Stock Traders Purchase High Volume of Smartsheet Put Options (NYSE:SMAR)

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Smartsheet Inc (NYSE:SMAR) was the target of some unusual options trading on Monday. Traders purchased 5,133 put options on the stock. This represents an increase of approximately 908% compared to the average volume of 509 put options.

SMAR has been the topic of a number of recent analyst reports. ValuEngine cut Smartsheet from a “buy” rating to a “hold” rating in a report on Tuesday, September 24th. Canaccord Genuity reduced their target price on Smartsheet from $53.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, October 2nd. Wedbush restated an “outperform” rating and set a $62.00 target price on shares of Smartsheet in a report on Wednesday, October 2nd. Jefferies Financial Group restated a “buy” rating and set a $52.00 target price on shares of Smartsheet in a report on Tuesday, October 8th. Finally, Oppenheimer reduced their target price on Smartsheet from $58.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $51.62.

In other Smartsheet news, CRO Michael Arntz sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $38.52, for a total transaction of $577,800.00. Also, Director Geoffrey T. Barker sold 16,700 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $53.16, for a total value of $887,772.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 900,672 shares of company stock worth $38,305,667. 24.73% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. Evolution Wealth Advisors LLC bought a new position in shares of Smartsheet during the 2nd quarter valued at about $93,000. Meadow Creek Investment Management LLC raised its position in Smartsheet by 76.9% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 1,840 shares of the company’s stock valued at $89,000 after buying an additional 800 shares during the last quarter. SG Americas Securities LLC raised its position in Smartsheet by 52.7% in the 2nd quarter. SG Americas Securities LLC now owns 7,825 shares of the company’s stock valued at $379,000 after buying an additional 2,700 shares during the last quarter. Highland Private Wealth Management acquired a new stake in Smartsheet in the 2nd quarter valued at approximately $958,000. Finally, Atria Investments LLC acquired a new stake in Smartsheet in the 2nd quarter valued at approximately $1,191,000. Institutional investors and hedge funds own 73.33% of the company’s stock.

NYSE:SMAR opened at $36.34 on Wednesday. Smartsheet has a fifty-two week low of $20.34 and a fifty-two week high of $55.79. 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 $4.30 billion, a PE ratio of -58.61 and a beta of 1.94. The business’s 50-day simple moving average is $39.63 and its 200-day simple moving average is $44.56.

Smartsheet (NYSE:SMAR) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.16) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.09. Smartsheet had a negative return on equity of 24.74% and a negative net margin of 30.10%. The business had revenue of $64.64 million for the quarter, compared to analysts’ expectations of $63.55 million. During the same quarter in the previous year, the business posted ($0.08) EPS. Smartsheet’s revenue for the quarter was up 52.5% on a year-over-year basis. On average, research analysts expect that Smartsheet will post -0.92 earnings per share for the current year.

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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