Sprout Social’s (SPT) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Sprout Social (NASDAQ:SPT) in a research report released on Tuesday morning, Benzinga reports. The firm currently has a $75.00 price objective on the stock.

Several other research firms have also commented on SPT. The Goldman Sachs Group upped their target price on Sprout Social from $65.00 to $81.00 and gave the company a buy rating in a research note on Tuesday, January 23rd. Canaccord Genuity Group reiterated a buy rating and issued a $70.00 target price on shares of Sprout Social in a research note on Wednesday, February 21st. Piper Sandler upped their target price on Sprout Social from $62.00 to $66.00 and gave the company an overweight rating in a research note on Wednesday, February 21st. Barclays dropped their target price on Sprout Social from $75.00 to $72.00 and set an overweight rating for the company in a research note on Wednesday, February 21st. Finally, Stifel Nicolaus upped their target price on Sprout Social from $60.00 to $70.00 and gave the company a buy rating in a research note on Friday, January 19th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $72.57.

Sprout Social Stock Down 3.3 %

Shares of NASDAQ:SPT opened at $50.98 on Tuesday. 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 52-week low of $37.00 and a 52-week high of $68.41. The stock’s fifty day simple moving average is $59.04 and its 200-day simple moving average is $56.75. The company has a market capitalization of $2.87 billion, a P/E ratio of -42.48 and a beta of 1.05.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings data 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 company had revenue of $93.58 million during the quarter, compared to analysts’ expectations of $90.76 million. As a group, equities research analysts forecast that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Justyn Russell Howard sold 20,000 shares of the stock in a transaction dated Monday, April 8th. The stock was 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 owns 406,636 shares in the company, valued at $22,983,066.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, President Ryan Paul Barretto sold 5,600 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.63, for a total value of $333,928.00. Following the completion of the transaction, the president now owns 209,375 shares of the company’s stock, valued at $12,485,031.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 sale, the chief executive officer now 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. Over the last quarter, insiders sold 140,200 shares of company stock worth $8,171,958. 11.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sprout Social

Hedge funds have recently bought and sold shares of the business. State of Wyoming acquired a new stake in Sprout Social during the 2nd quarter valued at approximately $29,000. Acadian Asset Management LLC acquired a new stake in Sprout Social during the 1st quarter valued at approximately $32,000. RiverPark Advisors LLC acquired a new stake in Sprout Social during the 3rd quarter valued at approximately $37,000. Arcadia Investment Management Corp MI grew its stake in Sprout Social by 40.3% during the 3rd 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 in the last quarter. Finally, Guinness Atkinson Asset Management Inc acquired a new stake in Sprout Social during the 3rd quarter valued at approximately $40,000.

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.