Sprout Social (NASDAQ:SPT) Stock Price Down 7.4% – Here’s What Happened

Sprout Social, Inc. (NASDAQ:SPT)’s share price traded down 7.4% during mid-day trading on Thursday . The stock traded as low as $31.47 and last traded at $31.02. 449,372 shares traded hands during trading, a decline of 18% from the average session volume of 547,159 shares. The stock had previously closed at $33.50.

Analysts Set New Price Targets

SPT has been the subject of several recent research reports. Oppenheimer decreased their price target on shares of Sprout Social from $40.00 to $38.00 and set an “outperform” rating for the company in a research report on Tuesday, December 3rd. Scotiabank started coverage on Sprout Social in a research note on Monday, November 18th. They set a “sector perform” rating and a $28.00 target price for the company. Piper Sandler dropped their price target on Sprout Social from $40.00 to $29.00 and set a “neutral” rating on the stock in a report on Monday, November 11th. Needham & Company LLC reissued a “buy” rating and set a $55.00 target price on shares of Sprout Social in a research note on Wednesday, January 15th. Finally, Morgan Stanley increased their target price on shares of Sprout Social from $36.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $39.58.

Sprout Social Trading Down 6.2 %

The company has a debt-to-equity ratio of 0.19, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a 50-day moving average price of $32.60 and a two-hundred day moving average price of $30.86. The stock has a market cap of $1.80 billion, a PE ratio of -26.18 and a beta of 1.06.

Insider Activity at Sprout Social

In related news, insider Justyn Russell Howard sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $31.67, for a total transaction of $1,266,800.00. Following the completion of the sale, the insider now directly owns 27,136 shares in the company, valued at approximately $859,397.12. This trade represents a 59.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen Walker sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $34.24, for a total transaction of $171,200.00. Following the completion of the sale, the director now directly owns 35,665 shares in the company, valued at $1,221,169.60. This trade represents a 12.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 120,265 shares of company stock worth $3,837,006 in the last 90 days. 10.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sprout Social

Several large investors have recently modified their holdings of SPT. Wellington Management Group LLP boosted its stake in shares of Sprout Social by 16.0% during the 3rd quarter. Wellington Management Group LLP now owns 3,762,443 shares of the company’s stock worth $109,374,000 after purchasing an additional 519,406 shares during the last quarter. Norges Bank acquired a new position in shares of Sprout Social in the 4th quarter worth approximately $13,422,000. ArrowMark Colorado Holdings LLC bought a new position in Sprout Social in the third quarter worth about $10,717,000. JPMorgan Chase & Co. boosted its holdings in shares of Sprout Social by 324.0% during the third quarter. JPMorgan Chase & Co. now owns 402,947 shares of the company’s stock valued at $11,714,000 after acquiring an additional 307,906 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Sprout Social by 20.0% in the 3rd quarter. Principal Financial Group Inc. now owns 1,199,451 shares of the company’s stock worth $34,868,000 after buying an additional 200,190 shares in 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.