Morgan Stanley Cuts Sprout Social (NASDAQ:SPT) Price Target to $65.00

Sprout Social (NASDAQ:SPT) had its price target reduced by Morgan Stanley from $73.00 to $65.00 in a report issued on Wednesday, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research firms also recently weighed in on SPT. Jefferies Financial Group began coverage on shares of Sprout Social in a research report on Wednesday, February 7th. They issued a buy rating and a $76.00 price target for the company. Cantor Fitzgerald reissued an overweight rating and issued a $74.00 price objective on shares of Sprout Social in a research note on Wednesday, February 21st. Piper Sandler lifted their price objective on shares of Sprout Social from $62.00 to $66.00 and gave the company an overweight rating in a research note on Wednesday, February 21st. Stifel Nicolaus lifted their price objective on shares of Sprout Social from $60.00 to $70.00 and gave the company a buy rating in a research note on Friday, January 19th. Finally, Barclays decreased their price objective on shares of Sprout Social from $75.00 to $72.00 and set an overweight rating on the stock in a research note on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average price target of $72.57.

Sprout Social Stock Down 3.3 %

NASDAQ SPT opened at $50.98 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.38. Sprout Social has a 1-year low of $37.00 and a 1-year high of $68.41. The company has a 50 day moving average of $59.04 and a 200-day moving average of $56.75. The company has a market cap of $2.87 billion, a price-to-earnings ratio of -42.48 and a beta of 1.05.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). Sprout Social had a negative net margin of 19.91% and a negative return on equity of 41.25%. The business had revenue of $93.58 million during the quarter, compared to analyst estimates of $90.76 million. On average, equities research analysts expect that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sprout Social news, CEO Justyn Russell Howard sold 20,000 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $56.52, for a total transaction of $1,130,400.00. Following the sale, the chief executive officer now owns 406,636 shares of the company’s stock, valued at $22,983,066.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Aaron Edward Frederick Rankin sold 44,000 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.60, for a total value of $2,622,400.00. Following the sale, the director now owns 40,888 shares of the company’s stock, valued at $2,436,924.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Justyn Russell Howard sold 20,000 shares of the business’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $56.52, for a total transaction of $1,130,400.00. Following the completion of the sale, the chief executive officer now directly owns 406,636 shares in the company, valued at approximately $22,983,066.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 140,200 shares of company stock valued at $8,171,958. 11.93% of the stock is currently owned by insiders.

Institutional Trading of Sprout Social

Institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC bought a new stake in shares of Sprout Social in the first quarter worth $32,000. State of Wyoming acquired a new position in Sprout Social in the second quarter valued at $29,000. Quarry LP acquired a new position in Sprout Social in the first quarter valued at $40,000. RiverPark Advisors LLC acquired a new position in Sprout Social in the third quarter valued at $37,000. Finally, Captrust Financial Advisors lifted its holdings in Sprout Social by 941.1% in the second quarter. Captrust Financial Advisors now owns 760 shares of the company’s stock valued at $44,000 after buying an additional 687 shares during the period.

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.