Sprout Social (NASDAQ:SPT) Shares Up 7.1% After Insider Buying Activity


Share on StockTwits

Sprout Social, Inc. (NASDAQ:SPT)’s stock price shot up 7.1% during mid-day trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $56.21 and last traded at $55.71. 453,747 shares changed hands during mid-day trading, an increase of 4% from the average session volume of 436,056 shares. The stock had previously closed at $52.01.

Specifically, President Ryan Paul Barretto sold 5,600 shares of the business’s stock in a transaction that occurred on Monday, January 4th. The stock was sold at an average price of $46.65, for a total value of $261,240.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Aaron Edward Frederick Rankin sold 102,977 shares of Sprout Social stock in a transaction on Wednesday, November 18th. The stock was 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 quarter, insiders have sold 213,992 shares of company stock valued at $9,741,065.

SPT has been the subject of a number of recent research reports. Morgan Stanley cut shares of Sprout Social from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $34.00 to $51.00 in a research report on Tuesday, November 17th. ValuEngine cut shares of Sprout Social from a “buy” rating to a “hold” rating in a research report on Tuesday, December 1st. Berenberg Bank initiated coverage on shares of Sprout Social in a research report on Tuesday, October 20th. They set a “buy” rating for the company. Canaccord Genuity lifted their price target on shares of Sprout Social from $34.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, November 10th. Finally, BidaskClub cut shares of Sprout Social from a “buy” rating to a “hold” rating in a research report on Monday, December 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $43.90.

The firm has a market capitalization of $2.95 billion and a P/E ratio of -21.93. The business’s 50 day simple moving average is $50.15 and its two-hundred day simple moving average is $46.87.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings data on Monday, November 9th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.04. The firm had revenue of $33.67 million for the quarter, compared to the consensus estimate of $33.02 million. On average, analysts forecast that Sprout Social, Inc. will post -0.7 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in SPT. BlackRock Inc. grew its stake in shares of Sprout Social by 194.8% in the third quarter. BlackRock Inc. now owns 1,828,195 shares of the company’s stock worth $70,384,000 after acquiring an additional 1,208,088 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Sprout Social by 2,861.9% in the second quarter. Vanguard Group Inc. now owns 1,154,285 shares of the company’s stock worth $31,166,000 after buying an additional 1,115,314 shares during the last quarter. 12 West Capital Management LP purchased a new position in shares of Sprout Social during the 3rd quarter valued at $30,576,000. King Luther Capital Management Corp purchased a new stake in Sprout Social in the 3rd quarter worth $14,405,000. Finally, Castleark Management LLC purchased a new stake in Sprout Social in the 3rd quarter worth $12,133,000. Hedge funds and other institutional investors 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.

Featured Story: How to Use a Moving Average for TradingĀ 

Receive News & Ratings for Sprout Social Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sprout Social and related companies with MarketBeat.com's FREE daily email newsletter.