Sprout Social, Inc. (NASDAQ:SPT) Stock Position Decreased by Lazard Asset Management LLC

Lazard Asset Management LLC cut its position in shares of Sprout Social, Inc. (NASDAQ:SPT – Get Rating) by 23.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,196 shares of the company’s stock after selling 376 shares during the period. Lazard Asset Management LLC’s holdings in Sprout Social were worth $72,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in SPT. Raymond James & Associates increased its holdings in shares of Sprout Social by 5.9% during the 1st quarter. Raymond James & Associates now owns 25,822 shares of the company’s stock valued at $2,069,000 after acquiring an additional 1,428 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Sprout Social by 3.3% during the 1st quarter. Bank of New York Mellon Corp now owns 434,219 shares of the company’s stock valued at $34,789,000 after acquiring an additional 13,742 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Sprout Social by 105.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,668 shares of the company’s stock valued at $213,000 after acquiring an additional 1,372 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of Sprout Social by 56.3% during the 1st quarter. MetLife Investment Management LLC now owns 24,479 shares of the company’s stock valued at $1,961,000 after acquiring an additional 8,816 shares during the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of Sprout Social by 2.8% during the 1st quarter. Rhumbline Advisers now owns 46,537 shares of the company’s stock valued at $3,729,000 after acquiring an additional 1,257 shares during the last quarter. Institutional investors and hedge funds own 86.34% of the company’s stock.

Sprout Social Trading Down 1.2 %

Shares of NASDAQ:SPT opened at $65.59 on Tuesday. Sprout Social, Inc. has a 1-year low of $38.39 and a 1-year high of $85.99. The firm has a market capitalization of $3.61 billion, a PE ratio of -71.29 and a beta of 0.91. The business’s 50 day moving average is $60.66 and its 200-day moving average is $60.04.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SPT. Piper Sandler increased their price objective on Sprout Social from $70.00 to $78.00 and gave the company an “overweight” rating in a report on Wednesday, February 22nd. Robert W. Baird raised their target price on Sprout Social from $64.00 to $76.00 and gave the company an “outperform” rating in a report on Thursday, November 17th. Cantor Fitzgerald lowered Sprout Social from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $62.00 to $53.00 in a report on Monday, February 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $75.00 target price on shares of Sprout Social in a report on Wednesday, February 22nd. Finally, Morgan Stanley raised their target price on Sprout Social from $60.00 to $63.00 and gave the company an “equal weight” rating in a report on Tuesday, December 13th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Sprout Social has a consensus rating of “Moderate Buy” and an average target price of $69.67.

Insider Transactions at Sprout Social

In other news, CFO Preto Joseph Del sold 443 shares of Sprout Social stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $69.82, for a total transaction of $30,930.26. Following the sale, the chief financial officer now owns 117,069 shares of the company’s stock, valued at approximately $8,173,757.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CTO Aaron Edward Frederick Rankin sold 2,556 shares of the firm’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $61.39, for a total transaction of $156,912.84. Following the completion of the transaction, the chief technology officer now owns 28,559 shares in the company, valued at approximately $1,753,237.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Preto Joseph Del sold 443 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $69.82, for a total value of $30,930.26. Following the transaction, the chief financial officer now owns 117,069 shares of the company’s stock, valued at approximately $8,173,757.58. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,141 shares of company stock valued at $4,599,089. 13.33% of the stock is owned by corporate insiders.

About Sprout Social

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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.