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

Needham & Company LLC reaffirmed their buy rating on shares of Sprout Social (NASDAQ:SPT) in a report released on Monday morning, Benzinga reports. They currently have a $75.00 target price on the stock.

A number of other analysts also recently issued reports on SPT. Piper Sandler increased their price target on shares of Sprout Social from $62.00 to $66.00 and gave the stock an overweight rating in a report on Wednesday, February 21st. Canaccord Genuity Group reiterated a buy rating and set a $70.00 price target on shares of Sprout Social in a research report on Wednesday, February 21st. KeyCorp started coverage on Sprout Social in a research note on Thursday, March 21st. They set an overweight rating and a $83.00 target price for the company. Cantor Fitzgerald reiterated an overweight rating and issued a $74.00 target price on shares of Sprout Social in a report on Wednesday, February 21st. Finally, Oppenheimer assumed coverage on shares of Sprout Social in a report on Thursday, April 18th. They issued an outperform rating and a $76.00 price objective for the company. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $72.57.

Sprout Social Price Performance

Shares of NASDAQ SPT opened at $52.48 on Monday. Sprout Social has a fifty-two week low of $37.00 and a fifty-two week 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 company has a market cap of $2.95 billion, a PE ratio of -43.73 and a beta of 1.05. The business has a 50-day simple moving average of $58.31 and a two-hundred day simple moving average of $56.89.

Sprout Social (NASDAQ:SPT) last issued its earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). Sprout Social had a negative return on equity of 41.25% and a negative net margin of 19.91%. The firm had revenue of $93.58 million during the quarter, compared to analysts’ expectations of $90.76 million. As a group, equities analysts expect that Sprout Social will post -1.17 EPS for the current fiscal year.

Insider Buying and Selling

In other Sprout Social news, Director Aaron Edward Frederick Rankin sold 44,000 shares of the company’s stock in a transaction that occurred on 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 directly owns 40,888 shares in the company, valued at $2,436,924.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Justyn Russell Howard sold 40,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were 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 in the company, valued at approximately $16,802,544.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Aaron Edward Frederick Rankin sold 44,000 shares of Sprout Social stock in a transaction that occurred on 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 transaction, the director now directly owns 40,888 shares in the company, valued at $2,436,924.80. The disclosure for this sale can be found here. Insiders have sold a total of 140,200 shares of company stock valued at $8,171,958 in the last quarter. Company insiders own 10.97% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ziegler Capital Management LLC increased its stake in shares of Sprout Social by 1.7% in the 3rd quarter. Ziegler Capital Management LLC now owns 120,543 shares of the company’s stock valued at $6,013,000 after buying an additional 2,034 shares during the period. Capital Advisory Group Advisory Services LLC acquired a new stake in Sprout Social in the third quarter worth about $201,000. Harbor Capital Advisors Inc. lifted its position in Sprout Social by 4.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 10,334 shares of the company’s stock valued at $515,000 after purchasing an additional 452 shares during the period. Arcadia Investment Management Corp MI boosted its stake in shares of 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 purchasing an additional 220 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Sprout Social by 7.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 401,057 shares of the company’s stock worth $20,005,000 after buying an additional 28,466 shares during the period.

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.