Granahan Investment Management LLC Cuts Stake in Sprout Social, Inc. (NASDAQ:SPT)

Granahan Investment Management LLC lessened its stake in shares of Sprout Social, Inc. (NASDAQ:SPT) by 29.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 866,094 shares of the company’s stock after selling 353,984 shares during the period. Sprout Social comprises about 1.1% of Granahan Investment Management LLC’s holdings, making the stock its 26th biggest position. Granahan Investment Management LLC’s holdings in Sprout Social were worth $26,598,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in SPT. US Bancorp DE increased its holdings in Sprout Social by 2,392.6% in the 4th quarter. US Bancorp DE now owns 1,695 shares of the company’s stock worth $52,000 after acquiring an additional 1,627 shares during the last quarter. KBC Group NV boosted its position in Sprout Social by 77.1% during the fourth quarter. KBC Group NV now owns 2,525 shares of the company’s stock worth $78,000 after purchasing an additional 1,099 shares during the period. Yarbrough Capital LLC purchased a new position in shares of Sprout Social in the fourth quarter worth about $206,000. PNC Financial Services Group Inc. increased its stake in shares of Sprout Social by 41.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,620 shares of the company’s stock worth $265,000 after purchasing an additional 2,533 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Sprout Social in the fourth quarter valued at approximately $338,000.

Sprout Social Price Performance

SPT stock opened at $23.90 on Friday. The firm has a 50 day simple moving average of $22.00 and a two-hundred day simple moving average of $27.86. The stock has a market cap of $1.38 billion, a PE ratio of -19.92 and a beta of 1.20. Sprout Social, Inc. has a one year low of $18.52 and a one year high of $39.75. 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 announced its earnings results on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.07. Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. The company had revenue of $109.29 million during the quarter, compared to analyst estimates of $107.63 million. During the same period in the previous year, the business earned $0.10 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, analysts predict that Sprout Social, Inc. will post -0.99 EPS for the current fiscal year.

Insider Activity

In other news, CEO Ryan Paul Barretto sold 16,800 shares of the company’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $19.90, for a total value of $334,320.00. Following the completion of the sale, the chief executive officer now owns 136,575 shares of the company’s stock, valued at approximately $2,717,842.50. This represents a 10.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Aaron Edward Frederick Rankin sold 23,646 shares of Sprout Social stock in a transaction on Monday, March 17th. The stock was sold at an average price of $24.58, for a total transaction of $581,218.68. Following the completion of the transaction, the director now owns 42,122 shares in the company, valued at approximately $1,035,358.76. The trade was a 35.95 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 125,446 shares of company stock worth $2,644,639. 10.12% of the stock is currently owned by insiders.

Analysts Set New Price Targets

SPT has been the subject of several analyst reports. Morgan Stanley cut their price objective on shares of Sprout Social from $30.00 to $22.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. Piper Sandler reduced their price target on Sprout Social from $29.00 to $27.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Canaccord Genuity Group decreased their price objective on Sprout Social from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Needham & Company LLC cut their target price on Sprout Social from $55.00 to $32.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Finally, Stifel Nicolaus decreased their price target on Sprout Social from $45.00 to $34.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Sprout Social presently has an average rating of “Hold” and an average price target of $31.69.

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.