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 reduced its position in Sprout Social, Inc. (NASDAQ:SPT - Free Report) by 22.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 256,633 shares of the company's stock after selling 74,412 shares during the quarter. Fred Alger Management LLC owned approximately 0.44% of Sprout Social worth $5,643,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc boosted its stake in shares of 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 purchasing an additional 1,359 shares during the last quarter. Quarry LP boosted its stake in shares of Sprout Social by 85.2% in the 1st quarter. Quarry LP now owns 1,463 shares of the company's stock valued at $32,000 after purchasing an additional 673 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Sprout Social in the 1st quarter valued at $47,000. AlphaQuest LLC boosted its stake in shares of Sprout Social by 205.1% in the 1st quarter. AlphaQuest LLC now owns 4,479 shares of the company's stock valued at $98,000 after purchasing an additional 3,011 shares during the last quarter. Finally, Woodline Partners LP bought a new stake in shares of Sprout Social in the 4th quarter valued at $233,000.

Analyst Ratings Changes

A number of research firms recently issued reports on SPT. Cantor Fitzgerald reiterated a "neutral" rating and set a $24.00 target price on shares of Sprout Social in a research report on Tuesday, June 3rd. The Goldman Sachs Group dropped their target price on shares of Sprout Social from $24.00 to $21.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Zacks Research downgraded shares of Sprout Social from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th. Canaccord Genuity Group dropped their target price on shares of Sprout Social from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Finally, Oppenheimer dropped their target price on shares of Sprout Social from $32.00 to $23.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $27.36.

Sprout Social Stock Down 5.3%

SPT traded down $0.77 during trading on Friday, hitting $13.65. 1,185,067 shares of the company's stock were exchanged, compared to its average volume of 936,791. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.08. The business's 50 day moving average is $16.57 and its two-hundred day moving average is $20.08. Sprout Social, Inc. has a fifty-two week low of $13.33 and a fifty-two week high of $36.30. The stock has a market cap of $802.76 million, a P/E ratio of -14.37 and a beta of 0.86.

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

Insider Activity

In other news, CEO Ryan Paul Barretto sold 16,800 shares of the 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 completion of the sale, the chief executive officer owned 119,775 shares in the company, valued at $2,534,439. This represents a 12.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karen Walker sold 5,000 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $19.05, for a total transaction of $95,250.00. Following the completion of the sale, the director owned 28,963 shares of the company's stock, valued at approximately $551,745.15. This represents a 14.72% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 92,366 shares of company stock worth $1,754,519 over the last quarter. Insiders own 10.12% of the company's stock.

Sprout Social 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.