Sprouts Farmers Market (NASDAQ:SFM) Releases FY24 Earnings Guidance

Sprouts Farmers Market (NASDAQ:SFM) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $3.29-$3.37 for the period, compared to the consensus estimate of $3.12. The company issued revenue guidance of $7.45-$7.52 billion, compared to the consensus revenue estimate of $7.41 billion. Sprouts Farmers Market also updated its FY 2024 guidance to 3.290-3.370 EPS.

Sprouts Farmers Market Stock Performance

Sprouts Farmers Market stock traded up $3.73 during mid-day trading on Wednesday, reaching $99.61. 575,722 shares of the company traded hands, compared to its average volume of 1,351,960. The company has a market capitalization of $10.01 billion, a price-to-earnings ratio of 33.06, a price-to-earnings-growth ratio of 3.23 and a beta of 0.55. Sprouts Farmers Market has a fifty-two week low of $36.21 and a fifty-two week high of $103.80. The firm’s fifty day moving average is $81.02 and its two-hundred day moving average is $68.41. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.19 and a quick ratio of 0.65.

Sprouts Farmers Market (NASDAQ:SFM) last released its quarterly earnings data on Monday, July 29th. The company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.16. The firm had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.84 billion. Sprouts Farmers Market had a net margin of 4.52% and a return on equity of 28.19%. The business’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.71 earnings per share. On average, equities research analysts expect that Sprouts Farmers Market will post 3.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Evercore ISI lifted their price target on shares of Sprouts Farmers Market from $84.00 to $96.00 and gave the company an in-line rating in a research report on Tuesday. The Goldman Sachs Group boosted their target price on shares of Sprouts Farmers Market from $78.00 to $89.00 and gave the stock a buy rating in a research report on Wednesday, July 10th. UBS Group boosted their price objective on shares of Sprouts Farmers Market from $68.00 to $94.00 and gave the stock a neutral rating in a research report on Friday, June 28th. BMO Capital Markets upgraded shares of Sprouts Farmers Market from an underperform rating to a market perform rating and boosted their price objective for the stock from $40.00 to $102.00 in a research report on Tuesday. Finally, Wells Fargo & Company upgraded shares of Sprouts Farmers Market from an underweight rating to an equal weight rating and boosted their price objective for the stock from $62.00 to $90.00 in a research report on Tuesday. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $84.67.

Insider Buying and Selling at Sprouts Farmers Market

In other news, CEO Jack Sinclair sold 5,714 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $83.38, for a total transaction of $476,433.32. Following the completion of the transaction, the chief executive officer now owns 245,288 shares of the company’s stock, valued at approximately $20,452,113.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Jack Sinclair sold 5,714 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $83.38, for a total transaction of $476,433.32. Following the completion of the sale, the chief executive officer now owns 245,288 shares of the company’s stock, valued at approximately $20,452,113.44. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joe Fortunato sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $78.48, for a total transaction of $392,400.00. Following the completion of the sale, the director now directly owns 52,966 shares of the company’s stock, valued at approximately $4,156,771.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,147 shares of company stock worth $4,999,299. Corporate insiders own 1.10% of the company’s stock.

About Sprouts Farmers Market

Sprouts Farmers Market, Inc, together with its subsidiaries, engages in the retailing of fresh, natural, and organic food products under the Sprouts brand in the United States. It offers perishable product categories, including fresh produce, meat and meat alternatives, seafood, deli, bakery, floral, and dairy and dairy alternatives; and non-perishable product categories, such as grocery, vitamins and supplements, bulk items, frozen foods, beer and wine, and natural health and body care.