Sprout Social (NASDAQ:SPT) Issues FY 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 0.450-0.460 for the period, compared to the consensus estimate of 0.230. The company issued revenue guidance of $405.0 million-$406.0 million, compared to the consensus revenue estimate of $425.6 million. Sprout Social also updated its Q2 2024 guidance to 0.070-0.080 EPS.

Sprout Social Price Performance

SPT traded down $0.18 during trading hours on Monday, hitting $28.64. The company’s stock had a trading volume of 750,632 shares, compared to its average volume of 751,723. 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 business’s 50-day moving average price is $55.98 and its 200-day moving average price is $56.80. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of -23.06 and a beta of 1.09. Sprout Social has a 12 month low of $27.85 and a 12 month high of $68.41.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings data on Tuesday, February 20th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). Sprout Social had a negative return on equity of 42.60% and a negative net margin of 19.64%. The company had revenue of $93.58 million during the quarter, compared to analysts’ expectations of $90.76 million. Sell-side analysts expect that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SPT has been the topic of several research analyst reports. Cantor Fitzgerald decreased their price target on Sprout Social from $74.00 to $46.00 and set an overweight rating on the stock in a research note on Friday. Oppenheimer lowered their price target on Sprout Social from $76.00 to $43.00 and set an outperform rating on the stock in a research report on Friday. Stifel Nicolaus raised their target price on Sprout Social from $60.00 to $70.00 and gave the stock a buy rating in a research report on Friday, January 19th. KeyCorp lowered Sprout Social from an overweight rating to a sector weight rating in a report on Friday. Finally, Robert W. Baird lowered Sprout Social from an outperform rating to a neutral rating and dropped their price objective for the stock from $72.00 to $45.00 in a research note on Friday. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $57.07.

Insider Buying and Selling at Sprout Social

In other news, CEO Justyn Russell Howard sold 40,000 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $58.36, for a total transaction of $2,334,400.00. Following the completion of 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 SEC, which is available at this link. In related news, CFO Preto Joseph Del sold 1,500 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $59.63, for a total transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Justyn Russell Howard sold 40,000 shares of Sprout Social 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 completion of the sale, 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. In the last 90 days, insiders sold 89,100 shares of company stock worth $5,126,065. Insiders own 10.97% of the company’s stock.

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.