Canaccord Genuity Group Lowers Sprout Social (NASDAQ:SPT) Price Target to $50.00

Sprout Social (NASDAQ:SPT) had its price target lowered by Canaccord Genuity Group from $70.00 to $50.00 in a report released on Friday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on SPT. Piper Sandler cut Sprout Social from an overweight rating to a neutral rating and dropped their target price for the stock from $66.00 to $40.00 in a research report on Friday. BTIG Research cut Sprout Social from a buy rating to a neutral rating in a research report on Friday. Barclays dropped their target price on Sprout Social from $72.00 to $50.00 and set an overweight rating on the stock in a research report on Friday. Cantor Fitzgerald lowered their price objective on Sprout Social from $74.00 to $46.00 and set an overweight rating on the stock in a research report on Friday. Finally, Robert W. Baird cut Sprout Social from an outperform rating to a neutral rating and lowered their price objective for the company from $72.00 to $45.00 in a research report on Friday. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $57.07.

Sprout Social Trading Down 1.9 %

Sprout Social stock opened at $28.28 on Friday. 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 has a one year low of $27.75 and a one year high of $68.41. The stock has a market capitalization of $1.59 billion, a PE ratio of -22.62 and a beta of 1.09. The business’s fifty day moving average is $55.98 and its 200 day moving average is $56.80.

Sprout Social (NASDAQ:SPT) last announced its 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 firm had revenue of $93.58 million during the quarter, compared to analysts’ expectations of $90.76 million. Sprout Social had a negative return on equity of 42.60% and a negative net margin of 19.64%. On average, sell-side analysts predict that Sprout Social will post -1.17 EPS for the current year.

Insider Buying and Selling

In related news, CFO Preto Joseph Del sold 1,500 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $59.63, for a total transaction of $89,445.00. Following the completion of the sale, the chief financial officer now directly owns 172,644 shares in the company, valued at approximately $10,294,761.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Justyn Russell Howard sold 40,000 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $58.36, for a total transaction of $2,334,400.00. Following the transaction, the chief executive officer now directly owns 287,912 shares of the company’s stock, valued at approximately $16,802,544.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Preto Joseph Del sold 1,500 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $59.63, for a total value of $89,445.00. Following the transaction, the chief financial officer now directly owns 172,644 shares in the company, valued at $10,294,761.72. The disclosure for this sale can be found here. Insiders sold 89,100 shares of company stock worth $5,126,065 in the last three months. 10.97% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SPT. Atria Wealth Solutions Inc. increased its holdings in shares of Sprout Social by 4.7% in the third quarter. Atria Wealth Solutions Inc. now owns 4,654 shares of the company’s stock valued at $232,000 after purchasing an additional 208 shares during the period. Verdence Capital Advisors LLC increased its holdings in shares of Sprout Social by 3.2% in the fourth quarter. Verdence Capital Advisors LLC now owns 7,345 shares of the company’s stock valued at $451,000 after purchasing an additional 225 shares during the period. Arcadia Investment Management Corp MI increased its holdings in shares of Sprout Social by 36.7% in the fourth quarter. Arcadia Investment Management Corp MI now owns 1,047 shares of the company’s stock valued at $64,000 after purchasing an additional 281 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Sprout Social by 14.8% in the third quarter. PNC Financial Services Group Inc. now owns 2,500 shares of the company’s stock valued at $125,000 after purchasing an additional 323 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Sprout Social in the first quarter valued at about $27,000.

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.