The Manufacturers Life Insurance Company Purchases 1,617 Shares of Sprout Social, Inc. (NASDAQ:SPT)

The Manufacturers Life Insurance Company raised its position in shares of Sprout Social, Inc. (NASDAQ:SPT) by 6.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 27,792 shares of the company’s stock after purchasing an additional 1,617 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Sprout Social were worth $992,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Millennium Management LLC increased its stake in shares of Sprout Social by 9,779.5% during the second quarter. Millennium Management LLC now owns 331,260 shares of the company’s stock valued at $11,819,000 after buying an additional 327,907 shares during the period. Dorsey Asset Management LLC purchased a new position in Sprout Social during the 2nd quarter valued at $61,583,000. Bwcp LP raised its holdings in Sprout Social by 67.9% in the 2nd quarter. Bwcp LP now owns 488,173 shares of the company’s stock worth $17,418,000 after purchasing an additional 197,424 shares in the last quarter. Lombard Odier Asset Management USA Corp bought a new position in Sprout Social in the 2nd quarter worth $368,000. Finally, Ensign Peak Advisors Inc lifted its position in shares of Sprout Social by 3.9% in the 2nd quarter. Ensign Peak Advisors Inc now owns 19,951 shares of the company’s stock worth $712,000 after purchasing an additional 750 shares during the period.

Insider Transactions at Sprout Social

In other Sprout Social news, CFO Preto Joseph Del sold 1,500 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $28.27, for a total transaction of $42,405.00. Following the transaction, the chief financial officer now owns 158,614 shares in the company, valued at approximately $4,484,017.78. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Aaron Edward Frederick Rankin sold 1,181 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.23, for a total transaction of $34,520.63. Following the completion of the sale, the director now owns 42,122 shares in the company, valued at approximately $1,231,226.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Preto Joseph Del sold 1,500 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $28.27, for a total value of $42,405.00. Following the completion of the transaction, the chief financial officer now directly owns 158,614 shares in the company, valued at approximately $4,484,017.78. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 87,882 shares of company stock worth $2,570,471 over the last quarter. 10.97% of the stock is currently owned by insiders.

Analyst Ratings Changes

SPT has been the subject of a number of research reports. Robert W. Baird increased their price target on shares of Sprout Social from $38.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. KeyCorp lowered Sprout Social from a “sector weight” rating to an “underweight” rating and set a $28.00 target price for the company. in a research report on Thursday, August 22nd. Needham & Company LLC restated a “buy” rating and set a $55.00 price target on shares of Sprout Social in a research report on Friday, August 2nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $46.00 price objective on shares of Sprout Social in a report on Friday, August 2nd. Finally, Barclays lowered their price objective on Sprout Social from $48.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $48.25.

Sprout Social Stock Up 2.1 %

NASDAQ:SPT opened at $28.90 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market cap of $1.65 billion, a P/E ratio of -22.06 and a beta of 0.97. Sprout Social, Inc. has a fifty-two week low of $25.05 and a fifty-two week high of $68.41. The firm has a 50-day simple moving average of $29.81 and a two-hundred day simple moving average of $36.11.

Sprout Social (NASDAQ:SPT) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $99.40 million during the quarter, compared to the consensus estimate of $98.70 million. Sprout Social had a negative net margin of 19.60% and a negative return on equity of 44.38%. The firm’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.23) earnings per share. Analysts predict that Sprout Social, Inc. will post -0.9 earnings per share for the current fiscal year.

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.