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 research note released on Wednesday morning,Benzinga reports. They currently have a $32.00 target price on the stock.

Several other research analysts have also recently weighed in on SPT. Canaccord Genuity Group lowered their price target on shares of Sprout Social from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Oppenheimer lowered their target price on Sprout Social from $38.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, May 9th. Scotiabank dropped their price target on Sprout Social from $28.00 to $25.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. Piper Sandler decreased their price objective on Sprout Social from $29.00 to $27.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Finally, Stifel Nicolaus lowered their price objective on Sprout Social from $45.00 to $34.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sprout Social currently has an average rating of “Hold” and an average price target of $31.69.

Sprout Social Stock Performance

Shares of NASDAQ SPT opened at $21.88 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $1.27 billion, a P/E ratio of -18.23 and a beta of 1.20. Sprout Social has a 12 month low of $18.52 and a 12 month high of $39.75. The stock has a 50 day moving average of $21.37 and a 200-day moving average of $27.33.

Sprout Social (NASDAQ:SPT) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.07. Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. The business had revenue of $109.29 million during the quarter, compared to the consensus estimate of $107.63 million. During the same quarter last year, the firm posted $0.10 EPS. The company’s quarterly revenue was up 12.9% on a year-over-year basis. As a group, equities research analysts predict that Sprout Social will post -0.99 EPS for the current year.

Insider Transactions at Sprout Social

In related news, insider Justyn Russell Howard sold 40,000 shares of Sprout Social stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $20.81, for a total value of $832,400.00. Following the transaction, the insider now directly owns 7,417 shares of the company’s stock, valued at $154,347.77. This trade represents a 84.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Aaron Edward Frederick Rankin sold 23,646 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $24.58, for a total value of $581,218.68. Following the sale, the director now owns 42,122 shares of the company’s stock, valued at $1,035,358.76. The trade was a 35.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 125,446 shares of company stock valued at $2,644,639. 10.12% of the stock is owned by corporate insiders.

Institutional Trading of Sprout Social

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Sprout Social by 0.3% in the first quarter. Vanguard Group Inc. now owns 5,900,938 shares of the company’s stock valued at $129,762,000 after buying an additional 14,771 shares in the last quarter. Cadian Capital Management LP boosted its holdings in shares of Sprout Social by 6.1% during the 4th quarter. Cadian Capital Management LP now owns 4,548,323 shares of the company’s stock valued at $139,679,000 after acquiring an additional 263,267 shares in the last quarter. Dorsey Asset Management LLC grew its position in Sprout Social by 16.7% during the 4th quarter. Dorsey Asset Management LLC now owns 2,306,149 shares of the company’s stock worth $70,822,000 after acquiring an additional 330,155 shares during the last quarter. Jennison Associates LLC grew its position in Sprout Social by 1.3% during the 1st quarter. Jennison Associates LLC now owns 2,200,443 shares of the company’s stock worth $48,388,000 after acquiring an additional 28,876 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC increased its holdings in Sprout Social by 380.7% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 1,772,219 shares of the company’s stock worth $54,425,000 after purchasing an additional 1,403,549 shares in the last quarter.

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.