Sprouts Farmers Market (NASDAQ:SFM) Updates FY 2024 Earnings Guidance

Sprouts Farmers Market (NASDAQ:SFM) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 3.290-3.370 for the period, compared to the consensus earnings per share estimate of 3.130. The company issued revenue guidance of $7.5 billion-$7.5 billion, compared to the consensus revenue estimate of $7.4 billion. Sprouts Farmers Market also updated its FY24 guidance to $3.29-$3.37 EPS.

Sprouts Farmers Market Stock Performance

NASDAQ SFM traded up $3.48 during trading hours on Wednesday, hitting $99.36. The company’s stock had a trading volume of 919,629 shares, compared to its average volume of 1,354,315. Sprouts Farmers Market has a 12 month low of $36.21 and a 12 month high of $103.80. The company’s 50 day simple moving average is $81.02 and its two-hundred day simple 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. The company has a market cap of $9.98 billion, a P/E ratio of 34.31, a price-to-earnings-growth ratio of 3.23 and a beta of 0.55.

Sprouts Farmers Market (NASDAQ:SFM) last announced its quarterly earnings results on Monday, July 29th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.16. The firm had revenue of $1.90 billion during 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 revenue for the quarter was up 12.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.71 earnings per share. As a group, sell-side analysts expect that Sprouts Farmers Market will post 3.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group boosted their target price on shares of Sprouts Farmers Market from $89.00 to $111.00 and gave the stock a buy rating in a report on Wednesday. Evercore ISI increased their price objective on shares of Sprouts Farmers Market from $84.00 to $96.00 and gave the stock an in-line rating in a research report on Tuesday. Bank of America boosted their target price on Sprouts Farmers Market from $84.00 to $100.00 and gave the company a buy rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft increased their price target on Sprouts Farmers Market from $63.00 to $76.00 and gave the stock a hold rating in a report on Monday. Finally, UBS Group raised their price target on Sprouts Farmers Market from $68.00 to $94.00 and gave the stock a neutral rating in a research note on Friday, June 28th. Nine investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $87.11.

Insider Buying and Selling

In other news, CEO Jack Sinclair sold 5,718 shares of Sprouts Farmers Market stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $77.07, for a total value of $440,686.26. Following the transaction, the chief executive officer now directly owns 256,716 shares in the company, valued at approximately $19,785,102.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Jack Sinclair sold 5,718 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $77.07, for a total transaction of $440,686.26. Following the transaction, the chief executive officer now directly owns 256,716 shares in the company, valued at approximately $19,785,102.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Joe Fortunato sold 5,000 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $78.48, for a total value of $392,400.00. Following the completion of the sale, the director now owns 52,966 shares of the company’s stock, valued at $4,156,771.68. The disclosure for this sale can be found here. Insiders sold 66,147 shares of company stock valued at $4,999,299 over the last 90 days. 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.