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

Needham & Company LLC reaffirmed their buy rating on shares of Sprout Social (NASDAQ:SPT) in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a $75.00 price objective on the stock.

Other research analysts also recently issued research reports about the company. Cantor Fitzgerald reiterated an overweight rating and set a $74.00 price target on shares of Sprout Social in a report on Wednesday, February 21st. Barclays lowered their price target on Sprout Social from $75.00 to $72.00 and set an overweight rating on the stock in a report on Wednesday, February 21st. The Goldman Sachs Group boosted 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. 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 target price on the stock. Finally, Canaccord Genuity Group restated a buy rating and issued a $70.00 target price on shares of Sprout Social in a research note on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $72.57.

Sprout Social Stock Performance

Shares of SPT stock opened at $50.98 on Tuesday. Sprout Social has a 1-year low of $37.00 and a 1-year high of $68.41. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of -42.48 and a beta of 1.05. The stock’s fifty day simple moving average is $59.04 and its 200-day simple moving average is $56.75.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings results 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). 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, sell-side analysts predict that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sprout Social news, Director Aaron Edward Frederick Rankin sold 44,000 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.60, for a total value of $2,622,400.00. Following the completion of the sale, the director now owns 40,888 shares of the company’s stock, valued at $2,436,924.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Sprout Social news, Director Aaron Edward Frederick Rankin sold 44,000 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.60, for a total value of $2,622,400.00. Following the completion of the sale, the director now owns 40,888 shares of the company’s stock, valued at $2,436,924.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Justyn Russell Howard sold 40,000 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $58.36, for a total value 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 disclosure for this sale can be found here. Insiders sold 140,200 shares of company stock valued at $8,171,958 over the last quarter. Insiders own 11.93% of the company’s stock.

Hedge Funds Weigh In On Sprout Social

Several large investors have recently made changes to their positions in the business. Advisors Asset Management Inc. lifted its position in shares of Sprout Social by 21.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,087 shares of the company’s stock worth $54,000 after purchasing an additional 190 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Sprout Social by 1.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 18,585 shares of the company’s stock worth $1,049,000 after purchasing an additional 192 shares during the last quarter. Atria Wealth Solutions Inc. lifted its position in shares of Sprout Social by 4.7% during the 3rd quarter. Atria Wealth Solutions Inc. now owns 4,654 shares of the company’s stock worth $232,000 after purchasing an additional 208 shares during the last quarter. Arcadia Investment Management Corp MI lifted its position in shares of Sprout Social by 40.3% during the 3rd quarter. Arcadia Investment Management Corp MI now owns 766 shares of the company’s stock worth $38,000 after purchasing an additional 220 shares during the last quarter. Finally, Verdence Capital Advisors LLC lifted its position in shares of Sprout Social by 3.2% during the 4th quarter. Verdence Capital Advisors LLC now owns 7,345 shares of the company’s stock worth $451,000 after purchasing an additional 225 shares during the last quarter.

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.