Sprout Social (NASDAQ:SPT) Price Target Cut to $50.00 by Analysts at Canaccord Genuity Group

Sprout Social (NASDAQ:SPT) had its price target reduced by analysts at Canaccord Genuity Group from $70.00 to $50.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 73.49% from the stock’s previous close.

A number of other research firms have also commented on SPT. Morgan Stanley decreased their price target on Sprout Social from $65.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Friday. The Goldman Sachs Group downgraded Sprout Social from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $80.00 to $44.00 in a report on Friday. Piper Sandler downgraded Sprout Social from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $66.00 to $40.00 in a report on Friday. Cantor Fitzgerald reduced their price objective on Sprout Social from $74.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Needham & Company LLC reduced their price objective on Sprout Social from $75.00 to $55.00 and set a “buy” rating on the stock in a report on Friday. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.07.

Sprout Social Price Performance

NASDAQ SPT traded down $19.33 during trading hours on Friday, reaching $28.82. 13,463,953 shares of the company’s stock were exchanged, compared to its average volume of 753,273. The stock has a market cap of $1.62 billion, a PE ratio of -24.02 and a beta of 1.09. Sprout Social has a one year low of $27.85 and a one year high of $68.41. The firm has a fifty day moving average of $56.68 and a 200-day moving average of $56.85. 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 (NASDAQ:SPT) last released its quarterly earnings results on Tuesday, February 20th. The company reported ($0.32) 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 the consensus estimate of $90.76 million. Sprout Social had a negative return on equity of 41.25% and a negative net margin of 19.91%. On average, equities research analysts predict that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sprout Social news, CFO Preto Joseph Del sold 1,500 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.71, for a total transaction of $89,565.00. Following the completion of the transaction, the chief financial officer now owns 127,322 shares in the company, valued at approximately $7,602,396.62. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Justyn Russell Howard sold 20,000 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $56.52, for a total value of $1,130,400.00. Following the completion of the transaction, the chief executive officer now owns 406,636 shares in the company, valued at approximately $22,983,066.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Preto Joseph Del sold 1,500 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $59.71, for a total value of $89,565.00. Following the completion of the transaction, 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. In the last 90 days, insiders sold 140,200 shares of company stock worth $8,171,958. Corporate insiders own 10.97% of the company’s stock.

Institutional Investors Weigh In On Sprout Social

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Sprout Social by 3.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,084,389 shares of the company’s stock valued at $253,609,000 after purchasing an additional 191,471 shares during the last quarter. Baillie Gifford & Co. lifted its stake in Sprout Social by 244.1% in the 3rd quarter. Baillie Gifford & Co. now owns 4,404,402 shares of the company’s stock valued at $219,692,000 after purchasing an additional 3,124,376 shares during the last quarter. Wellington Management Group LLP lifted its stake in Sprout Social by 27.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,953,155 shares of the company’s stock valued at $197,183,000 after purchasing an additional 853,127 shares during the last quarter. Clearbridge Investments LLC lifted its stake in Sprout Social by 6.5% in the 4th quarter. Clearbridge Investments LLC now owns 2,532,339 shares of the company’s stock valued at $155,587,000 after purchasing an additional 153,642 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in Sprout Social by 17.0% in the 1st quarter. Jennison Associates LLC now owns 2,137,422 shares of the company’s stock valued at $127,625,000 after purchasing an additional 311,146 shares during the last quarter.

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.