Sprout Social (NASDAQ:SPT) Sets New 12-Month High on Insider Buying Activity


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Sprout Social, Inc. (NASDAQ:SPT)’s share price hit a new 52-week high during mid-day trading on Thursday after an insider bought additional shares in the company. The stock traded as high as $58.42 and last traded at $56.82, with a volume of 1319 shares changing hands. The stock had previously closed at $55.71.

Specifically, Director Goldman Sachs Group Inc bought 640 shares of Sprout Social stock in a transaction on Friday, January 8th. The stock was purchased at an average cost of $50.53 per share, with a total value of $32,339.20. Following the purchase, the director now directly owns 734 shares of the company’s stock, valued at approximately $37,089.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Aaron Edward Frederick Rankin sold 102,977 shares of the business’s stock in a transaction dated Wednesday, November 18th. The shares were sold at an average price of $42.96, for a total transaction of $4,423,891.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 213,992 shares of company stock valued at $9,741,065.

A number of research analysts have issued reports on SPT shares. BTIG Research boosted their target price on shares of Sprout Social from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 10th. Canaccord Genuity upped their price target on shares of Sprout Social from $34.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, November 10th. Morgan Stanley lowered shares of Sprout Social from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $34.00 to $51.00 in a research note on Tuesday, November 17th. Needham & Company LLC upped their price target on shares of Sprout Social from $46.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, November 10th. Finally, KeyCorp upped their price target on shares of Sprout Social from $33.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $43.90.

The business’s fifty day moving average is $50.15 and its 200 day moving average is $46.87. The firm has a market capitalization of $3.02 billion and a P/E ratio of -21.93.

Sprout Social (NASDAQ:SPT) last released its earnings results on Monday, November 9th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.04. The business had revenue of $33.67 million during the quarter, compared to the consensus estimate of $33.02 million. As a group, equities research analysts anticipate that Sprout Social, Inc. will post -0.7 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in shares of Sprout Social by 194.8% during the third quarter. BlackRock Inc. now owns 1,828,195 shares of the company’s stock valued at $70,384,000 after acquiring an additional 1,208,088 shares during the period. Lord Abbett & CO. LLC raised its holdings in shares of Sprout Social by 31.8% during the third quarter. Lord Abbett & CO. LLC now owns 1,208,410 shares of the company’s stock valued at $46,524,000 after acquiring an additional 291,276 shares during the period. Vanguard Group Inc. raised its holdings in shares of Sprout Social by 2,861.9% during the second quarter. Vanguard Group Inc. now owns 1,154,285 shares of the company’s stock valued at $31,166,000 after acquiring an additional 1,115,314 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Sprout Social by 21.9% during the third quarter. Principal Financial Group Inc. now owns 972,963 shares of the company’s stock valued at $37,459,000 after acquiring an additional 175,090 shares during the period. Finally, Blair William & Co. IL raised its holdings in shares of Sprout Social by 12.7% during the third quarter. Blair William & Co. IL now owns 851,932 shares of the company’s stock valued at $32,799,000 after acquiring an additional 96,051 shares during the period. Institutional investors and hedge funds own 71.61% of the company’s stock.

Sprout Social Company Profile (NASDAQ:SPT)

Sprout Social, Inc designs, develops, and operates a web-based social media management tool in Americas, EMEA, and the Asia Pacific. The company offers cloud software that brings together social messaging, data, and workflows in a unified system of record, intelligence, and action. It provides various integrated tools in a range of functions comprising social engagement/response, publishing, reporting and analytics, social listening and business intelligence, reputation management, employee advocacy, and automation and workflows.

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