Marshall Jolene Lau, the Chief Legal Officer of Smartsheet Inc . (NYSE:SMAR), recently sold 2,000 shares of the company's Class A Common Stock. The shares were sold at a price of $56.18 each, amounting to a total transaction value of $112,360. The transaction comes as Smartsheet, currently valued at $7.86 billion, trades near its 52-week high of $56.55. Following this transaction, Lau holds 17,739 shares directly. This transaction was executed under a Rule 10b5-1 trading plan, which was adopted on April 4, 2024. According to InvestingPro, Smartsheet demonstrates impressive gross profit margins of 81.7% and has shown strong momentum with a 29.7% price return over the past six months. InvestingPro analysis suggests the stock is currently trading slightly above its Fair Value. Subscribers can access 8 additional ProTips and a comprehensive Pro Research Report for deeper insights into Smartsheet's financial health, which is rated as GOOD by InvestingPro's proprietary scoring system.
In other recent news, Smartsheet Inc. has experienced significant developments. The company's shareholders have approved a merger agreement with Einstein Parent, Inc., marking a critical step towards the merger's anticipated closure in the fourth quarter of Smartsheet's fiscal year. The merger proposal received overwhelming support, with over 100 million votes in favor. Following the merger, Smartsheet will continue as a wholly owned subsidiary of Einstein Parent, Inc.
In the financial arena, Smartsheet reported a revenue increase of 17% year-over-year in the third quarter, reaching $286.9 million and surpassing analyst estimates. The company's adjusted earnings per share also exceeded expectations, standing at $0.43, a notable beat over the consensus forecast of $0.30. Despite missing billing expectations and a slight decrease in annual recurring revenue, Smartsheet demonstrated strong margin performance, beating EBIT projections by $13 million.
Citi, after reviewing these developments, reiterated its Neutral rating on Smartsheet, with minor adjustments to its revenue estimates for the coming years. The firm also expressed that the proposed acquisition of Smartsheet by Vista Equity Partners and Blackstone (NYSE:BX) is likely to proceed. These are the recent developments shaping the current landscape for Smartsheet Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.