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Smartsheet CFO Pete Godbole sells over $390k in company stock

Published 04/15/2024, 07:04 PM

In a recent transaction, Pete Godbole, the CFO and Treasurer of Smartsheet Inc . (NYSE:SMAR), sold 10,129 shares of the company's Class A common stock. The sale, executed on April 11, 2024, was carried out at an average price of $38.67 per share, resulting in a total value of approximately $391,688.

The transaction was conducted in accordance with a Rule 10b5-1 trading plan, which was previously established by Godbole on January 5, 2024. Rule 10b5-1 trading plans allow company insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information, providing a defense against accusations of insider trading.

Following the sale, Godbole's remaining stake in the company consists of 44,346 shares of Class A common stock, directly owned. The sale represents a notable change in the executive's holdings, although it does not necessarily indicate a shift in the company's outlook or performance.

Investors often monitor insider transactions for insights into a company's health and the confidence level of its executives. While sales can sometimes raise concerns about an executive's outlook on the company, they can also reflect personal financial management decisions unrelated to the company's performance.

Smartsheet Inc., headquartered in Bellevue, Washington, is known for its cloud-based platform for work execution, enabling teams and organizations to plan, capture, manage, automate, and report on work at scale.

The details of the transaction were made public through a Form 4 filing with the Securities and Exchange Commission. Investors and analysts typically review these filings to keep track of insider trading activities and consider them alongside other indicators when making investment decisions.

InvestingPro Insights

As investors digest the recent insider trading activity at Smartsheet Inc. (NYSE:SMAR), it's important to consider the company's financial health and market performance. According to InvestingPro data, Smartsheet holds a market capitalization of approximately $5.05 billion. Despite a challenging P/E ratio of -47.25, the company has shown a robust revenue growth of 24.96% over the last twelve months as of Q4 2024, indicating a strong expansion in its business operations.

Moreover, Smartsheet boasts an impressive gross profit margin of 80.54% for the same period, which is a testament to the company's ability to manage its cost of goods sold effectively and maintain profitability on its core products and services. This is particularly significant given the company's growth trajectory and may provide some context to the recent insider transaction.

InvestingPro Tips highlight several key points for potential investors. Smartsheet is trading near its 52-week low, which could represent a value opportunity for those who believe in the company's fundamentals. Additionally, analysts have revised their earnings upwards for the upcoming period, and the company is expected to be profitable this year. These insights suggest that the insider sale may not necessarily reflect a negative outlook on the company's future.

For those interested in a deeper dive into Smartsheet's financials and potential investment opportunities, additional InvestingPro Tips are available. There are 15 analysts who have revised their earnings upwards, indicating a positive sentiment about the company's future performance. For access to these insights and more, consider using the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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