Sprout Social (NASDAQ:SPT) Price Target Cut to $38.00 by Analysts at Oppenheimer

Sprout Social (NASDAQ:SPT) had its target price reduced by stock analysts at Oppenheimer from $40.00 to $38.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price target suggests a potential upside of 18.75% from the stock’s current price.

Several other brokerages also recently issued reports on SPT. Scotiabank began coverage on Sprout Social in a report on Monday, November 18th. They issued a “sector perform” rating and a $28.00 price target on the stock. KeyCorp downgraded shares of Sprout Social from a “sector weight” rating to an “underweight” rating and set a $28.00 price target for the company. in a report on Thursday, August 22nd. Barclays dropped their price objective on shares of Sprout Social from $48.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, October 11th. Piper Sandler reduced their target price on shares of Sprout Social from $40.00 to $29.00 and set a “neutral” rating for the company in a research note on Monday, November 11th. Finally, Needham & Company LLC restated a “buy” rating and issued a $55.00 target price on shares of Sprout Social in a research report on Friday, November 8th. One 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $45.46.

Sprout Social Price Performance

Shares of NASDAQ SPT opened at $32.00 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.19. Sprout Social has a fifty-two week low of $25.05 and a fifty-two week high of $68.41. The business has a 50 day moving average price of $28.93 and a two-hundred day moving average price of $31.54. The firm has a market cap of $1.84 billion, a PE ratio of -26.67 and a beta of 1.03.

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

Insider Activity at Sprout Social

In other news, CEO Ryan Paul Barretto sold 13,465 shares of Sprout Social stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $31.45, for a total value of $423,474.25. Following the transaction, the chief executive officer now directly owns 546,343 shares of the company’s stock, valued at $17,182,487.35. This trade represents a 2.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Justyn Russell Howard sold 20,000 shares of Sprout Social stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $28.23, for a total transaction of $564,600.00. Following the transaction, the insider now owns 7,417 shares in the company, valued at approximately $209,381.91. The trade was a 72.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,765 shares of company stock valued at $1,505,079 over the last ninety days. Insiders own 10.97% of the company’s stock.

Institutional Investors Weigh In On Sprout Social

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP lifted its stake in Sprout Social by 2,346.9% in the second quarter. Quarry LP now owns 783 shares of the company’s stock valued at $28,000 after acquiring an additional 751 shares during the last quarter. nVerses Capital LLC increased its position in Sprout Social by 76.5% in the 2nd quarter. nVerses Capital LLC now owns 3,000 shares of the company’s stock worth $107,000 after buying an additional 1,300 shares during the period. Assetmark Inc. lifted its holdings in shares of Sprout Social by 27.5% during the third quarter. Assetmark Inc. now owns 3,717 shares of the company’s stock worth $108,000 after buying an additional 801 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Sprout Social during the 2nd quarter valued at $218,000. Finally, Entropy Technologies LP acquired a new position in shares of Sprout Social during the third quarter valued at about $265,000.

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.