Sprout Social (NASDAQ:SPT) Given New $35.00 Price Target at Canaccord Genuity Group

Sprout Social (NASDAQ:SPT) had its target price decreased by equities research analysts at Canaccord Genuity Group from $40.00 to $35.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 27.55% from the company’s current price.

Several other brokerages have also recently commented on SPT. Oppenheimer decreased their target price on Sprout Social from $40.00 to $38.00 and set an “outperform” rating for the company in a research report on Tuesday, December 3rd. Piper Sandler dropped their price objective on shares of Sprout Social from $29.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday. Stifel Nicolaus reduced their price objective on Sprout Social from $45.00 to $34.00 and set a “buy” rating on the stock in a research note on Wednesday. Jefferies Financial Group increased their price target on Sprout Social from $34.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Finally, The Goldman Sachs Group decreased their price objective on Sprout Social from $34.00 to $29.00 and set a “neutral” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $34.08.

Sprout Social Trading Up 0.7 %

SPT stock traded up $0.19 on Wednesday, hitting $27.44. 553,959 shares of the company were exchanged, compared to its average volume of 552,588. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -22.84 and a beta of 1.06. The business’s fifty day moving average is $31.83 and its two-hundred day moving average is $30.55. Sprout Social has a twelve month low of $25.05 and a twelve month high of $64.91. 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 posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.35). The company had revenue of $107.09 million for the quarter, compared to the consensus estimate of $106.74 million. Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. As a group, research analysts forecast that Sprout Social will post -0.99 earnings per share for the current year.

Insiders Place Their Bets

In other Sprout Social news, Director Karen Walker sold 5,000 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $34.24, for a total transaction of $171,200.00. Following the transaction, the director now directly owns 35,665 shares in the company, valued at $1,221,169.60. This trade represents a 12.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Justyn Russell Howard sold 40,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $31.67, for a total transaction of $1,266,800.00. Following the sale, the insider now directly owns 27,136 shares of the company’s stock, valued at $859,397.12. The trade was a 59.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 120,265 shares of company stock worth $3,837,006 over the last quarter. 10.97% of the stock is currently owned by corporate insiders.

Institutional Trading of Sprout Social

A number of hedge funds have recently modified their holdings of the stock. Woodline Partners LP acquired a new stake in Sprout Social during the fourth quarter valued at $233,000. Two Sigma Advisers LP grew its position in shares of Sprout Social by 96.4% during the 4th quarter. Two Sigma Advisers LP now owns 110,600 shares of the company’s stock valued at $3,397,000 after acquiring an additional 54,300 shares during the period. ProShare Advisors LLC increased its stake in shares of Sprout Social by 49.9% in the 4th quarter. ProShare Advisors LLC now owns 14,459 shares of the company’s stock valued at $444,000 after purchasing an additional 4,811 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Sprout Social by 110.7% during the 4th quarter. Nuveen Asset Management LLC now owns 454,162 shares of the company’s stock worth $13,947,000 after buying an additional 238,650 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings in Sprout Social by 44.3% during the fourth quarter. Lazard Asset Management LLC now owns 62,176 shares of the company’s stock valued at $1,909,000 after purchasing an additional 19,098 shares in the last quarter.

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.