Sprout Social (NASDAQ:SPT) Price Target Cut to $35.00 by Analysts at Canaccord Genuity Group

Sprout Social (NASDAQ:SPT) had its price target lowered by Canaccord Genuity Group from $40.00 to $35.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 27.97% from the company’s current price.

Several other brokerages have also recently weighed in on SPT. Piper Sandler lowered their target price on Sprout Social from $29.00 to $27.00 and set a “neutral” rating on the stock in a report on Wednesday. Stifel Nicolaus lowered their price objective on Sprout Social from $45.00 to $34.00 and set a “buy” rating on the stock in a research note on Wednesday. The Goldman Sachs Group cut their target price on Sprout Social from $34.00 to $29.00 and set a “neutral” rating for the company in a research note on Wednesday. Oppenheimer reduced their price target on Sprout Social from $40.00 to $38.00 and set an “outperform” rating on the stock in a report on Tuesday, December 3rd. Finally, Barclays dropped their price objective on shares of Sprout Social from $38.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $33.85.

Sprout Social Stock Down 2.6 %

NASDAQ SPT opened at $27.35 on Wednesday. The business has a fifty day moving average price of $31.63 and a 200 day moving average price of $30.52. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $1.57 billion, a P/E ratio of -22.79 and a beta of 1.06. Sprout Social has a one year low of $25.05 and a one year high of $64.91.

Sprout Social (NASDAQ:SPT) last issued its earnings results on Tuesday, February 25th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.35). The business had revenue of $107.09 million during the quarter, compared to analyst estimates of $106.74 million. 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 EPS for the current fiscal year.

Insider Activity

In other news, CEO Ryan Paul Barretto sold 13,465 shares of Sprout Social stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $31.45, for a total value of $423,474.25. Following the completion of the sale, the chief executive officer now directly owns 546,343 shares of the company’s stock, valued at approximately $17,182,487.35. The trade was a 2.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Karen Walker sold 5,000 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $30.26, for a total value of $151,300.00. Following the transaction, the director now directly owns 30,665 shares in the company, valued at approximately $927,922.90. The trade was a 14.02 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 120,265 shares of company stock valued at $3,837,006. Company insiders own 10.97% of the company’s stock.

Institutional Trading of Sprout Social

A number of large investors have recently modified their holdings of the stock. ArrowMark Colorado Holdings LLC boosted its holdings in Sprout Social by 380.7% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,772,219 shares of the company’s stock valued at $54,425,000 after purchasing an additional 1,403,549 shares during the period. Wellington Management Group LLP raised its position in Sprout Social by 16.0% in the 3rd quarter. Wellington Management Group LLP now owns 3,762,443 shares of the company’s stock valued at $109,374,000 after purchasing an additional 519,406 shares in the last quarter. Norges Bank purchased a new position in shares of Sprout Social in the 4th quarter valued at about $13,422,000. Dorsey Asset Management LLC grew its position in shares of Sprout Social by 16.7% during the fourth quarter. Dorsey Asset Management LLC now owns 2,306,149 shares of the company’s stock worth $70,822,000 after buying an additional 330,155 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Sprout Social by 324.0% during the third quarter. JPMorgan Chase & Co. now owns 402,947 shares of the company’s stock worth $11,714,000 after buying an additional 307,906 shares during the period.

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.