Why I Sold Smartsheet Stock
It's no secret that software-as-a-service (SaaS) stocks have been huge beneficiaries of COVID-19. It's not that they offer anything to help combat the virus. It's just that worldwide lockdowns have vastly accelerated the transition to the cloud.
With years of such transitions now compressed into a few quarters, many SaaS companies are reaching sales goals far faster than ever expected. On the surface, that's what happened for Smartsheet (NYSE: SMAR) -- a company that provides data analytics tools for corporations.
It's a stock that I owned and even called out as a top small cap buy for 2020. But there was a specific detail in the latest earnings report that caused me to sell my small position entirely.
Source Fool.com
