Sprout Social (NASDAQ:SPT) Price Target Cut to $50.00

Sprout Social (NASDAQ:SPT) had its price objective cut by Barclays from $72.00 to $50.00 in a report released on Friday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts also recently weighed in on SPT. BTIG Research downgraded Sprout Social from a buy rating to a neutral rating in a report on Friday. Jefferies Financial Group began coverage on Sprout Social in a research note on Wednesday, February 7th. They issued a buy rating and a $76.00 price target for the company. Morgan Stanley cut their price objective on Sprout Social from $73.00 to $65.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Stifel Nicolaus increased their target price on shares of Sprout Social from $60.00 to $70.00 and gave the company a buy rating in a research report on Friday, January 19th. Finally, Canaccord Genuity Group restated a buy rating and set a $70.00 price target on shares of Sprout Social in a report on Wednesday, February 21st. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $57.07.

Sprout Social Stock Performance

Shares of SPT stock opened at $28.28 on Friday. Sprout Social has a twelve month low of $27.75 and a twelve month high of $68.41. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.08 and a current ratio of 1.08. The stock’s fifty day simple moving average is $55.98 and its 200 day simple moving average is $56.80.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings data on Tuesday, February 20th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). The firm had revenue of $93.58 million for the quarter, compared to the consensus estimate 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 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Sprout Social news, CEO Justyn Russell Howard sold 20,000 shares of Sprout Social stock in a transaction on Monday, April 8th. The shares were sold at an average price of $56.52, for a total value of $1,130,400.00. Following the completion of the sale, the chief executive officer now directly owns 406,636 shares of the company’s stock, valued at $22,983,066.72. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Sprout Social news, CFO Preto Joseph Del sold 1,500 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $59.63, for a total value of $89,445.00. Following the transaction, the chief financial officer now owns 172,644 shares in the company, valued at $10,294,761.72. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Justyn Russell Howard sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $56.52, for a total value of $1,130,400.00. Following the completion of the sale, the chief executive officer now directly owns 406,636 shares of the company’s stock, valued at approximately $22,983,066.72. The disclosure for this sale can be found here. Insiders have sold a total of 89,100 shares of company stock valued at $5,126,065 over the last ninety days. 10.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sprout Social

Large investors have recently modified their holdings of the company. Baillie Gifford & Co. increased its stake in Sprout Social by 244.1% during the 3rd quarter. Baillie Gifford & Co. now owns 4,404,402 shares of the company’s stock valued at $219,692,000 after purchasing an additional 3,124,376 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Sprout Social by 27.5% during the third quarter. Wellington Management Group LLP now owns 3,953,155 shares of the company’s stock valued at $197,183,000 after buying an additional 853,127 shares during the last quarter. Fred Alger Management LLC increased its position in shares of Sprout Social by 334.1% during the third quarter. Fred Alger Management LLC now owns 667,462 shares of the company’s stock worth $33,293,000 after acquiring an additional 513,687 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Sprout Social by 17.0% in the 1st quarter. Jennison Associates LLC now owns 2,137,422 shares of the company’s stock worth $127,625,000 after acquiring an additional 311,146 shares during the last quarter. Finally, Shannon River Fund Management LLC acquired a new stake in shares of Sprout Social in the 3rd quarter worth about $14,103,000.

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.