BELLEVUE, Wash.—Mark Mader, President and CEO of Smartsheet Inc . (NYSE:SMAR), sold 5,000 shares of the company's Class A common stock on January 6, 2025. The shares were sold at a price of $56.07 each, totaling $280,350. This transaction was executed under a Rule 10b5-1 trading plan that Mader had previously adopted on March 27, 2024. The sale comes as Smartsheet shares trade near their 52-week high of $56.55, with the stock showing impressive momentum, up nearly 31% over the past six months according to InvestingPro data.
Following this transaction, Mader directly owns 619,515 shares of Smartsheet. Additionally, there are indirect holdings of 51,250 and 40,000 shares in the T49C Trust and L38 Trust, respectively. These trusts are for the benefit of Mader's child, and he disclaims beneficial ownership of these securities.
Smartsheet, a leading platform for work management and automation solutions, is headquartered in Bellevue, Washington.
In other recent news, Smartsheet Inc. reported a significant increase in revenue, up by 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. In addition, Smartsheet's shareholders have approved a merger agreement with Einstein Parent, Inc. and its subsidiary, Einstein Merger Sub, Inc., a critical step toward finalizing the merger anticipated to close in the fourth quarter of Smartsheet's fiscal year ending January 31, 2025.
In analyst news, Citi reiterated its Neutral rating on Smartsheet, with slight 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. Despite facing a few challenges such as missing billing expectations and a slight decrease in annual recurring revenue (ARR), Smartsheet demonstrated strong margin performance, beating EBIT projections by $13 million. These developments are part of the recent happenings affecting Smartsheet Inc. and its investors.
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