Sprout Social (NASDAQ:SPT) PT Lowered to $65.00

Sprout Social (NASDAQ:SPT) had its price target trimmed by Morgan Stanley from $73.00 to $65.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other analysts have also recently issued reports on the stock. Needham & Company LLC reiterated a buy rating and issued a $75.00 target price on shares of Sprout Social in a research note on Tuesday. Piper Sandler increased their target price on shares of Sprout Social from $62.00 to $66.00 and gave the stock an overweight rating in a research note on Wednesday, February 21st. Canaccord Genuity Group reiterated a buy rating and issued a $70.00 target price on shares of Sprout Social in a research note on Wednesday, February 21st. Jefferies Financial Group began coverage on shares of Sprout Social in a research note on Wednesday, February 7th. They issued a buy rating and a $76.00 target price on the stock. Finally, KeyCorp began coverage on shares of Sprout Social in a research note on Thursday, March 21st. They issued an overweight rating and a $83.00 target price on the stock. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $72.57.

Sprout Social Stock Performance

Shares of SPT stock opened at $50.98 on Wednesday. The stock has a market capitalization of $2.87 billion, a P/E ratio of -42.48 and a beta of 1.05. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.38. The firm’s 50 day moving average is $59.04 and its 200 day moving average is $56.75. Sprout Social has a 12 month low of $37.00 and a 12 month high of $68.41.

Sprout Social (NASDAQ:SPT) last announced its quarterly earnings results on Tuesday, February 20th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). The business had revenue of $93.58 million for the quarter, compared to analysts’ expectations of $90.76 million. Sprout Social had a negative net margin of 19.91% and a negative return on equity of 41.25%. On average, sell-side analysts anticipate that Sprout Social will post -1.17 earnings per share for the current year.

Insider Activity

In other news, Director Aaron Edward Frederick Rankin sold 44,000 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.60, for a total transaction of $2,622,400.00. Following the sale, the director now owns 40,888 shares in the company, valued at approximately $2,436,924.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Preto Joseph Del sold 1,500 shares of Sprout Social stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.71, for a total value of $89,565.00. Following the transaction, the chief financial officer now owns 127,322 shares in the company, valued at approximately $7,602,396.62. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Aaron Edward Frederick Rankin sold 44,000 shares of Sprout Social stock in a transaction on Monday, February 5th. The stock was sold at an average price of $59.60, for a total transaction of $2,622,400.00. Following the completion of the transaction, the director now owns 40,888 shares in the company, valued at approximately $2,436,924.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 140,200 shares of company stock worth $8,171,958. 11.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sprout Social

Large investors have recently added to or reduced their stakes in the business. Natixis Advisors L.P. raised its position in Sprout Social by 43.7% in the 3rd quarter. Natixis Advisors L.P. now owns 61,300 shares of the company’s stock worth $3,058,000 after purchasing an additional 18,644 shares during the period. Baillie Gifford & Co. increased its position in shares of Sprout Social by 244.1% in the third quarter. Baillie Gifford & Co. now owns 4,404,402 shares of the company’s stock valued at $219,692,000 after acquiring an additional 3,124,376 shares during the period. Corton Capital Inc. increased its position in shares of Sprout Social by 16.6% in the third quarter. Corton Capital Inc. now owns 6,899 shares of the company’s stock valued at $344,000 after acquiring an additional 983 shares during the period. Vanguard Group Inc. increased its position in shares of Sprout Social by 3.9% in the third quarter. Vanguard Group Inc. now owns 5,084,389 shares of the company’s stock valued at $253,609,000 after acquiring an additional 191,471 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Sprout Social by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 399,443 shares of the company’s stock valued at $19,924,000 after acquiring an additional 7,945 shares during the period.

About Sprout Social

Sprout Social, Inc designs, develops, and operates a web-based social media management platform in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides cloud software for social messaging, data and workflows in a unified system of record, intelligence, and action.