Sprout Social (NASDAQ:SPT) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Sprout Social (NASDAQ:SPT) in a research report report published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $55.00 price target on the stock.

A number of other brokerages have also issued reports on SPT. Oppenheimer cut their target price on shares of Sprout Social from $40.00 to $38.00 and set an “outperform” rating on the stock in a research note on Tuesday, December 3rd. Barclays cut their price objective on Sprout Social from $48.00 to $38.00 and set an “overweight” rating on the stock in a research note on Friday, October 11th. Piper Sandler decreased their target price on Sprout Social from $40.00 to $29.00 and set a “neutral” rating for the company in a research report on Monday, November 11th. Scotiabank started coverage on Sprout Social in a research report on Monday, November 18th. They set a “sector perform” rating and a $28.00 price target on the stock. Finally, Morgan Stanley boosted their target price on shares of Sprout Social from $36.00 to $37.00 and gave the company an “equal weight” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Sprout Social presently has an average rating of “Hold” and an average target price of $44.54.

Sprout Social Price Performance

Shares of NASDAQ SPT opened at $31.62 on Wednesday. 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 $31.47 and a two-hundred day moving average price of $31.35. The firm has a market cap of $1.81 billion, a PE ratio of -26.35 and a beta of 1.03.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.06). The company had revenue of $102.64 million for 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 -0.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Sprout Social

In other news, Director Karen Walker sold 5,000 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $34.24, for a total value of $171,200.00. Following the completion of the transaction, the director now owns 35,665 shares of the company’s stock, valued at approximately $1,221,169.60. This represents a 12.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Ryan Paul Barretto sold 13,465 shares of Sprout Social stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $31.45, for a total transaction of $423,474.25. Following the sale, the chief executive officer now owns 546,343 shares in the company, valued at approximately $17,182,487.35. This represents a 2.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,265 shares of company stock worth $1,266,606. 10.97% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Diversified Trust Co boosted its stake in Sprout Social by 3.8% during the 3rd quarter. Diversified Trust Co now owns 15,770 shares of the company’s stock valued at $458,000 after purchasing an additional 571 shares in the last quarter. Truist Financial Corp boosted its stake in Sprout Social by 6.1% during the second quarter. Truist Financial Corp now owns 11,260 shares of the company’s stock valued at $402,000 after buying an additional 646 shares in the last quarter. Ensign Peak Advisors Inc boosted its stake in Sprout Social by 3.9% during the second quarter. Ensign Peak Advisors Inc now owns 19,951 shares of the company’s stock valued at $712,000 after buying an additional 750 shares in the last quarter. Quarry LP raised its position in Sprout Social by 2,346.9% in the second quarter. Quarry LP now owns 783 shares of the company’s stock worth $28,000 after acquiring an additional 751 shares in the last quarter. Finally, Assetmark Inc. lifted its holdings in Sprout Social by 27.5% in the 3rd quarter. Assetmark Inc. now owns 3,717 shares of the company’s stock valued at $108,000 after acquiring an additional 801 shares during the last quarter.

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.