Sprout Social (NASDAQ:SPT) Price Target Lowered to $55.00 at Needham & Company LLC

Sprout Social (NASDAQ:SPT) had its price target cut by Needham & Company LLC from $75.00 to $55.00 in a research report report published on Friday, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued reports about the company. KeyCorp cut Sprout Social from an overweight rating to a sector weight rating in a research note on Friday. Cantor Fitzgerald reissued an overweight rating and issued a $74.00 target price on shares of Sprout Social in a research note on Wednesday, February 21st. Piper Sandler cut Sprout Social from an overweight rating to a neutral rating and cut their target price for the stock from $66.00 to $40.00 in a research note on Friday. Stifel Nicolaus increased their target price on Sprout Social from $60.00 to $70.00 and gave the stock a buy rating in a research note on Friday, January 19th. Finally, Jefferies Financial Group started coverage on Sprout Social in a research report on Wednesday, February 7th. They set a buy rating and a $76.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $57.07.

Sprout Social Price Performance

NASDAQ:SPT traded down $19.33 during mid-day trading on Friday, reaching $28.82. The stock had a trading volume of 13,470,229 shares, compared to its average volume of 679,800. The firm has a 50 day moving average price of $55.98 and a two-hundred day moving average price of $56.71. The stock has a market capitalization of $1.62 billion, a P/E ratio of -23.06 and a beta of 1.09. Sprout Social has a one year low of $27.85 and a one year high of $68.41. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.08 and a current ratio of 1.08.

Sprout Social (NASDAQ:SPT) last announced its quarterly earnings data on Tuesday, February 20th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). Sprout Social had a negative net margin of 19.64% and a negative return on equity of 42.60%. The company had revenue of $93.58 million during the quarter, compared to the consensus estimate of $90.76 million. As a group, analysts expect that Sprout Social will post -1.17 earnings per share for the current year.

Insider Buying and Selling at Sprout Social

In other news, CEO Justyn Russell Howard sold 20,000 shares of Sprout Social stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $56.52, for a total value of $1,130,400.00. Following the completion of the transaction, the chief executive officer now owns 406,636 shares in the company, valued at approximately $22,983,066.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Preto Joseph Del sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $59.71, for a total transaction of $89,565.00. Following the completion of the sale, the chief financial officer now directly owns 127,322 shares of the company’s stock, valued at approximately $7,602,396.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Justyn Russell Howard sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $56.52, for a total value of $1,130,400.00. Following the sale, the chief executive officer now directly owns 406,636 shares of the company’s stock, valued at $22,983,066.72. The disclosure for this sale can be found here. Insiders sold 140,200 shares of company stock worth $8,171,958 in the last quarter. 10.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sprout Social

A number of institutional investors and hedge funds have recently bought and sold shares of SPT. Atria Wealth Solutions Inc. raised its position in shares of Sprout Social by 4.7% in the 3rd quarter. Atria Wealth Solutions Inc. now owns 4,654 shares of the company’s stock worth $232,000 after acquiring an additional 208 shares in the last quarter. Verdence Capital Advisors LLC raised its position in shares of Sprout Social by 3.2% in the 4th quarter. Verdence Capital Advisors LLC now owns 7,345 shares of the company’s stock worth $451,000 after acquiring an additional 225 shares in the last quarter. Arcadia Investment Management Corp MI raised its position in shares of Sprout Social by 36.7% in the 4th quarter. Arcadia Investment Management Corp MI now owns 1,047 shares of the company’s stock worth $64,000 after acquiring an additional 281 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Sprout Social by 14.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,500 shares of the company’s stock worth $125,000 after acquiring an additional 323 shares in the last quarter. Finally, Fidelis Capital Partners LLC bought a new position in shares of Sprout Social in the 1st quarter worth $27,000.

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.