RedJay Asset Management Inc. Buys Shares of 100,000 Sprout Social, Inc. (NASDAQ:SPT)

RedJay Asset Management Inc. purchased a new position in shares of Sprout Social, Inc. (NASDAQ:SPT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 100,000 shares of the company's stock, valued at approximately $2,199,000. Sprout Social accounts for approximately 1.2% of RedJay Asset Management Inc.'s investment portfolio, making the stock its 29th largest position. RedJay Asset Management Inc. owned 0.17% of Sprout Social as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in SPT. Brighton Jones LLC boosted its holdings in Sprout Social by 391.7% in the 4th quarter. Brighton Jones LLC now owns 35,985 shares of the company's stock worth $1,105,000 after acquiring an additional 28,667 shares during the period. Rhumbline Advisers boosted its stake in shares of Sprout Social by 2.1% in the fourth quarter. Rhumbline Advisers now owns 70,202 shares of the company's stock valued at $2,156,000 after purchasing an additional 1,446 shares during the period. Handelsbanken Fonder AB grew its holdings in Sprout Social by 28.9% during the 4th quarter. Handelsbanken Fonder AB now owns 11,600 shares of the company's stock valued at $356,000 after purchasing an additional 2,600 shares in the last quarter. US Bancorp DE increased its stake in Sprout Social by 2,392.6% during the 4th quarter. US Bancorp DE now owns 1,695 shares of the company's stock worth $52,000 after buying an additional 1,627 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Sprout Social by 14.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 470,734 shares of the company's stock worth $14,456,000 after buying an additional 60,323 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Cantor Fitzgerald restated a "neutral" rating and set a $24.00 target price on shares of Sprout Social in a research note on Tuesday, June 3rd. Needham & Company LLC reissued a "buy" rating and issued a $32.00 price target on shares of Sprout Social in a report on Wednesday, May 28th. 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 note on Monday, April 21st. Morgan Stanley cut their target price on Sprout Social from $30.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Finally, The Goldman Sachs Group decreased their price target on shares of Sprout Social from $29.00 to $23.00 and set a "neutral" rating for the company in a research report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $30.00.

Sprout Social Stock Performance

Shares of Sprout Social stock traded up $0.22 on Tuesday, reaching $21.13. 623,006 shares of the company were exchanged, compared to its average volume of 618,219. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -20.32 and a beta of 1.02. Sprout Social, Inc. has a 1-year low of $18.52 and a 1-year high of $39.75. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.97 and a current ratio of 0.97. The company's 50-day moving average is $21.47 and its two-hundred day moving average is $25.71.

Sprout Social (NASDAQ:SPT - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.07. The firm had revenue of $109.29 million during the quarter, compared to the consensus estimate of $107.63 million. Sprout Social had a negative return on equity of 31.03% and a negative net margin of 14.25%. The firm's revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.10 EPS. As a group, research analysts expect that Sprout Social, Inc. will post -0.99 earnings per share for the current fiscal year.

Insider Activity at Sprout Social

In related news, insider Justyn Russell Howard sold 40,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $21.65, for a total value of $866,000.00. Following the completion of the transaction, the insider directly owned 7,417 shares of the company's stock, valued at $160,578.05. This represents a 84.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ryan Paul Barretto sold 16,800 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $19.90, for a total value of $334,320.00. Following the completion of the sale, the chief executive officer owned 136,575 shares in the company, valued at approximately $2,717,842.50. This represents a 10.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 152,375 shares of company stock worth $3,157,417 in the last ninety days. 10.12% of the stock is owned by insiders.

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.