Sprout Social (NASDAQ:SPT) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Sprout Social (NASDAQ:SPT) in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $75.00 target price on the stock.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald reaffirmed an overweight rating and issued a $74.00 price target on shares of Sprout Social in a report on Wednesday, February 21st. The Goldman Sachs Group upped their price target on Sprout Social from $65.00 to $81.00 and gave the company a buy rating in a report on Tuesday, January 23rd. Piper Sandler boosted their target price on shares of Sprout Social from $62.00 to $66.00 and gave the company an overweight rating in a research note on Wednesday, February 21st. Canaccord Genuity Group reissued a buy rating and set a $70.00 target price on shares of Sprout Social in a research note on Wednesday, February 21st. Finally, Jefferies Financial Group started coverage on shares of Sprout Social in a research note on Wednesday, February 7th. They set a buy rating and a $76.00 target price on the stock. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Sprout Social currently has an average rating of Moderate Buy and a consensus target price of $71.54.

Sprout Social Price Performance

Shares of NASDAQ:SPT opened at $52.95 on Tuesday. Sprout Social has a 12 month low of $37.00 and a 12 month high of $68.41. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of -44.12 and a beta of 1.05. The stock’s 50 day moving average price is $59.72 and its 200 day moving average price is $56.80. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.08 and a quick ratio of 1.08.

Sprout Social (NASDAQ:SPT) last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The company had revenue of $93.58 million during the quarter, compared to the consensus estimate of $90.76 million. Sprout Social had a negative net margin of 19.91% and a negative return on equity of 41.25%. Equities research analysts anticipate that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Preto Joseph Del sold 1,500 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $59.71, for a total transaction of $89,565.00. Following the completion of the sale, the chief financial officer now directly owns 127,322 shares in the company, valued at $7,602,396.62. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Sprout Social news, Director Aaron Edward Frederick Rankin sold 44,000 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.60, for a total transaction of $2,622,400.00. Following the transaction, the director now directly owns 40,888 shares of the company’s stock, valued at $2,436,924.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Preto Joseph Del sold 1,500 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $59.71, for a total transaction of $89,565.00. Following the transaction, the chief financial officer now directly owns 127,322 shares in the company, valued at $7,602,396.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 140,200 shares of company stock worth $8,171,958. Corporate insiders own 11.93% of the company’s stock.

Hedge Funds Weigh In On Sprout Social

Hedge funds have recently bought and sold shares of the business. State of Wyoming acquired a new stake in shares of Sprout Social in the second quarter valued at about $29,000. Acadian Asset Management LLC acquired a new stake in shares of Sprout Social in the first quarter valued at about $32,000. RiverPark Advisors LLC acquired a new stake in shares of Sprout Social in the third quarter valued at about $37,000. Arcadia Investment Management Corp MI grew its position in shares of Sprout Social by 40.3% in the third quarter. Arcadia Investment Management Corp MI now owns 766 shares of the company’s stock valued at $38,000 after purchasing an additional 220 shares during the last quarter. Finally, Guinness Atkinson Asset Management Inc acquired a new stake in shares of Sprout Social in the third quarter valued at about $40,000.

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.