Fred Alger Management LLC Sells 74,412 Shares of Sprout Social, Inc. $SPT

Key Points

• Fred Alger Management LLC reduced its stock holdings in Sprout Social, Inc. by 22.5%, now owning 256,633 shares valued at approximately $5.64 million.
• Despite the decrease in one major investor's holdings, other firms like Quarry LP and PNC Financial Services increased their positions in Sprout Social during the same period.
• Sprout Social reported better-than-expected earnings with $0.18 EPS, surpassing the consensus estimate of $0.15, and a revenue of $111.78 million for the last quarter.

Fred Alger Management LLC lowered its holdings in shares of Sprout Social, Inc. (NASDAQ:SPT - Free Report) by 22.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 256,633 shares of the company's stock after selling 74,412 shares during the quarter. Fred Alger Management LLC owned 0.44% of Sprout Social worth $5,643,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SPT. Quarry LP lifted its holdings in Sprout Social by 85.2% during the 1st quarter. Quarry LP now owns 1,463 shares of the company's stock worth $32,000 after purchasing an additional 673 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Sprout Social by 8.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,367 shares of the company's stock valued at $206,000 after acquiring an additional 747 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Sprout Social by 2.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,127 shares of the company's stock valued at $1,168,000 after acquiring an additional 1,265 shares in the last quarter. Versant Capital Management Inc raised its holdings in Sprout Social by 1,319.4% in the 1st quarter. Versant Capital Management Inc now owns 1,462 shares of the company's stock valued at $32,000 after acquiring an additional 1,359 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Sprout Social by 11.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,976 shares of the company's stock worth $373,000 after buying an additional 1,703 shares in the last quarter.

Insider Buying and Selling at Sprout Social

In other Sprout Social news, insider Justyn Russell Howard sold 20,000 shares of the company's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $14.94, for a total value of $298,800.00. Following the sale, the insider owned 7,417 shares in the company, valued at approximately $110,809.98. The trade was a 72.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ryan Paul Barretto sold 16,800 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $21.16, for a total value of $355,488.00. Following the sale, the chief executive officer owned 119,775 shares in the company, valued at approximately $2,534,439. The trade was a 12.30% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 92,366 shares of company stock worth $1,754,519. Insiders own 10.12% of the company's stock.

Sprout Social Trading Down 5.3%

Shares of NASDAQ SPT traded down $0.77 during trading on Friday, reaching $13.65. The company had a trading volume of 1,185,067 shares, compared to its average volume of 955,958. The company's fifty day moving average price is $16.57 and its 200-day moving average price is $20.13. Sprout Social, Inc. has a 12 month low of $13.33 and a 12 month high of $36.30. The stock has a market cap of $802.82 million, a P/E ratio of -14.37 and a beta of 0.86. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.08.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Needham & Company LLC reissued a "buy" rating and set a $32.00 price target on shares of Sprout Social in a report on Wednesday, May 28th. Oppenheimer lowered their price target on Sprout Social from $32.00 to $23.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Canaccord Genuity Group lowered their price target on Sprout Social from $30.00 to $25.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Zacks Research cut Sprout Social from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 13th. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $24.00 price target on shares of Sprout Social in a report on Tuesday, June 3rd. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $27.36.

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.