Sprout Social (NASDAQ:SPT) Price Target Cut to $65.00

Sprout Social (NASDAQ:SPTGet Rating) had its price objective dropped by analysts at Canaccord Genuity Group from $75.00 to $65.00 in a research note issued to investors on Thursday, The Fly reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 5.91% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Robert W. Baird decreased their target price on shares of Sprout Social from $110.00 to $76.00 in a research report on Wednesday. Piper Sandler decreased their target price on shares of Sprout Social from $76.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday. Cantor Fitzgerald decreased their target price on shares of Sprout Social from $99.00 to $80.00 in a research report on Wednesday, May 4th. Barclays cut their price target on shares of Sprout Social from $79.00 to $66.00 in a report on Wednesday. Finally, Morgan Stanley cut their price target on shares of Sprout Social from $70.00 to $66.00 and set an “equal weight” rating on the stock in a report on Thursday, July 14th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $96.00.

Sprout Social Stock Performance

Sprout Social stock opened at $61.37 on Thursday. The firm’s fifty day moving average price is $55.95 and its 200-day moving average price is $61.33. The stock has a market cap of $3.34 billion, a P/E ratio of -80.75 and a beta of 1.10. Sprout Social has a fifty-two week low of $38.39 and a fifty-two week high of $145.42.

Sprout Social (NASDAQ:SPTGet Rating) last issued its earnings results on Tuesday, May 3rd. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.01). The business had revenue of $57.43 million during the quarter, compared to analysts’ expectations of $56.25 million. Sprout Social had a negative return on equity of 28.39% and a negative net margin of 18.65%. Sprout Social’s revenue for the quarter was up 40.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.12) EPS. On average, analysts predict that Sprout Social will post -0.74 earnings per share for the current year.

Insider Activity

In other news, CEO Justyn Russell Howard sold 20,000 shares of Sprout Social stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $47.15, for a total transaction of $943,000.00. Following the sale, the chief executive officer now owns 255,939 shares of the company’s stock, valued at approximately $12,067,523.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Justyn Russell Howard sold 20,000 shares of the business’s stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $47.15, for a total transaction of $943,000.00. Following the sale, the chief executive officer now owns 255,939 shares of the company’s stock, valued at $12,067,523.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Ryan Paul Barretto sold 5,718 shares of the business’s stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $58.31, for a total transaction of $333,416.58. Following the sale, the president now directly owns 352,407 shares in the company, valued at approximately $20,548,852.17. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 82,448 shares of company stock valued at $4,665,890. Corporate insiders own 13.33% of the company’s stock.

Institutional Investors Weigh In On Sprout Social

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Sprout Social by 2.6% in the first quarter. Vanguard Group Inc. now owns 3,683,975 shares of the company’s stock worth $295,160,000 after buying an additional 93,793 shares during the last quarter. Invesco Ltd. raised its holdings in Sprout Social by 2.3% in the first quarter. Invesco Ltd. now owns 1,827,992 shares of the company’s stock worth $146,459,000 after buying an additional 41,061 shares during the last quarter. Jennison Associates LLC raised its holdings in Sprout Social by 95.3% in the second quarter. Jennison Associates LLC now owns 1,063,868 shares of the company’s stock worth $61,779,000 after buying an additional 519,059 shares during the last quarter. Eventide Asset Management LLC raised its holdings in Sprout Social by 5.4% in the first quarter. Eventide Asset Management LLC now owns 1,049,943 shares of the company’s stock worth $84,121,000 after buying an additional 54,000 shares during the last quarter. Finally, State Street Corp raised its holdings in Sprout Social by 4.9% in the first quarter. State Street Corp now owns 946,232 shares of the company’s stock worth $75,812,000 after buying an additional 43,965 shares during the last quarter. Institutional investors own 83.30% of the company’s stock.

Sprout Social Company Profile

(Get Rating)

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. It provides cloud software that brings together social messaging, data, and workflows in a unified system of record, intelligence, and action.

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