Sprout Social (NASDAQ:SPT) Research Coverage Started at Scotiabank

Scotiabank started coverage on shares of Sprout Social (NASDAQ:SPT) in a report published on Monday morning, MarketBeat reports. The firm issued a sector perform rating and a $28.00 price objective on the stock.

SPT has been the subject of several other reports. Robert W. Baird boosted their price objective on Sprout Social from $38.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 price target on shares of Sprout Social in a research note on Friday, November 8th. Oppenheimer lowered their price target on Sprout Social from $43.00 to $40.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. KeyCorp cut Sprout Social from a “sector weight” rating to an “underweight” rating and set a $28.00 price target for the company. in a research note on Thursday, August 22nd. Finally, Piper Sandler lowered their price target on Sprout Social from $40.00 to $29.00 and set a “neutral” rating for the company in a research note on Monday, November 11th. 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 company. Based on data from MarketBeat.com, Sprout Social has a consensus rating of “Hold” and an average price target of $45.62.

Sprout Social Stock Performance

Shares of SPT opened at $29.63 on Monday. Sprout Social has a 12-month low of $25.05 and a 12-month high of $68.41. The firm’s 50 day moving average is $28.30 and its 200-day moving average is $31.32. The stock has a market capitalization of $1.70 billion, a P/E ratio of -24.69 and a beta of 0.99. 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, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.06). Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. The company had revenue of $102.64 million for the quarter, compared to the consensus estimate of $102.04 million. Equities research analysts anticipate that Sprout Social will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling at Sprout Social

In other news, President Ryan Paul Barretto sold 13,306 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.23, for a total transaction of $388,934.38. Following the sale, the president now directly owns 470,809 shares in the company, valued at $13,761,747.07. This trade represents a 2.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Justyn Russell Howard sold 8,595 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $29.27, for a total transaction of $251,575.65. Following the completion of the transaction, the chief executive officer now directly owns 302,217 shares in the company, valued at $8,845,891.59. This trade represents a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,882 shares of company stock valued at $1,801,351. 10.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sprout Social

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in Sprout Social by 1.8% during the first quarter. Vanguard Group Inc. now owns 5,164,431 shares of the company’s stock worth $308,368,000 after buying an additional 93,712 shares during the period. Wellington Management Group LLP boosted its position in Sprout Social by 16.0% during the third quarter. Wellington Management Group LLP now owns 3,762,443 shares of the company’s stock worth $109,374,000 after acquiring an additional 519,406 shares during the last quarter. Clearbridge Investments LLC boosted its position in Sprout Social by 3.9% during the second quarter. Clearbridge Investments LLC now owns 2,694,797 shares of the company’s stock worth $96,150,000 after acquiring an additional 100,890 shares during the last quarter. Jennison Associates LLC boosted its position in Sprout Social by 1.0% during the third quarter. Jennison Associates LLC now owns 2,164,256 shares of the company’s stock worth $62,915,000 after acquiring an additional 21,186 shares during the last quarter. Finally, Dorsey Asset Management LLC acquired a new stake in Sprout Social during the second quarter worth approximately $61,583,000.

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.