BELLEVUE, WA— Smartsheet Inc . (NYSE:) President and CEO Mark Mader recently sold 5,000 shares of the company’s Class A Common Stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $56.05 each, totaling $280,250. Following this transaction, Mader holds 578,762 shares directly.
The transaction was executed under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell stock. This plan was adopted by Mader on March 27, 2024.
In addition to his direct holdings, Mader has indirect ownership of additional shares through trusts, specifically the T49C Trust and L38 Trust, which hold 51,250 and 40,000 shares, respectively. These shares are managed by Douglas Porter, Trustee of the trusts, for the benefit of Mader’s child. Mader disclaims beneficial ownership of these securities.
In other recent news, Smartsheet Inc. has seen a flurry of key developments. The company has appointed Helen Masters as the new Managing Director for the Asia Pacific and Japan region, a move aimed at bolstering growth and customer engagement in the area. Concurrently, Smartsheet announced an acquisition deal with Blackstone (NYSE:) and Vista Equity Partners, a transaction valued at approximately $8.4 billion. This development has triggered several changes in stock ratings, with UBS downgrading Smartsheet stock from Buy to Neutral, and RBC Capital raising its price target for Smartsheet.
In terms of financial performance, Smartsheet reported a 17% increase in revenue for the second quarter of fiscal year 2025, totaling $276.4 million, and a similar rise in its annualized recurring revenue, reaching $1.093 billion. In addition, as part of the company’s recent restructuring, Smartsheet’s Chief Operating Officer, Stephen Branstetter, transitioned to an advisory role. These developments come as Smartsheet transitions from a public entity to a privately held company under the ownership of Blackstone and Vista Equity.
InvestingPro Insights
Smartsheet Inc. (NYSE:SMAR) has been showing strong financial performance, which aligns with CEO Mark Mader’s recent stock transaction. According to InvestingPro data, the company’s revenue grew by 20.16% over the last twelve months, reaching $1.04 billion. This growth is complemented by an impressive gross profit margin of 81.61%, highlighting Smartsheet’s efficiency in its core business operations.
InvestingPro Tips reveal that Smartsheet holds more cash than debt on its balance sheet, indicating a strong financial position. This solid foundation may provide confidence to investors, despite the CEO’s recent stock sale. Additionally, 9 analysts have revised their earnings upwards for the upcoming period, suggesting positive expectations for the company’s future performance.
The stock’s recent performance has been noteworthy, with a 42.78% price total return over the past six months. This upward trend is reflected in the stock trading near its 52-week high, currently at 99.1% of that peak. These metrics suggest that the market has been responding positively to Smartsheet’s business developments and financial results.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. There are 11 more InvestingPro Tips available for Smartsheet, providing a deeper understanding of the company’s financial health and market position.
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