Sprout Social (NASDAQ:SPT) Price Target Cut to $32.00 by Analysts at Needham & Company LLC

Sprout Social (NASDAQ:SPT) had its target price reduced by Needham & Company LLC from $55.00 to $32.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 17.43% from the company’s previous close.

A number of other equities analysts also recently commented on SPT. Piper Sandler cut their target price on shares of Sprout Social from $29.00 to $27.00 and set a “neutral” rating on the stock in a research note on Wednesday. Jefferies Financial Group boosted their target price on shares of Sprout Social from $34.00 to $42.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Barclays dropped their price target on Sprout Social from $38.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday. Scotiabank began coverage on Sprout Social in a report on Monday, November 18th. They issued a “sector perform” rating and a $28.00 price target on the stock. Finally, Oppenheimer lowered 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $37.17.

Sprout Social Price Performance

Shares of SPT opened at $27.25 on Wednesday. Sprout Social has a twelve month low of $25.05 and a twelve month high of $65.32. 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 stock’s 50 day moving average is $31.83 and its two-hundred day moving average is $30.55. The firm has a market capitalization of $1.56 billion, a PE ratio of -22.71 and a beta of 1.06.

Sprout Social (NASDAQ:SPT) last posted its earnings results on Tuesday, February 25th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.35). Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. Research analysts anticipate that Sprout Social will post -0.99 earnings per share for the current year.

Insider Activity

In related news, insider Justyn Russell Howard sold 40,000 shares of the firm’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $32.59, for a total transaction of $1,303,600.00. Following the completion of the sale, the insider now directly owns 7,417 shares of the company’s stock, valued at $241,720.03. This trade represents a 84.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ryan Paul Barretto sold 13,465 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $31.45, for a total transaction of $423,474.25. Following the completion of the transaction, the chief executive officer now directly owns 546,343 shares of the company’s stock, valued at approximately $17,182,487.35. This represents a 2.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 120,265 shares of company stock valued at $3,837,006. Insiders own 10.97% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Quarry LP lifted its stake in Sprout Social by 100.9% in the third quarter. Quarry LP now owns 1,573 shares of the company’s stock valued at $46,000 after buying an additional 790 shares during the period. US Bancorp DE increased its stake in shares of Sprout Social by 2,392.6% during the 4th quarter. US Bancorp DE now owns 1,695 shares of the company’s stock worth $52,000 after purchasing an additional 1,627 shares during the last quarter. KBC Group NV lifted its position in shares of Sprout Social by 77.1% in the fourth quarter. KBC Group NV now owns 2,525 shares of the company’s stock valued at $78,000 after buying an additional 1,099 shares during the last quarter. Assetmark Inc. boosted its position in Sprout Social by 27.5% during the third quarter. Assetmark Inc. now owns 3,717 shares of the company’s stock worth $108,000 after purchasing an additional 801 shares during the period. Finally, Yarbrough Capital LLC bought a new stake in shares of Sprout Social during the 4th quarter worth about $206,000.

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.