Sprout Social (NASDAQ:SPT) Price Target Cut to $65.00 by Analysts at Morgan Stanley

Sprout Social (NASDAQ:SPT) had its price objective lowered by stock analysts at Morgan Stanley from $73.00 to $65.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 23.25% from the stock’s current price.

Several other equities analysts also recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price objective on shares of Sprout Social in a research note on Tuesday. The Goldman Sachs Group increased their price target on shares of Sprout Social from $65.00 to $81.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Piper Sandler increased their price target on shares of Sprout Social from $62.00 to $66.00 and gave the company an “overweight” rating in a report on Wednesday, February 21st. KeyCorp assumed coverage on shares of Sprout Social in a report on Thursday, March 21st. They issued an “overweight” rating and a $83.00 target price on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $74.00 target price on shares of Sprout Social in a report on Wednesday, February 21st. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $72.57.

Sprout Social Stock Performance

NASDAQ SPT opened at $52.74 on Wednesday. The company has a 50-day simple moving average of $59.34 and a two-hundred day simple moving average of $56.74. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.38. Sprout Social has a 12-month low of $37.00 and a 12-month high of $68.41. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of -43.95 and a beta of 1.05.

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). Sprout Social had a negative net margin of 19.91% and a negative return on equity of 41.25%. The business had revenue of $93.58 million for the quarter, compared to analysts’ expectations of $90.76 million. On average, equities analysts forecast that Sprout Social will post -1.17 EPS for the current year.

Insider Activity

In other news, CFO Preto Joseph Del sold 1,500 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.71, for a total transaction of $89,565.00. Following the sale, the chief financial officer now directly owns 127,322 shares in the company, valued at approximately $7,602,396.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Preto Joseph Del sold 1,500 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.71, for a total transaction of $89,565.00. Following the sale, the chief financial officer now directly owns 127,322 shares in the company, valued at approximately $7,602,396.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Ryan Paul Barretto sold 5,600 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.63, for a total transaction of $333,928.00. Following the sale, the president now owns 209,375 shares in the company, valued at $12,485,031.25. The disclosure for this sale can be found here. Insiders have sold 140,200 shares of company stock worth $8,171,958 in the last three months. Company insiders own 11.93% of the company’s stock.

Institutional Trading of Sprout Social

Institutional investors and hedge funds have recently bought and sold shares of the stock. State of Wyoming purchased a new position in shares of Sprout Social in the 2nd quarter worth $29,000. Acadian Asset Management LLC purchased a new stake in Sprout Social in the 1st quarter valued at about $32,000. RiverPark Advisors LLC purchased a new stake in Sprout Social in the 3rd quarter valued at about $37,000. Arcadia Investment Management Corp MI boosted its position in Sprout Social by 40.3% in the 3rd quarter. Arcadia Investment Management Corp MI now owns 766 shares of the company’s stock valued at $38,000 after buying an additional 220 shares during the period. Finally, Guinness Atkinson Asset Management Inc purchased a new stake in Sprout Social in the 3rd 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.