Oppenheimer Cuts Sprout Social (NASDAQ:SPT) Price Target to $38.00

Sprout Social (NASDAQ:SPT) had its price target lowered by investment analysts at Oppenheimer from $40.00 to $38.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price objective would suggest a potential upside of 21.99% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Barclays lowered their target price on Sprout Social from $48.00 to $38.00 and set an “overweight” rating on the stock in a research note on Friday, October 11th. KeyCorp cut Sprout Social from a “sector weight” rating to an “underweight” rating and set a $28.00 price objective on the stock. in a research note on Thursday, August 22nd. Needham & Company LLC reiterated a “buy” rating and set a $55.00 target price on shares of Sprout Social in a research report on Friday, November 8th. Scotiabank assumed coverage on shares of Sprout Social in a research note on Monday, November 18th. They issued a “sector perform” rating and a $28.00 price objective for the company. Finally, Piper Sandler reduced their price target on Sprout Social from $40.00 to $29.00 and set a “neutral” rating for the company in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $45.46.

Sprout Social Stock Down 1.0 %

Sprout Social stock traded down $0.30 during trading on Tuesday, hitting $31.15. 15,036 shares of the company were exchanged, compared to its average volume of 732,549. The business’s 50 day moving average is $28.82 and its 200 day moving average is $31.52. Sprout Social has a 52 week low of $25.05 and a 52 week high of $68.41. The company has a market capitalization of $1.79 billion, a P/E ratio of -25.96 and a beta of 1.02. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.19.

Sprout Social (NASDAQ:SPT) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.06). The company had revenue of $102.64 million for the quarter, compared to the consensus estimate of $102.04 million. Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. Analysts predict that Sprout Social will post -0.98 earnings per share for the current year.

Insider Transactions at Sprout Social

In related news, CEO Ryan Paul Barretto sold 16,800 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $28.25, for a total transaction of $474,600.00. Following the completion of the sale, the chief executive officer now directly owns 170,175 shares in the company, valued at $4,807,443.75. This represents a 8.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Aaron Edward Frederick Rankin sold 1,181 shares of Sprout Social stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.23, for a total value of $34,520.63. Following the completion of the transaction, the director now directly owns 42,122 shares in the company, valued at $1,231,226.06. This trade represents a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 52,787 shares of company stock valued at $1,505,060 in the last quarter. Insiders own 10.97% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Dorsey Asset Management LLC purchased a new position in Sprout Social during the 2nd quarter valued at about $61,583,000. Wellington Management Group LLP increased its stake in shares of Sprout Social by 16.0% during the third quarter. Wellington Management Group LLP now owns 3,762,443 shares of the company’s stock valued at $109,374,000 after buying an additional 519,406 shares during the period. ArrowMark Colorado Holdings LLC bought a new position in shares of Sprout Social during the third quarter valued at approximately $10,717,000. Allspring Global Investments Holdings LLC lifted its stake in Sprout Social by 98.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 664,970 shares of the company’s stock worth $23,726,000 after acquiring an additional 330,309 shares during the period. Finally, Millennium Management LLC boosted its holdings in Sprout Social by 9,779.5% in the second quarter. Millennium Management LLC now owns 331,260 shares of the company’s stock valued at $11,819,000 after acquiring an additional 327,907 shares in the last quarter.

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.