Piper Sandler Cuts Sprout Social (NASDAQ:SPT) Price Target to $125.00

Sprout Social (NASDAQ:SPT) had its price objective lowered by Piper Sandler from $155.00 to $125.00 in a research report report published on Wednesday morning, The Fly reports. Piper Sandler currently has an overweight rating on the stock.

Other equities analysts have also issued research reports about the company. KeyCorp lifted their price objective on Sprout Social from $112.00 to $153.00 and gave the company an overweight rating in a research note on Monday, September 20th. William Blair restated a buy rating on shares of Sprout Social in a research report on Thursday, September 23rd. BTIG Research raised their target price on Sprout Social from $110.00 to $150.00 and gave the company a buy rating in a research report on Monday, September 20th. Needham & Company LLC raised their target price on Sprout Social from $110.00 to $160.00 and gave the company a buy rating in a research report on Thursday, September 23rd. Finally, Morgan Stanley lowered their price objective on Sprout Social from $146.00 to $110.00 and set an equal weight rating on the stock in a report on Thursday, December 16th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of Buy and a consensus price target of $126.80.

Shares of NASDAQ SPT opened at $67.15 on Wednesday. The stock has a market capitalization of $3.62 billion, a PE ratio of -145.98 and a beta of 0.98. The stock’s fifty day simple moving average is $100.58 and its two-hundred day simple moving average is $108.07. Sprout Social has a 12-month low of $49.45 and a 12-month high of $145.42.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings data on Tuesday, November 2nd. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.13. The business had revenue of $49.09 million for the quarter, compared to analysts’ expectations of $47.37 million. During the same quarter in the prior year, the company posted ($0.13) EPS. As a group, analysts forecast that Sprout Social will post -0.52 EPS for the current year.

In other Sprout Social news, CMO Jamie Cannon Gilpin sold 1,278 shares of the business’s stock in a transaction that occurred on Tuesday, October 19th. The stock was sold at an average price of $131.62, for a total value of $168,210.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Aaron Edward Frederick Rankin sold 32,000 shares of the business’s stock in a transaction on Monday, December 20th. The stock was sold at an average price of $87.02, for a total transaction of $2,784,640.00. The disclosure for this sale can be found here. In the last three months, insiders sold 160,613 shares of company stock worth $18,088,836. 14.86% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of SPT. Clearbridge Investments LLC boosted its stake in Sprout Social by 303.4% in the second quarter. Clearbridge Investments LLC now owns 1,216,621 shares of the company’s stock valued at $108,790,000 after acquiring an additional 915,010 shares in the last quarter. BlackRock Inc. boosted its stake in Sprout Social by 28.2% in the second quarter. BlackRock Inc. now owns 3,426,187 shares of the company’s stock valued at $306,369,000 after acquiring an additional 753,840 shares in the last quarter. Invesco Ltd. boosted its stake in Sprout Social by 73.5% in the third quarter. Invesco Ltd. now owns 1,676,198 shares of the company’s stock valued at $204,412,000 after acquiring an additional 710,280 shares in the last quarter. Macquarie Group Ltd. boosted its stake in Sprout Social by 84.5% in the second quarter. Macquarie Group Ltd. now owns 1,073,378 shares of the company’s stock valued at $95,981,000 after acquiring an additional 491,704 shares in the last quarter. Finally, Jennison Associates LLC acquired a new position in Sprout Social in the second quarter valued at $29,406,000. Hedge funds and other institutional investors own 76.30% of the company’s stock.

About Sprout Social

Sprout Social, Inc designs, develops, and operates a web-based social media management tool in Americas, EMEA, and the Asia Pacific. The company offers cloud software that brings together social messaging, data, and workflows in a unified system of record, intelligence, and action. It provides various integrated tools in a range of functions comprising social engagement/response, publishing, reporting and analytics, social listening and business intelligence, reputation management, employee advocacy, and automation and workflows.

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