Sprout Social (NASDAQ:SPT) Price Target Cut to $35.00 by Analysts at Canaccord Genuity Group

Sprout Social (NASDAQ:SPT - Free Report) had its price target lowered by Canaccord Genuity Group from $40.00 to $35.00 in a research note published on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other analysts also recently issued reports on the stock. Barclays lowered their price objective on shares of Sprout Social from $38.00 to $34.00 and set an "overweight" rating for the company in a research report on Wednesday. Stifel Nicolaus reduced their target price on Sprout Social from $45.00 to $34.00 and set a "buy" rating for the company in a research note on Wednesday. Needham & Company LLC reduced their target price on Sprout Social from $55.00 to $32.00 and set a "buy" rating for the company in a research note on Wednesday. Piper Sandler reduced their target price on Sprout Social from $29.00 to $27.00 and set a "neutral" rating for the company in a research note on Wednesday. Finally, The Goldman Sachs Group reduced 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. One equities research 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, the stock has an average rating of "Hold" and a consensus target price of $33.85.

Remove Ads

Sprout Social Stock Down 3.0 %

NASDAQ:SPT traded down $0.83 during trading hours on Wednesday, hitting $26.52. The stock had a trading volume of 910,023 shares, compared to its average volume of 588,031. 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 has a 1-year low of $25.05 and a 1-year high of $64.91. The business has a 50 day simple moving average of $31.51 and a two-hundred day simple moving average of $30.47. The company has a market cap of $1.52 billion, a PE ratio of -22.10 and a beta of 1.06.

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

Insider Buying and Selling

In other news, Director Karen Walker sold 5,000 shares of the firm's stock in a transaction on Friday, December 13th. The stock was sold at an average price of $34.24, for a total transaction of $171,200.00. Following the transaction, the director now directly owns 35,665 shares of the company's stock, valued at approximately $1,221,169.60. This trade represents a 12.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ryan Paul Barretto sold 13,465 shares of Sprout Social stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $31.45, for a total value of $423,474.25. Following the transaction, the chief executive officer now directly owns 546,343 shares in the company, valued at approximately $17,182,487.35. The trade was a 2.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 120,265 shares of company stock worth $3,837,006 over the last ninety days. 10.97% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Jefferies Financial Group Inc. acquired a new position in Sprout Social during the fourth quarter worth about $4,296,000. Woodline Partners LP acquired a new position in Sprout Social during the fourth quarter worth about $233,000. Two Sigma Advisers LP grew its holdings in Sprout Social by 96.4% during the fourth quarter. Two Sigma Advisers LP now owns 110,600 shares of the company's stock worth $3,397,000 after acquiring an additional 54,300 shares during the period. ProShare Advisors LLC grew its holdings in Sprout Social by 49.9% during the fourth quarter. ProShare Advisors LLC now owns 14,459 shares of the company's stock worth $444,000 after acquiring an additional 4,811 shares during the period. Finally, Nuveen Asset Management LLC grew its holdings in Sprout Social by 110.7% during the fourth quarter. Nuveen Asset Management LLC now owns 454,162 shares of the company's stock worth $13,947,000 after acquiring an additional 238,650 shares during the period.

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.