Sprout Social (NASDAQ:SPT) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Sprout Social (NASDAQ:SPT) in a report published on Tuesday morning, Benzinga reports. They currently have a $75.00 target price on the stock.

A number of other equities research analysts also recently commented on SPT. Cantor Fitzgerald restated an overweight rating and issued a $74.00 target price on shares of Sprout Social in a research report on Wednesday, February 21st. Canaccord Genuity Group restated a buy rating and set a $70.00 price target on shares of Sprout Social in a report on Wednesday, February 21st. Piper Sandler upped their price target on Sprout Social from $62.00 to $66.00 and gave the stock an overweight rating in a report on Wednesday, February 21st. Jefferies Financial Group began coverage on Sprout Social in a report on Wednesday, February 7th. They set a buy rating and a $76.00 price target on the stock. Finally, KeyCorp began coverage on Sprout Social in a report on Thursday, March 21st. They set an overweight rating and a $83.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $71.54.

Sprout Social Stock Performance

Shares of NASDAQ:SPT opened at $52.95 on Tuesday. The business’s 50 day moving average price is $59.72 and its 200-day moving average price is $56.80. The firm has a market capitalization of $2.98 billion, a PE ratio of -44.12 and a beta of 1.05. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.08 and a quick ratio of 1.08. Sprout Social has a 1 year low of $37.00 and a 1 year high of $68.41.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings data 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). The company had revenue of $93.58 million for the quarter, compared to analyst estimates of $90.76 million. Sprout Social had a negative return on equity of 41.25% and a negative net margin of 19.91%. As a group, equities research analysts expect that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Insider Activity at Sprout Social

In related news, CFO Preto Joseph Del sold 1,500 shares of the company’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.71, for a total value of $89,565.00. Following the completion of the sale, the chief financial officer now directly owns 127,322 shares of the company’s stock, valued at approximately $7,602,396.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Sprout Social news, CFO Preto Joseph Del sold 1,500 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 127,322 shares of the company’s stock, valued at approximately $7,602,396.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Ryan Paul Barretto sold 5,600 shares of the stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $59.63, for a total value of $333,928.00. Following the sale, the president now directly owns 209,375 shares of the company’s stock, valued at $12,485,031.25. The disclosure for this sale can be found here. Insiders sold a total of 140,200 shares of company stock valued at $8,171,958 in the last three months. 11.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sprout Social

Large investors have recently modified their holdings of the business. State of Wyoming purchased a new position in shares of Sprout Social during the 2nd quarter worth approximately $29,000. Acadian Asset Management LLC purchased a new position in shares of Sprout Social during the 1st quarter worth approximately $32,000. RiverPark Advisors LLC purchased a new position in shares of Sprout Social during the 3rd quarter worth approximately $37,000. Arcadia Investment Management Corp MI raised its stake in shares of Sprout Social by 40.3% during the 3rd quarter. Arcadia Investment Management Corp MI now owns 766 shares of the company’s stock worth $38,000 after buying an additional 220 shares in the last quarter. Finally, Quarry LP purchased a new position in shares of Sprout Social during the 1st quarter worth approximately $40,000.

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.