Northern Trust Corp Trims Stake in Sprout Social, Inc. $SPT

Key Points

• Northern Trust Corp has reduced its stake in Sprout Social by 3.6% during the first quarter, leaving it with 475,874 shares valued at approximately $10.46 million.
• Various institutional investors, including PNC Financial Services and Versant Capital Management, have adjusted their positions in Sprout Social, with some increasing their stakes significantly during the quarter.
• Sprout Social reported a better-than-expected earnings per share of $0.18, exceeding the consensus estimate of $0.15, and showed a year-over-year revenue growth of 12.5% for the most recent quarter.

Northern Trust Corp lowered its stake in shares of Sprout Social, Inc. (NASDAQ:SPT - Free Report) by 3.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 475,874 shares of the company's stock after selling 17,576 shares during the quarter. Northern Trust Corp owned about 0.82% of Sprout Social worth $10,464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its position in shares of Sprout Social by 8.7% during the first quarter. PNC Financial Services Group Inc. now owns 9,367 shares of the company's stock valued at $206,000 after buying an additional 747 shares during the period. Versant Capital Management Inc grew its position 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 worth $32,000 after buying an additional 1,359 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Sprout Social by 11.2% in 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 during the period. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Sprout Social in the 1st quarter worth about $47,000. Finally, Ensign Peak Advisors Inc grew its position in shares of Sprout Social by 11.3% in the 4th quarter. Ensign Peak Advisors Inc now owns 22,201 shares of the company's stock worth $682,000 after buying an additional 2,250 shares during the period.

Sprout Social Trading Up 2.0%

Shares of NASDAQ SPT opened at $15.15 on Friday. The firm's 50 day moving average price is $17.22 and its 200-day moving average price is $20.66. The company has a market cap of $890.97 million, a PE ratio of -15.95 and a beta of 0.86. Sprout Social, Inc. has a 52-week low of $13.33 and a 52-week high of $36.30. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.00 and a current ratio of 1.00.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $24.00 target price on shares of Sprout Social in a research report on Tuesday, June 3rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $32.00 target price on shares of Sprout Social in a research report on Wednesday, May 28th. Canaccord Genuity Group reduced 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. Oppenheimer reduced 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. Finally, Zacks Research downgraded shares of Sprout Social from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $27.36.

Insider Activity

In other news, Director Karen Walker sold 5,000 shares of the firm's 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 sale, the director owned 28,963 shares of the company's stock, valued at $551,745.15. This trade represents a 14.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ryan Paul Barretto sold 16,800 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $21.16, for a total transaction of $355,488.00. Following the sale, the chief executive officer directly 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. Insiders have sold a total of 92,366 shares of company stock valued at $1,754,519 in the last 90 days. 10.12% 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.

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