Sprout Social (NASDAQ:SPT) Price Target Cut to $49.00

Sprout Social (NASDAQ:SPT) had its price target cut by Morgan Stanley from $65.00 to $49.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an equal weight rating on the stock.

Other equities analysts have also recently issued reports about the company. Stifel Nicolaus raised their price objective on Sprout Social from $60.00 to $70.00 and gave the company a buy rating in a research note on Friday, January 19th. Jefferies Financial Group began coverage on shares of Sprout Social in a research report on Wednesday, February 7th. They set a buy rating and a $76.00 price target on the stock. BTIG Research cut shares of Sprout Social from a buy rating to a neutral rating in a research report on Friday. Cantor Fitzgerald reduced their target price on Sprout Social from $74.00 to $46.00 and set an overweight rating for the company in a report on Friday. Finally, Oppenheimer decreased their price target on Sprout Social from $76.00 to $43.00 and set an outperform rating for the company in a research report on Friday. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $57.07.

Sprout Social Trading Down 1.1 %

NASDAQ:SPT opened at $28.50 on Friday. The firm has a fifty day simple moving average of $55.98 and a two-hundred day simple moving average of $56.80. Sprout Social has a 12 month low of $27.85 and a 12 month high of $68.41. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of -23.06 and a beta of 1.09. 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) earnings per share (EPS) 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 net margin of 19.64% and a negative return on equity of 42.60%. Analysts expect that Sprout Social will post -1.17 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Justyn Russell Howard sold 20,000 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $56.52, for a total transaction of $1,130,400.00. Following the completion of the transaction, the chief executive officer now directly owns 406,636 shares in the company, valued at $22,983,066.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Aaron Edward Frederick Rankin sold 22,000 shares of Sprout Social stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $56.95, for a total value of $1,252,900.00. Following the sale, the director now owns 44,487 shares in the company, valued at $2,533,534.65. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Justyn Russell Howard sold 20,000 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $22,983,066.72. The disclosure for this sale can be found here. Insiders have sold a total of 89,100 shares of company stock worth $5,126,065 over the last 90 days. Corporate insiders own 10.97% of the company’s stock.

Hedge Funds Weigh In On Sprout Social

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPT. Fidelis Capital Partners LLC purchased a new stake in shares of Sprout Social during the first quarter worth about $27,000. RiverPark Advisors LLC purchased a new stake in shares of Sprout Social during the 3rd quarter valued at about $37,000. Guinness Atkinson Asset Management Inc purchased a new position in shares of Sprout Social in the 3rd quarter worth approximately $40,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Sprout Social in the third quarter valued at $47,000. Finally, Arcadia Investment Management Corp MI grew its stake in shares of Sprout Social by 36.7% during the fourth quarter. Arcadia Investment Management Corp MI now owns 1,047 shares of the company’s stock valued at $64,000 after buying an additional 281 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.