Analysts Issue Forecasts for Sprout Social, Inc.’s Q1 2023 Earnings (NASDAQ:SPT)

Sprout Social, Inc. (NASDAQ:SPTGet Rating) – KeyCorp lowered their Q1 2023 earnings estimates for Sprout Social in a report issued on Tuesday, August 2nd. KeyCorp analyst M. Turits now forecasts that the company will post earnings of ($0.19) per share for the quarter, down from their previous estimate of ($0.18). The consensus estimate for Sprout Social’s current full-year earnings is ($0.74) per share. KeyCorp also issued estimates for Sprout Social’s FY2023 earnings at ($0.91) EPS.

Several other equities analysts have also recently weighed in on the company. Cantor Fitzgerald cut their price target on Sprout Social from $99.00 to $80.00 in a report on Wednesday, May 4th. Canaccord Genuity Group cut their target price on shares of Sprout Social from $75.00 to $65.00 and set a “buy” rating for the company in a report on Thursday. Morgan Stanley decreased their price target on shares of Sprout Social from $70.00 to $66.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 14th. Barclays dropped their price objective on shares of Sprout Social from $79.00 to $66.00 in a research note on Wednesday. Finally, Robert W. Baird decreased their target price on shares of Sprout Social from $110.00 to $76.00 in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.00.

Sprout Social Trading Up 5.3 %

Shares of SPT stock opened at $61.37 on Thursday. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of -80.75 and a beta of 1.10. Sprout Social has a 12-month low of $38.39 and a 12-month high of $145.42. The stock’s 50-day moving average price is $55.95 and its 200-day moving average price is $61.33.

Sprout Social (NASDAQ:SPTGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.01). The company had revenue of $57.43 million during the quarter, compared to analysts’ expectations of $56.25 million. Sprout Social had a negative return on equity of 28.39% and a negative net margin of 18.65%. The firm’s revenue for the quarter was up 40.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.12) EPS.

Insider Activity

In related news, CEO Justyn Russell Howard sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $64.42, for a total transaction of $1,288,400.00. Following the completion of the sale, the chief executive officer now directly owns 250,642 shares of the company’s stock, valued at approximately $16,146,357.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Sprout Social news, President Ryan Paul Barretto sold 5,600 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $56.14, for a total value of $314,384.00. Following the transaction, the president now directly owns 310,175 shares in the company, valued at approximately $17,413,224.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Justyn Russell Howard sold 20,000 shares of Sprout Social stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $64.42, for a total transaction of $1,288,400.00. Following the sale, the chief executive officer now directly owns 250,642 shares of the company’s stock, valued at approximately $16,146,357.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 82,448 shares of company stock valued at $4,665,890. 13.33% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SPT. State Board of Administration of Florida Retirement System increased its position in Sprout Social by 36.9% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 17,631 shares of the company’s stock valued at $1,024,000 after purchasing an additional 4,750 shares during the period. Los Angeles Capital Management LLC lifted its holdings in Sprout Social by 45.2% during the second quarter. Los Angeles Capital Management LLC now owns 28,347 shares of the company’s stock worth $1,646,000 after buying an additional 8,822 shares during the period. Envestnet Asset Management Inc. boosted its position in Sprout Social by 22.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 130,932 shares of the company’s stock valued at $7,603,000 after acquiring an additional 24,196 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Sprout Social by 138.9% in the 2nd quarter. Assetmark Inc. now owns 497 shares of the company’s stock valued at $29,000 after acquiring an additional 289 shares during the period. Finally, Lisanti Capital Growth LLC raised its position in shares of Sprout Social by 29.1% in the 2nd quarter. Lisanti Capital Growth LLC now owns 256,750 shares of the company’s stock worth $14,909,000 after acquiring an additional 57,949 shares in the last quarter. 83.30% of the stock is currently owned by hedge funds and other institutional investors.

About Sprout Social

(Get Rating)

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. It provides cloud software that brings together social messaging, data, and workflows in a unified system of record, intelligence, and action.

Featured Stories

Receive News & Ratings for Sprout Social Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sprout Social and related companies with MarketBeat.com's FREE daily email newsletter.