King Luther Capital Management Corp Sells 122,350 Shares of Sprout Social, Inc. (NASDAQ:SPT)

King Luther Capital Management Corp lessened its stake in shares of Sprout Social, Inc. (NASDAQ:SPT) by 79.2% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 32,200 shares of the company’s stock after selling 122,350 shares during the quarter. King Luther Capital Management Corp owned about 0.06% of Sprout Social worth $936,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quarry LP grew its holdings in Sprout Social by 2,346.9% in the 2nd quarter. Quarry LP now owns 783 shares of the company’s stock valued at $28,000 after buying an additional 751 shares in the last quarter. EntryPoint Capital LLC acquired a new position in shares of Sprout Social in the first quarter valued at about $37,000. Bessemer Group Inc. acquired a new position in shares of Sprout Social in the first quarter valued at about $61,000. nVerses Capital LLC increased its position in Sprout Social by 76.5% during the second quarter. nVerses Capital LLC now owns 3,000 shares of the company’s stock worth $107,000 after acquiring an additional 1,300 shares during the period. Finally, Assetmark Inc. raised its stake in Sprout Social by 27.5% in the 3rd quarter. Assetmark Inc. now owns 3,717 shares of the company’s stock worth $108,000 after purchasing an additional 801 shares in the last quarter.

Sprout Social Stock Performance

Shares of Sprout Social stock opened at $32.10 on Friday. The company’s 50 day moving average price is $28.46 and its two-hundred day moving average price is $31.37. The firm has a market capitalization of $1.84 billion, a P/E ratio of -26.75 and a beta of 0.99. Sprout Social, Inc. has a fifty-two week low of $25.05 and a fifty-two week high of $68.41. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.96 and a quick ratio of 0.96.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.06). Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. The firm had revenue of $102.64 million for the quarter, compared to analyst estimates of $102.04 million. On average, equities analysts forecast that Sprout Social, Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Ryan Paul Barretto sold 16,800 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $28.25, for a total value of $474,600.00. Following the completion of the sale, the chief executive officer now owns 170,175 shares of the company’s stock, valued at approximately $4,807,443.75. This represents a 8.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Aaron Edward Frederick Rankin sold 1,181 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.23, for a total value of $34,520.63. Following the transaction, the director now owns 42,122 shares of the company’s stock, valued at $1,231,226.06. This trade represents a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 62,882 shares of company stock valued at $1,801,351. 10.97% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Robert W. Baird increased their target price on shares of Sprout Social from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Oppenheimer dropped their price objective on Sprout Social from $43.00 to $40.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Piper Sandler cut their target price on Sprout Social from $40.00 to $29.00 and set a “neutral” rating for the company in a research report on Monday, November 11th. Scotiabank started coverage on Sprout Social in a report on Monday, November 18th. They set a “sector perform” rating and a $28.00 target price on the stock. Finally, Needham & Company LLC restated a “buy” rating and issued a $55.00 price target on shares of Sprout Social in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $45.62.

Sprout Social Company Profile

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.