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 $55.99 each, totaling $111,980. Following this transaction, Lau holds 19,739 shares in the company.
The sale was conducted under a Rule 10b5-1 trading plan, which was previously adopted by Lau on April 4, 2024, allowing for pre-determined trades to be executed at specified times or conditions.
In other recent news, Smartsheet Inc. reported a significant 17% year-over-year revenue increase 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 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.
In addition, Smartsheet's shareholders have approved a merger agreement with Einstein Parent, Inc. and its subsidiary, Einstein Merger Sub, Inc. The approval of the merger by Smartsheet’s shareholders satisfies one of the conditions for the completion of the merger, which is anticipated to close in the fourth quarter of Smartsheet's fiscal year ending January 31, 2025.
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 among the recent developments for Smartsheet.
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