Connor Clark & Lunn Investment Management Ltd. Has $8.37 Million Stock Position in Sprout Social, Inc. (NASDAQ:SPT)

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Sprout Social, Inc. (NASDAQ:SPT - Free Report) by 24.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 272,501 shares of the company's stock after acquiring an additional 53,307 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.47% of Sprout Social worth $8,369,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in Sprout Social by 324.0% in the third quarter. JPMorgan Chase & Co. now owns 402,947 shares of the company's stock valued at $11,714,000 after acquiring an additional 307,906 shares during the period. M&T Bank Corp acquired a new stake in Sprout Social in the 3rd quarter valued at approximately $1,074,000. Zacks Investment Management acquired a new position in Sprout Social during the 3rd quarter worth $2,120,000. Geode Capital Management LLC grew its stake in shares of Sprout Social by 1.9% in the third quarter. Geode Capital Management LLC now owns 1,175,538 shares of the company's stock worth $34,179,000 after purchasing an additional 22,320 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Sprout Social by 339.5% during the third quarter. Barclays PLC now owns 90,234 shares of the company's stock valued at $2,623,000 after purchasing an additional 69,704 shares during the period.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Piper Sandler decreased their target price on shares of Sprout Social from $29.00 to $27.00 and set a "neutral" rating for the company in a research report on Wednesday, February 26th. Scotiabank dropped their target price on Sprout Social from $28.00 to $25.00 and set a "sector perform" rating on the stock in a report on Thursday, February 27th. Canaccord Genuity Group cut their target price on Sprout Social from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Barclays dropped their price objective on Sprout Social from $38.00 to $34.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Finally, The Goldman Sachs Group decreased their target price on Sprout Social from $34.00 to $29.00 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $33.85.

Remove Ads

Insider Activity

In other news, Director Aaron Edward Frederick Rankin sold 23,646 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $24.58, for a total value of $581,218.68. Following the transaction, the director now directly owns 42,122 shares of the company's stock, valued at approximately $1,035,358.76. This represents a 35.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Justyn Russell Howard sold 40,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $31.67, for a total value of $1,266,800.00. Following the sale, the insider now owns 27,136 shares of the company's stock, valued at approximately $859,397.12. This represents a 59.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 125,446 shares of company stock worth $3,823,551 in the last 90 days. Company insiders own 10.97% of the company's stock.

Sprout Social Trading Up 1.9 %

Sprout Social stock traded up $0.46 during midday trading on Tuesday, reaching $24.97. The stock had a trading volume of 445,287 shares, compared to its average volume of 707,539. Sprout Social, Inc. has a twelve month low of $22.95 and a twelve month high of $62.34. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -20.81 and a beta of 1.11. The firm's fifty day simple moving average is $29.88 and its two-hundred day simple moving average is $29.80.

Sprout Social (NASDAQ:SPT - Get Free Report) last issued its earnings results on Tuesday, February 25th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of $0.15 by ($0.35). The business had revenue of $107.09 million during the quarter, compared to analyst estimates of $106.74 million. Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. Equities analysts anticipate that Sprout Social, Inc. will post -0.99 EPS for the current fiscal year.

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.