CenterBook Partners LP Sells 270,615 Shares of Sprout Social, Inc. (NASDAQ:SPT)

Key Points

• CenterBook Partners LP significantly reduced its stake in Sprout Social, selling 270,615 shares and owning only 0.06% of the company now, worth approximately $737,000.
• Multiple hedge funds adjusted their positions, with Vanguard Group holding the largest stake at nearly 5.9 million shares, valued at $129.76 million.
• Analysts have downgraded Sprout Social's price targets recently, with overall ratings reflecting a consensus of a "Hold" and an average target price of $27.42.

CenterBook Partners LP decreased its position in shares of Sprout Social, Inc. (NASDAQ:SPT - Free Report) by 89.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,531 shares of the company's stock after selling 270,615 shares during the quarter. CenterBook Partners LP owned approximately 0.06% of Sprout Social worth $737,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC lifted its holdings in Sprout Social by 391.7% during the 4th quarter. Brighton Jones LLC now owns 35,985 shares of the company's stock worth $1,105,000 after buying an additional 28,667 shares during the period. Geode Capital Management LLC lifted its holdings in Sprout Social by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 1,183,916 shares of the company's stock worth $36,366,000 after buying an additional 8,378 shares during the period. Trexquant Investment LP lifted its holdings in Sprout Social by 67.8% during the 4th quarter. Trexquant Investment LP now owns 48,804 shares of the company's stock worth $1,499,000 after buying an additional 19,713 shares during the period. Wells Fargo & Company MN lifted its holdings in Sprout Social by 46.7% during the 4th quarter. Wells Fargo & Company MN now owns 27,028 shares of the company's stock worth $830,000 after buying an additional 8,599 shares during the period. Finally, Invesco Ltd. lifted its holdings in Sprout Social by 1.8% during the 4th quarter. Invesco Ltd. now owns 22,861 shares of the company's stock worth $702,000 after buying an additional 397 shares during the period.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SPT shares. Morgan Stanley lowered their price objective on Sprout Social from $30.00 to $22.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. The Goldman Sachs Group lowered their price objective on Sprout Social from $24.00 to $21.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Oppenheimer lowered their price objective on Sprout Social from $32.00 to $23.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Canaccord Genuity Group lowered their price objective on Sprout Social from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Finally, Barclays lowered their price objective on Sprout Social from $34.00 to $26.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Sprout Social presently has an average rating of "Hold" and an average target price of $27.42.

Sprout Social Stock Up 1.9%

Sprout Social stock traded up $0.26 during midday trading on Tuesday, reaching $13.63. The stock had a trading volume of 476,636 shares, compared to its average volume of 690,561. Sprout Social, Inc. has a 12 month low of $13.33 and a 12 month high of $36.30. The company has a market capitalization of $792.76 million, a P/E ratio of -14.34 and a beta of 0.99. The company has a fifty day moving average price of $19.49 and a two-hundred day moving average price of $22.85. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.08.

Sprout Social (NASDAQ:SPT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.18 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.03. The firm had revenue of $111.78 million during the quarter, compared to analyst estimates of $110.93 million. Sprout Social had a negative return on equity of 25.95% and a negative net margin of 12.70%. The company's revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.09 EPS. As a group, equities analysts expect that Sprout Social, Inc. will post -0.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other Sprout Social news, CEO Ryan Paul Barretto sold 16,800 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $21.16, for a total transaction of $355,488.00. Following the completion of the sale, the chief executive officer directly owned 119,775 shares of the company's stock, valued at approximately $2,534,439. The trade was a 12.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Justyn Russell Howard sold 40,000 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $21.12, for a total value of $844,800.00. Following the sale, the insider directly owned 7,417 shares of the company's stock, valued at $156,647.04. This represents a 84.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,375 shares of company stock valued at $2,389,535. Corporate insiders own 10.12% of the company's stock.

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.