Sprout Social (NASDAQ:SPT) Updates Q3 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 0.120-0.130 for the period, compared to the consensus estimate of 0.120. The company issued revenue guidance of $101.9 million-$102.1 million, compared to the consensus revenue estimate of $101.9 million. Sprout Social also updated its FY 2024 guidance to 0.450-0.460 EPS.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SPT. William Blair reaffirmed a market perform rating on shares of Sprout Social in a research report on Friday, May 3rd. Canaccord Genuity Group decreased their target price on shares of Sprout Social from $70.00 to $50.00 and set a buy rating for the company in a research note on Friday, May 3rd. Needham & Company LLC reissued a buy rating and issued a $55.00 price target on shares of Sprout Social in a research report on Friday. Morgan Stanley reduced their price objective on Sprout Social from $65.00 to $49.00 and set an equal weight rating for the company in a research report on Friday, May 3rd. Finally, KeyCorp downgraded Sprout Social from an overweight rating to a sector weight rating in a report on Friday, May 3rd. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Sprout Social has a consensus rating of Moderate Buy and a consensus target price of $56.57.

Sprout Social Stock Performance

Shares of SPT traded down $4.33 during mid-day trading on Friday, hitting $32.93. 1,049,495 shares of the company traded hands, compared to its average volume of 613,503. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -26.34 and a beta of 1.00. The stock has a 50-day moving average price of $35.08 and a two-hundred day moving average price of $47.31. Sprout Social has a 1 year low of $25.68 and a 1 year high of $68.41. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.97 and a current ratio of 0.97.

Sprout Social (NASDAQ:SPT) last posted its earnings results on Thursday, May 2nd. The company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.10. The business had revenue of $96.78 million during the quarter, compared to the consensus estimate of $97.29 million. Sprout Social had a negative net margin of 19.60% and a negative return on equity of 44.88%. Equities analysts anticipate that Sprout Social will post -0.84 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Aaron Edward Frederick Rankin sold 1,184 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $32.14, for a total value of $38,053.76. Following the transaction, the director now owns 43,303 shares in the company, valued at approximately $1,391,758.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Preto Joseph Del sold 1,500 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $28.51, for a total value of $42,765.00. Following the completion of the sale, the chief financial officer now directly owns 171,144 shares of the company’s stock, valued at $4,879,315.44. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Aaron Edward Frederick Rankin sold 1,184 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $32.14, for a total value of $38,053.76. Following the completion of the transaction, the director now owns 43,303 shares in the company, valued at $1,391,758.42. The disclosure for this sale can be found here. Insiders sold 92,470 shares of company stock valued at $3,063,248 over the last 90 days. Company insiders own 10.97% of the company’s stock.

Sprout Social Company Profile

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.