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

Sprout Social (NASDAQ:SPT)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a report released on Tuesday, Benzinga reports. They presently have a $75.00 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 43.79% from the company’s previous close.

SPT has been the topic of a number of other research reports. Canaccord Genuity Group reissued a “buy” rating and issued a $70.00 price target on shares of Sprout Social in a report on Wednesday, February 21st. Stifel Nicolaus boosted their target price on shares of Sprout Social from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, January 19th. Jefferies Financial Group assumed coverage on shares of Sprout Social in a research note on Wednesday, February 7th. They issued a “buy” rating and a $76.00 price target on the stock. Piper Sandler lifted their price objective on Sprout Social from $62.00 to $66.00 and gave the stock an “overweight” rating in a report on Wednesday, February 21st. Finally, The Goldman Sachs Group increased their target price on Sprout Social from $65.00 to $81.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $72.31.

Sprout Social Trading Down 1.5 %

SPT stock opened at $52.16 on Tuesday. Sprout Social has a 52-week low of $37.00 and a 52-week high of $68.41. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.38. The firm has a market cap of $2.93 billion, a P/E ratio of -43.47 and a beta of 1.05. The company’s 50-day simple moving average is $59.55 and its 200-day simple moving average is $56.76.

Sprout Social (NASDAQ:SPT) last issued its quarterly 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). The business had revenue of $93.58 million for the quarter, compared to analysts’ expectations of $90.76 million. Sprout Social had a negative return on equity of 41.25% and a negative net margin of 19.91%. As a group, equities analysts forecast that Sprout Social will post -1.17 EPS for the current fiscal year.

Insider Buying and Selling

In other Sprout Social news, CEO Justyn Russell Howard sold 40,000 shares of the firm’s stock in a transaction on 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Sprout Social news, CEO Justyn Russell Howard sold 40,000 shares of the business’s stock in a transaction dated 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 the SEC website. Also, CFO Preto Joseph Del sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $59.71, for a total transaction of $89,565.00. Following the sale, the chief financial officer now owns 127,322 shares of the company’s stock, valued at approximately $7,602,396.62. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 140,200 shares of company stock worth $8,171,958. 11.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sprout Social

A number of hedge funds have recently modified their holdings of SPT. Natixis Advisors L.P. increased its holdings in Sprout Social by 43.7% in the 3rd quarter. Natixis Advisors L.P. now owns 61,300 shares of the company’s stock valued at $3,058,000 after purchasing an additional 18,644 shares during the last quarter. Baillie Gifford & Co. lifted its stake in Sprout Social by 244.1% during the 3rd quarter. Baillie Gifford & Co. now owns 4,404,402 shares of the company’s stock worth $219,692,000 after acquiring an additional 3,124,376 shares in the last quarter. Corton Capital Inc. boosted its holdings in Sprout Social by 16.6% during the 3rd quarter. Corton Capital Inc. now owns 6,899 shares of the company’s stock valued at $344,000 after acquiring an additional 983 shares during the period. Charles Schwab Investment Management Inc. grew its position in Sprout Social by 2.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 399,443 shares of the company’s stock valued at $19,924,000 after acquiring an additional 7,945 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Sprout Social by 3.9% during the third quarter. Vanguard Group Inc. now owns 5,084,389 shares of the company’s stock worth $253,609,000 after purchasing an additional 191,471 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.