Sprout Social (NASDAQ:SPT) Updates Q2 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) updated its second quarter 2024 earnings guidance on Friday. The company provided earnings per share guidance of 0.070-0.080 for the period, compared to the consensus earnings per share estimate of 0.040. The company issued revenue guidance of $98.5 million-$98.6 million, compared to the consensus revenue estimate of $101.6 million. Sprout Social also updated its FY 2024 guidance to 0.450-0.460 EPS.

Wall Street Analyst Weigh In

SPT has been the topic of a number of recent research reports. Canaccord Genuity Group decreased their target price on Sprout Social from $70.00 to $50.00 and set a buy rating on the stock in a research report on Friday. William Blair reaffirmed a market perform rating on shares of Sprout Social in a report on Friday. Oppenheimer cut their target price on shares of Sprout Social from $76.00 to $43.00 and set an outperform rating for the company in a research note on Friday. KeyCorp cut shares of Sprout Social from an overweight rating to a sector weight rating in a research note on Friday. Finally, Piper Sandler cut shares of Sprout Social from an overweight rating to a neutral rating and dropped their price objective for the stock from $66.00 to $40.00 in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $57.07.

Sprout Social Stock Performance

SPT stock traded down $0.18 during mid-day trading on Monday, hitting $28.64. 750,632 shares of the company were exchanged, compared to its average volume of 751,723. The business has a 50 day simple moving average of $55.98 and a 200-day simple moving average of $56.80. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $1.61 billion, a PE ratio of -23.06 and a beta of 1.09. Sprout Social has a 1-year low of $27.85 and a 1-year high of $68.41.

Sprout Social (NASDAQ:SPT) last announced its quarterly earnings data 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 firm 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%. On average, equities analysts forecast that Sprout Social will post -1.17 earnings per share for the current year.

Insiders Place Their Bets

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

Sprout Social Company Profile

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.