheet in a research report on Thursday, October 10th. They issued a “buy” rating and a $48.00 price objective for the company. Finally, Zacks Investment Research cut Smartsheet from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Smartsheet currently has an average rating of “Buy” and an average price target of $50.07.

The company has a debt-to-equity ratio of 0.08, a current ratio of 3.50 and a quick ratio of 3.50. The stock has a 50 day moving average of $38.75 and a 200-day moving average of $44.51.

Smartsheet (NYSE:SMAR) last issued its earnings results on Wednesday, September 4th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.25) by $0.09. The company had revenue of $64.64 million during the quarter, compared to analyst estimates of $63.55 million. Smartsheet had a negative return on equity of 24.74% and a negative net margin of 30.10%. The firm’s quarterly revenue was up 52.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.08) EPS. As a group, analysts forecast that Smartsheet Inc will post -0.92 earnings per share for the current fiscal year.

In other Smartsheet news, CEO Mark Patrick Mader sold 30,000 shares of Smartsheet stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $37.87, for a total transaction of $1,136,100.00. Following the completion of the transaction, the chief executive officer now owns 941,636 shares in the company, valued at approximately $35,659,755.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jennifer Ceran sold 50,000 shares of Smartsheet stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $37.07, for a total value of $1,853,500.00. Insiders sold a total of 799,172 shares of company stock valued at $32,801,758 in the last 90 days. 24.73% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMAR. TimesSquare Capital Management LLC increased its stake in shares of Smartsheet by 12.8% in the 3rd quarter. TimesSquare Capital Management LLC now owns 1,103,900 shares of the company’s stock valued at $39,774,000 after purchasing an additional 125,100 shares in the last quarter. BBVA USA Bancshares Inc. purchased a new position in shares of Smartsheet in the 3rd quarter valued at about $204,000. Tower Research Capital LLC TRC purchased a new position in shares of Smartsheet in the 3rd quarter valued at about $365,000. SG Americas Securities LLC increased its stake in shares of Smartsheet by 29.2% in the 3rd quarter. SG Americas Securities LLC now owns 10,107 shares of the company’s stock valued at $364,000 after purchasing an additional 2,282 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Smartsheet by 624.5% in the 3rd quarter. First Trust Advisors LP now owns 3,747,273 shares of the company’s stock valued at $135,014,000 after purchasing an additional 3,230,070 shares in the last quarter. Institutional investors and hedge funds own 76.23% of the company’s stock.

Smartsheet Company Profile (NYSE:SMAR)

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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