M&T Bank Corp Buys Shares of 36,944 Sprout Social, Inc. (NASDAQ:SPT)

M&T Bank Corp purchased a new stake in shares of Sprout Social, Inc. (NASDAQ:SPT - Free Report) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 36,944 shares of the company's stock, valued at approximately $1,074,000. M&T Bank Corp owned approximately 0.06% of Sprout Social at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dorsey Asset Management LLC purchased a new stake in shares of Sprout Social during the second quarter worth $61,583,000. Wellington Management Group LLP increased its position in Sprout Social by 16.0% during the 3rd quarter. Wellington Management Group LLP now owns 3,762,443 shares of the company's stock worth $109,374,000 after purchasing an additional 519,406 shares during the period. ArrowMark Colorado Holdings LLC acquired a new position in shares of Sprout Social during the 3rd quarter worth approximately $10,717,000. Allspring Global Investments Holdings LLC raised its position in shares of Sprout Social by 98.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 664,970 shares of the company's stock valued at $23,726,000 after buying an additional 330,309 shares during the last quarter. Finally, Millennium Management LLC raised its position in shares of Sprout Social by 9,779.5% in the 2nd quarter. Millennium Management LLC now owns 331,260 shares of the company's stock worth $11,819,000 after buying an additional 327,907 shares during the period.

Insider Activity at Sprout Social

In related news, insider Justyn Russell Howard sold 20,000 shares of the business's stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $28.23, for a total transaction of $564,600.00. Following the completion of the transaction, the insider now directly owns 7,417 shares in the company, valued at approximately $209,381.91. The trade was a 72.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Karen Walker sold 5,000 shares of the business's stock in a transaction dated Friday, December 13th. The shares were 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 in the company, valued at $1,221,169.60. The trade was a 12.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,765 shares of company stock valued at $1,676,279 in the last three months. Company insiders own 10.97% of the company's stock.

Sprout Social Price Performance

NASDAQ:SPT traded up $2.31 during mid-day trading on Monday, reaching $36.24. The stock had a trading volume of 582,641 shares, compared to its average volume of 729,307. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.96 and a current ratio of 0.96. Sprout Social, Inc. has a one year low of $25.05 and a one year high of $68.41. The firm has a 50 day moving average price of $29.65 and a two-hundred day moving average price of $31.60. The stock has a market capitalization of $2.08 billion, a P/E ratio of -28.27 and a beta of 1.03.

Sprout Social (NASDAQ:SPT - Get Free Report) last posted its 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 firm had revenue of $102.64 million for the quarter, compared to analysts' expectations of $102.04 million. Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. As a group, analysts expect that Sprout Social, Inc. will post -0.98 earnings per share for the current year.

Wall Street Analyst Weigh In

SPT has been the subject of a number of research analyst reports. Oppenheimer dropped their price target on shares of Sprout Social from $40.00 to $38.00 and set an "outperform" rating for the company in a research note on Tuesday, December 3rd. Needham & Company LLC restated a "buy" rating and set a $55.00 target price on shares of Sprout Social in a report on Friday, November 8th. Barclays reduced their price objective on Sprout Social from $48.00 to $38.00 and set an "overweight" rating for the company in a research report on Friday, October 11th. Piper Sandler reduced their target price on shares of Sprout Social from $40.00 to $29.00 and set a "neutral" rating on the stock in a research note on Monday, November 11th. Finally, KeyCorp lowered Sprout Social from a "sector weight" rating to an "underweight" rating and set a $28.00 price target on the stock. in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $45.46.

Sprout Social 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.