Smartsheet Inc (NYSE:SMAR) Short Interest Down 14.4% in July
Smartsheet Inc (NYSE:SMAR) saw a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 4,911,400 shares, a decline of 14.4% from the June 30th total of 5,735,800 shares. Currently, 13.7% of the company’s shares are sold short. Based on an average daily trading volume, of 1,950,000 shares, the days-to-cover ratio is currently 2.5 days.
In other Smartsheet news, Director Matthew S. Mcilwain sold 5,225,000 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $43.54, for a total transaction of $227,496,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kara Hamilton sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $41.82, for a total transaction of $313,650.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,832,589 shares of company stock valued at $473,052,550. 24.73% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA lifted its position in shares of Smartsheet by 240.2% during the first quarter. BNP Paribas Arbitrage SA now owns 660 shares of the company’s stock worth $27,000 after purchasing an additional 466 shares in the last quarter. Optimum Investment Advisors acquired a new stake in Smartsheet in the first quarter valued at $41,000. Meadow Creek Investment Management LLC raised its holdings in Smartsheet by 76.9% in the second quarter. Meadow Creek Investment Management LLC now owns 1,840 shares of the company’s stock valued at $89,000 after acquiring an additional 800 shares in the last quarter. Evolution Wealth Advisors LLC acquired a new stake in Smartsheet in the second quarter valued at $93,000. Finally, Deutsche Bank AG raised its holdings in Smartsheet by 290.0% in the fourth quarter. Deutsche Bank AG now owns 3,900 shares of the company’s stock valued at $96,000 after acquiring an additional 2,900 shares in the last quarter. 56.24% of the stock is currently owned by institutional investors and hedge funds.
Smartsheet (NYSE:SMAR) last posted its earnings results on Wednesday, June 5th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.15. Smartsheet had a negative net margin of 30.04% and a negative return on equity of 34.42%. The business had revenue of $56.19 million for the quarter, compared to analysts’ expectations of $54.65 million. During the same period in the previous year, the company posted ($0.12) earnings per share. The business’s revenue for the quarter was up 54.7% compared to the same quarter last year. Equities analysts anticipate that Smartsheet will post -0.94 earnings per share for the current year.
A number of research analysts have recently commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price (up from $45.00) on shares of Smartsheet in a research report on Thursday, July 11th. Stephens reissued a “buy” rating and set a $55.00 target price on shares of Smartsheet in a research report on Tuesday, April 23rd. Wedbush assumed coverage on shares of Smartsheet in a research report on Thursday, August 1st. They set an “outperform” rating and a $62.00 target price on the stock. Finally, Zacks Investment Research cut shares of Smartsheet from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $53.17.
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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