Sprout Social (NASDAQ:SPT) Updates FY 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.460-0.470 for the period, compared to the consensus earnings per share estimate of 0.460. The company issued revenue guidance of $405.1 million-$405.9 million, compared to the consensus revenue estimate of $405.5 million. Sprout Social also updated its Q4 guidance to $0.15 to $0.16 EPS.

Sprout Social Stock Down 13.8 %

NASDAQ SPT traded down $4.29 during trading hours on Friday, hitting $26.71. 1,504,473 shares of the company were exchanged, compared to its average volume of 401,026. Sprout Social has a 52 week low of $25.05 and a 52 week high of $68.41. The stock has a 50-day moving average price of $28.13 and a 200 day moving average price of $32.39. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.26.

Sprout Social (NASDAQ:SPT) last announced its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.06). Sprout Social had a negative net margin of 17.24% and a negative return on equity of 41.65%. The business had revenue of $102.64 million for the quarter, compared to analysts’ expectations of $102.04 million. Research analysts predict that Sprout Social will post -0.9 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SPT. Cantor Fitzgerald restated an “overweight” rating and set a $46.00 target price on shares of Sprout Social in a research report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price target on shares of Sprout Social in a report on Friday. KeyCorp lowered Sprout Social from a “sector weight” rating to an “underweight” rating and set a $28.00 price target for the company. in a report on Thursday, August 22nd. Oppenheimer lowered their price target on Sprout Social from $43.00 to $40.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Barclays lowered their target price on Sprout Social from $48.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, October 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Sprout Social has an average rating of “Hold” and an average price target of $48.00.

Insider Activity at Sprout Social

In related news, CFO Preto Joseph Del sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $29.81, for a total value of $44,715.00. Following the transaction, the chief financial officer now directly owns 162,624 shares of the company’s stock, valued at $4,847,821.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Sprout Social news, Director Aaron Edward Frederick Rankin sold 1,181 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.23, for a total transaction of $34,520.63. Following the sale, the director now directly owns 42,122 shares of the company’s stock, valued at approximately $1,231,226.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Preto Joseph Del sold 1,500 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $29.81, for a total value of $44,715.00. Following the sale, the chief financial officer now directly owns 162,624 shares in the company, valued at $4,847,821.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 62,882 shares of company stock valued at $1,801,351 in the last ninety days. Company insiders own 10.97% of the company’s stock.

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.