Smartsheet (NYSE:SMAR) Shares Down 3.8%

Shares of Smartsheet Inc (NYSE:SMAR - Get Free Report) were down 3.8% on Thursday . The stock traded as low as $37.56 and last traded at $37.75. Approximately 193,766 shares changed hands during trading, a decline of 87% from the average daily volume of 1,438,587 shares. The stock had previously closed at $39.25.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SMAR shares. JPMorgan Chase & Co. reduced their price target on Smartsheet from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Friday, March 15th. UBS Group reduced their price target on Smartsheet from $60.00 to $54.00 and set a "buy" rating for the company in a research report on Friday, March 15th. KeyCorp assumed coverage on Smartsheet in a research report on Thursday, March 21st. They issued a "sector weight" rating for the company. DA Davidson cut their price objective on Smartsheet from $65.00 to $55.00 and set a "buy" rating for the company in a research report on Friday, March 15th. Finally, Barclays cut their price objective on Smartsheet from $50.00 to $40.00 and set an "equal weight" rating for the company in a research report on Friday, March 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $49.75.

Smartsheet Trading Down 5.5 %

The business has a fifty day moving average price of $39.02 and a two-hundred day moving average price of $42.46.

Smartsheet (NYSE:SMAR - Get Free Report) last posted its earnings results on Thursday, March 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.17. Smartsheet had a negative return on equity of 16.57% and a negative net margin of 10.92%. The firm had revenue of $256.95 million for the quarter, compared to analyst estimates of $254.99 million. As a group, research analysts predict that Smartsheet Inc will post -0.43 earnings per share for the current year.

Insider Buying and Selling at Smartsheet

In other Smartsheet news, COO Stephen Robert Branstetter sold 5,737 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $38.22, for a total value of $219,268.14. Following the sale, the chief operating officer now owns 67,801 shares of the company's stock, valued at approximately $2,591,354.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Pete Godbole sold 5,202 shares of the firm's stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $41.92, for a total transaction of $218,067.84. Following the sale, the chief financial officer now owns 44,346 shares of the company's stock, valued at approximately $1,858,984.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Stephen Robert Branstetter sold 5,737 shares of the firm's stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $38.22, for a total value of $219,268.14. Following the sale, the chief operating officer now directly owns 67,801 shares in the company, valued at approximately $2,591,354.22. The disclosure for this sale can be found here. Insiders have sold 28,770 shares of company stock valued at $1,132,791 in the last quarter. Corporate insiders own 4.52% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina grew its stake in Smartsheet by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 55,099 shares of the company's stock worth $2,229,000 after buying an additional 280 shares during the last quarter. Cornercap Investment Counsel Inc. grew its stake in Smartsheet by 1.3% during the 4th quarter. Cornercap Investment Counsel Inc. now owns 22,860 shares of the company's stock worth $1,093,000 after buying an additional 285 shares during the last quarter. Advisors Asset Management Inc. grew its stake in Smartsheet by 24.6% during the 1st quarter. Advisors Asset Management Inc. now owns 1,822 shares of the company's stock worth $70,000 after buying an additional 360 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Smartsheet by 3.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,014 shares of the company's stock valued at $670,000 after purchasing an additional 402 shares during the last quarter. Finally, Avior Wealth Management LLC grew its stake in shares of Smartsheet by 5.9% in the 4th quarter. Avior Wealth Management LLC now owns 7,928 shares of the company's stock valued at $379,000 after purchasing an additional 441 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Smartsheet Company Profile

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.