Sprout Social (NASDAQ:SPT) Price Target Cut to $65.00

Sprout Social (NASDAQ:SPT) had its target price cut by analysts at Morgan Stanley from $73.00 to $65.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 23.25% from the company’s current price.

A number of other research firms have also issued reports on SPT. Jefferies Financial Group assumed coverage on shares of Sprout Social in a report on Wednesday, February 7th. They set a “buy” rating and a $76.00 target price for the company. KeyCorp assumed coverage on shares of Sprout Social in a research report on Thursday, March 21st. They issued an “overweight” rating and a $83.00 target price on the stock. Stifel Nicolaus increased their price target on shares of Sprout Social from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, January 19th. Piper Sandler increased their price target on shares of Sprout Social from $62.00 to $66.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 21st. Finally, The Goldman Sachs Group increased their price target on shares of Sprout Social from $65.00 to $81.00 and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Sprout Social has a consensus rating of “Moderate Buy” and a consensus target price of $72.57.

Sprout Social Stock Up 1.1 %

SPT stock opened at $52.74 on Wednesday. The firm has a 50 day moving average of $59.34 and a 200 day moving average of $56.74. The stock has a market capitalization of $2.97 billion, a PE ratio of -43.95 and a beta of 1.05. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.38. Sprout Social has a 52 week low of $37.00 and a 52 week high of $68.41.

Sprout Social (NASDAQ:SPT) last posted its earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The firm had revenue of $93.58 million for the quarter, compared to analysts’ expectations of $90.76 million. Sprout Social had a negative net margin of 19.91% and a negative return on equity of 41.25%. Sell-side analysts forecast that Sprout Social will post -1.17 earnings per share for the current year.

Insider Activity

In related news, President Ryan Paul Barretto sold 5,600 shares of Sprout Social stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.63, for a total transaction of $333,928.00. Following the completion of the sale, the president now owns 209,375 shares in the company, valued at approximately $12,485,031.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, President Ryan Paul Barretto sold 5,600 shares of Sprout Social stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.63, for a total transaction of $333,928.00. Following the completion of the sale, the president now owns 209,375 shares in the company, valued at approximately $12,485,031.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Aaron Edward Frederick Rankin sold 44,000 shares of Sprout Social stock in a transaction dated 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 completion of the sale, the director now owns 40,888 shares of the company’s stock, valued at approximately $2,436,924.80. The disclosure for this sale can be found here. Insiders sold a total of 140,200 shares of company stock worth $8,171,958 over the last 90 days. 11.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sprout Social

Several hedge funds and other institutional investors have recently modified their holdings of SPT. Natixis Advisors L.P. lifted its position in Sprout Social by 43.7% during the 3rd quarter. Natixis Advisors L.P. now owns 61,300 shares of the company’s stock worth $3,058,000 after acquiring an additional 18,644 shares in the last quarter. Baillie Gifford & Co. lifted its position in Sprout Social by 244.1% during the 3rd quarter. Baillie Gifford & Co. now owns 4,404,402 shares of the company’s stock worth $219,692,000 after acquiring an additional 3,124,376 shares in the last quarter. Corton Capital Inc. lifted its position in Sprout Social by 16.6% during the 3rd quarter. Corton Capital Inc. now owns 6,899 shares of the company’s stock worth $344,000 after acquiring an additional 983 shares in the last quarter. Vanguard Group Inc. lifted its position in Sprout Social by 3.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,084,389 shares of the company’s stock worth $253,609,000 after acquiring an additional 191,471 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Sprout Social by 2.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 399,443 shares of the company’s stock worth $19,924,000 after acquiring an additional 7,945 shares in 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.