Sprout Social (NASDAQ:SPT) Sees Strong Trading Volume

Sprout Social, Inc. (NASDAQ:SPT) shares saw strong trading volume on Monday . 523,004 shares changed hands during mid-day trading, a decline of 30% from the previous session’s volume of 748,775 shares.The stock last traded at $29.49 and had previously closed at $28.82.

Analysts Set New Price Targets

SPT has been the topic of a number of analyst reports. Needham & Company LLC dropped their price objective on shares of Sprout Social from $75.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday. Robert W. Baird downgraded shares of Sprout Social from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $72.00 to $45.00 in a research note on Friday. Piper Sandler cut shares of Sprout Social from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $66.00 to $40.00 in a research report on Friday. Oppenheimer dropped their target price on Sprout Social from $76.00 to $43.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, Morgan Stanley cut their price target on Sprout Social from $65.00 to $49.00 and set an “equal weight” rating on the stock in a research note on Friday. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.07.

Sprout Social Trading Down 1.9 %

The firm has a market cap of $1.59 billion, a P/E ratio of -22.62 and a beta of 1.09. The firm has a fifty day moving average of $55.98 and a 200-day moving average of $56.80. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.08 and a current ratio of 1.08.

Sprout Social (NASDAQ:SPT) last posted its 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 during the quarter, compared to the consensus estimate of $90.76 million. Sprout Social had a negative net margin of 19.64% and a negative return on equity of 42.60%. Equities research analysts forecast that Sprout Social, Inc. will post -1.17 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Preto Joseph Del sold 1,500 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $59.63, for a total transaction of $89,445.00. Following the transaction, the chief financial officer now directly owns 172,644 shares of the company’s stock, valued at $10,294,761.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Sprout Social news, CEO Justyn Russell Howard sold 20,000 shares of the company’s stock in a transaction that occurred 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 sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Preto Joseph Del sold 1,500 shares of Sprout Social stock in a transaction on Monday, April 1st. The shares were sold at an average price of $59.63, for a total value of $89,445.00. Following the transaction, the chief financial officer now owns 172,644 shares in the company, valued at $10,294,761.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 89,100 shares of company stock worth $5,126,065. Insiders own 10.97% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its holdings in Sprout Social by 7.6% during the third quarter. Bank of New York Mellon Corp now owns 401,057 shares of the company’s stock worth $20,005,000 after buying an additional 28,466 shares in the last quarter. Verdence Capital Advisors LLC boosted its stake in shares of Sprout Social by 16.7% during the 3rd quarter. Verdence Capital Advisors LLC now owns 7,120 shares of the company’s stock worth $355,000 after acquiring an additional 1,020 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Sprout Social by 15.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,115 shares of the company’s stock worth $505,000 after acquiring an additional 1,389 shares during the last quarter. Brighton Jones LLC acquired a new stake in shares of Sprout Social during the third quarter worth $423,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Sprout Social by 2.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,940 shares of the company’s stock valued at $2,541,000 after purchasing an additional 1,425 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.