Smartsheet (NYSE:SMAR) Shares Down 6.6%

Smartsheet Inc (NYSE:SMAR)’s stock price fell 6.6% during trading on Monday . The stock traded as low as $43.41 and last traded at $44.29, 2,241,995 shares traded hands during trading. An increase of 25% from the average session volume of 1,788,784 shares. The stock had previously closed at $47.43.

Several research firms have recently commented on SMAR. Stephens reissued a “buy” rating and set a $55.00 target price on shares of Smartsheet in a research report on Tuesday, September 10th. Wedbush downgraded shares of Smartsheet from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $62.00 to $42.00 in a research report on Monday, November 11th. DA Davidson reduced their price objective on shares of Smartsheet to $38.00 and set a “neutral” rating for the company in a research report on Wednesday, October 2nd. Zacks Investment Research downgraded shares of Smartsheet from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, Berenberg Bank initiated coverage on shares of Smartsheet in a research report on Thursday, October 10th. They issued a “buy” rating and a $48.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price 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 market capitalization of $5.34 billion, a PE ratio of -71.44 and a beta of 2.02. The stock’s 50 day simple moving average is $41.13 and its two-hundred day simple moving average is $44.82.

Smartsheet (NYSE:SMAR) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.16) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.09. The company had revenue of $64.64 million for the quarter, compared to analysts’ expectations of $63.55 million. Smartsheet had a negative net margin of 30.10% and a negative return on equity of 24.74%. Smartsheet’s revenue was up 52.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.08) EPS. As a group, equities research analysts predict that Smartsheet Inc will post -0.92 earnings per share for the current fiscal year.

In other news, Director Geoffrey T. Barker sold 16,700 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $45.36, for a total value of $757,512.00. Also, insider Eugene Farrell sold 30,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $45.28, for a total transaction of $1,358,400.00. Following the completion of the transaction, the insider now directly owns 70,193 shares in the company, valued at approximately $3,178,339.04. The disclosure for this sale can be found here. Insiders sold a total of 701,500 shares of company stock worth $27,560,939 over the last quarter. Corporate insiders own 24.73% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Meadow Creek Investment Management LLC grew its holdings in shares of Smartsheet by 76.9% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 1,840 shares of the company’s stock valued at $89,000 after purchasing an additional 800 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Smartsheet during the 2nd quarter valued at $111,000. Systematic Financial Management LP bought a new position in shares of Smartsheet during the 2nd quarter valued at $118,000. Neuburgh Advisers LLC grew its holdings in shares of Smartsheet by 76.9% during the 2nd quarter. Neuburgh Advisers LLC now owns 2,530 shares of the company’s stock valued at $122,000 after purchasing an additional 1,100 shares during the last quarter. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of Smartsheet by 382.9% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,187 shares of the company’s stock valued at $154,000 after purchasing an additional 2,527 shares during the last quarter. 73.39% of the stock is currently owned by institutional investors.

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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