Sprout Social, Inc. $SPT Stock Position Decreased by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its holdings in Sprout Social, Inc. by 21.0%, now owning approximately 2.83 million shares valued at $62.2 million.
• Despite the reduction in position from Wellington, multiple other hedge funds increased their stakes in Sprout Social, with increases ranging from 0.4% to a staggering 1,319.4%.
• Sprout Social reported an EPS of $0.18 for the last quarter, exceeding estimates, alongside a 12.5% year-over-year revenue growth, totaling approximately $111.78 million.

Wellington Management Group LLP cut its holdings in shares of Sprout Social, Inc. (NASDAQ:SPT - Free Report) by 21.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,829,877 shares of the company's stock after selling 753,525 shares during the period. Wellington Management Group LLP owned about 4.90% of Sprout Social worth $62,229,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of SPT. Versant Capital Management Inc boosted its holdings in Sprout Social by 1,319.4% in the first 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. Caitong International Asset Management Co. Ltd purchased a new position in shares of Sprout Social during the 1st quarter valued at approximately $47,000. GAMMA Investing LLC grew its position in shares of Sprout Social by 19,500.0% during the first quarter. GAMMA Investing LLC now owns 9,016 shares of the company's stock worth $198,000 after buying an additional 8,970 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Sprout Social by 8.7% in the first quarter. PNC Financial Services Group Inc. now owns 9,367 shares of the company's stock worth $206,000 after buying an additional 747 shares during the last quarter. Finally, Woodline Partners LP acquired a new stake in Sprout Social in the fourth quarter valued at $233,000.

Analysts Set New Price Targets

SPT has been the topic of a number of research analyst reports. Oppenheimer reduced their price objective on shares of Sprout Social from $32.00 to $23.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. The Goldman Sachs Group reduced their price target 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. Cantor Fitzgerald reissued a "neutral" rating and issued a $24.00 price objective on shares of Sprout Social in a report on Tuesday, June 3rd. Needham & Company LLC reaffirmed a "buy" rating and set a $32.00 target price on shares of Sprout Social in a report on Wednesday, May 28th. Finally, Zacks Research downgraded Sprout Social from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Sprout Social currently has an average rating of "Moderate Buy" and an average price target of $27.36.

Sprout Social Price Performance

Sprout Social stock traded down $0.55 during trading hours on Monday, hitting $14.64. 607,508 shares of the company traded hands, compared to its average volume of 959,980. Sprout Social, Inc. has a 1-year low of $13.33 and a 1-year high of $36.30. The firm has a market cap of $860.98 million, a P/E ratio of -15.41 and a beta of 0.99. The firm's 50-day simple moving average is $18.09 and its two-hundred day simple moving average is $21.55. 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 issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.18 earnings per share for the quarter, beating analysts' consensus estimates of $0.15 by $0.03. The company had revenue of $111.78 million during 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%. Sprout Social's revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.09 EPS. As a group, analysts forecast that Sprout Social, Inc. will post -0.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ryan Paul Barretto sold 16,800 shares of Sprout Social stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $21.16, for a total value of $355,488.00. Following the transaction, the chief executive officer directly owned 119,775 shares in the company, valued at $2,534,439. The trade was a 12.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Karen Walker sold 5,000 shares of Sprout Social stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $19.05, for a total transaction of $95,250.00. Following the completion of the transaction, the director directly owned 28,963 shares in the company, valued at approximately $551,745.15. This trade represents a 14.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,375 shares of company stock worth $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.