72,921 Shares in Sprout Social, Inc. (NASDAQ:SPT) Bought by Zacks Investment Management

Zacks Investment Management purchased a new position in shares of Sprout Social, Inc. (NASDAQ:SPT - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 72,921 shares of the company's stock, valued at approximately $2,120,000. Zacks Investment Management owned about 0.13% of Sprout Social at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of SPT. Wellington Management Group LLP grew its stake in shares of Sprout Social by 16.0% during the 3rd quarter. Wellington Management Group LLP now owns 3,762,443 shares of the company's stock valued at $109,374,000 after acquiring an additional 519,406 shares during the period. State Street Corp boosted its holdings in Sprout Social by 0.5% in the 3rd quarter. State Street Corp now owns 1,227,099 shares of the company's stock worth $35,672,000 after buying an additional 5,557 shares during the period. Stifel Financial Corp increased its stake in Sprout Social by 19.1% in the 3rd quarter. Stifel Financial Corp now owns 82,790 shares of the company's stock worth $2,407,000 after buying an additional 13,274 shares in the last quarter. Quarry LP raised its holdings in Sprout Social by 100.9% during the third quarter. Quarry LP now owns 1,573 shares of the company's stock valued at $46,000 after acquiring an additional 790 shares during the period. Finally, Petrus Trust Company LTA lifted its position in shares of Sprout Social by 7.1% in the third quarter. Petrus Trust Company LTA now owns 21,773 shares of the company's stock valued at $633,000 after acquiring an additional 1,439 shares in the last quarter.

Analysts Set New Price Targets

SPT has been the topic of several recent analyst reports. Oppenheimer decreased their target price on Sprout Social from $40.00 to $38.00 and set an "outperform" rating on the stock in a research note on Tuesday, December 3rd. Scotiabank initiated coverage on shares of Sprout Social in a research report on Monday, November 18th. They set a "sector perform" rating and a $28.00 price objective on the stock. Piper Sandler dropped their target price on shares of Sprout Social from $40.00 to $29.00 and set a "neutral" rating for the company in a research report on Monday, November 11th. Barclays reduced their price target on shares of Sprout Social from $48.00 to $38.00 and set an "overweight" rating on the stock in a report on Friday, October 11th. Finally, Needham & Company LLC reissued a "buy" rating and set a $55.00 price objective on shares of Sprout Social in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Sprout Social currently has a consensus rating of "Hold" and a consensus price target of $45.46.

Insider Buying and Selling at Sprout Social

In other news, CFO Preto Joseph Del sold 1,500 shares of Sprout Social stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $28.27, for a total transaction of $42,405.00. Following the completion of the sale, the chief financial officer now owns 158,614 shares of the company's stock, valued at approximately $4,484,017.78. The trade was a 0.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Justyn Russell Howard sold 20,000 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $28.23, for a total value 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. This trade represents a 72.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,765 shares of company stock worth $1,505,079 over the last 90 days. Company insiders own 10.97% of the company's stock.

Sprout Social Trading Down 1.1 %

Shares of NASDAQ SPT traded down $0.36 during trading hours on Tuesday, hitting $32.86. 487,941 shares of the company traded hands, compared to its average volume of 731,020. The company's 50 day moving average price is $29.21 and its 200 day moving average price is $31.56. Sprout Social, Inc. has a 12 month low of $25.05 and a 12 month high of $68.41. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -27.68 and a beta of 1.03. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.19.

Sprout Social (NASDAQ:SPT - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.06). Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. The firm had revenue of $102.64 million during the quarter, compared to analysts' expectations of $102.04 million. On average, equities research analysts anticipate that Sprout Social, Inc. will post -0.98 earnings per share for the current fiscal year.

About Sprout Social

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.