Smartsheet Inc (NYSE:SMAR) Short Interest Update

Smartsheet Inc (NYSE:SMAR) was the target of a significant growth in short interest in the month of May. As of May 31st, there was short interest totalling 2,960,100 shares, a growth of 7.3% from the April 30th total of 2,758,200 shares. Based on an average daily volume of 1,750,000 shares, the days-to-cover ratio is presently 1.7 days. Currently, 8.2% of the company’s stock are sold short.

A number of analysts recently weighed in on SMAR shares. Stephens reaffirmed a “buy” rating and issued a $34.00 price objective on shares of Guaranty Bancshares in a report on Tuesday, April 23rd. Morgan Stanley raised shares of Nevro from an “underweight” rating to an “overweight” rating and raised their target price for the company from $41.00 to $70.00 in a research note on Wednesday, March 20th. JPMorgan Chase & Co. set a €23.00 ($26.74) target price on shares of GEA Group Aktiengesellschaft and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Zacks Investment Research cut shares of Essential Properties Realty Trust from a “buy” rating to a “hold” rating in a research note on Thursday, June 13th. Finally, SunTrust Banks raised their target price on shares of Smartsheet to $56.00 and gave the company a “positive” rating in a research note on Wednesday, March 20th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $52.36.

Shares of SMAR traded up $1.12 during midday trading on Friday, hitting $54.11. The stock had a trading volume of 1,576,336 shares, compared to its average volume of 2,277,537. Smartsheet has a fifty-two week low of $20.34 and a fifty-two week high of $54.44. The stock’s 50-day moving average price is $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. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.29.

Smartsheet (NYSE:SMAR) last announced its earnings results on Wednesday, June 5th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.15. The company had revenue of $56.19 million during 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 business’s revenue for the quarter was up 54.7% on a year-over-year basis. During the same period last year, the company posted ($0.12) earnings per share. On average, equities analysts anticipate that Smartsheet will post -0.97 earnings per share for the current year.

In other Smartsheet news, Director Elena Gomez sold 2,500 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $39.70, for a total transaction of $99,250.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CRO Michael Arntz sold 4,000 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $40.40, for a total transaction of $161,600.00. The disclosure for this sale can be found here. Insiders sold 10,958,389 shares of company stock valued at $477,654,521 over the last 90 days. Insiders own 24.73% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Whale Rock Capital Management LLC raised its position in Smartsheet by 320.6% during the fourth quarter. Whale Rock Capital Management LLC now owns 2,687,999 shares of the company’s stock valued at $66,824,000 after acquiring an additional 2,048,846 shares in the last quarter. CI Investments Inc. acquired a new stake in shares of Smartsheet in the fourth quarter worth $40,607,000. FMR LLC boosted its stake in Smartsheet by 754,292.5% during the first quarter. FMR LLC now owns 1,214,572 shares of the company’s stock worth $49,542,000 after buying an additional 1,214,411 shares in the last quarter. BlackRock Inc. boosted its stake in Smartsheet by 8.0% during the fourth quarter. BlackRock Inc. now owns 811,452 shares of the company’s stock worth $20,173,000 after buying an additional 60,037 shares in the last quarter. Finally, Spark Investment Management LLC boosted its stake in Smartsheet by 33.2% during the first quarter. Spark Investment Management LLC now owns 703,100 shares of the company’s stock worth $28,679,000 after buying an additional 175,300 shares in the last quarter. Institutional investors and hedge funds own 56.63% 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.

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