Fred Alger Management LLC Sells 94,054 Shares of Sprout Social, Inc. (NASDAQ:SPT)

Fred Alger Management LLC trimmed its stake in shares of Sprout Social, Inc. (NASDAQ:SPT - Free Report) by 22.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 331,045 shares of the company's stock after selling 94,054 shares during the quarter. Fred Alger Management LLC owned approximately 0.58% of Sprout Social worth $10,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. US Bancorp DE grew its stake in Sprout Social by 2,392.6% during the fourth quarter. US Bancorp DE now owns 1,695 shares of the company's stock worth $52,000 after purchasing an additional 1,627 shares during the period. KBC Group NV grew its stake in Sprout Social by 77.1% during the fourth quarter. KBC Group NV now owns 2,525 shares of the company's stock worth $78,000 after purchasing an additional 1,099 shares during the period. Yarbrough Capital LLC acquired a new stake in Sprout Social during the fourth quarter worth approximately $206,000. PNC Financial Services Group Inc. grew its stake in Sprout Social by 41.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,620 shares of the company's stock valued at $265,000 after acquiring an additional 2,533 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in Sprout Social in the fourth quarter valued at approximately $338,000.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Canaccord Genuity Group reduced their price objective on Sprout Social from $40.00 to $35.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. Barclays reduced 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 reduced their price objective on Sprout Social from $30.00 to $22.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Oppenheimer reduced their price objective on Sprout Social from $38.00 to $32.00 and set an "outperform" rating for the company in a research note on Friday. Finally, The Goldman Sachs Group reduced their price objective on Sprout Social from $29.00 to $23.00 and set a "neutral" rating for the company in a research note on Thursday, April 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $31.69.

Sprout Social Stock Up 9.6%

Shares of NASDAQ:SPT traded up $2.09 during mid-day trading on Friday, hitting $23.90. 1,524,947 shares of the company traded hands, compared to its average volume of 658,978. The stock has a market cap of $1.38 billion, a P/E ratio of -19.92 and a beta of 1.20. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.19. Sprout Social, Inc. has a 12-month low of $18.52 and a 12-month high of $39.75. The stock has a 50-day moving average price of $22.00 and a two-hundred day moving average price of $27.87.

Sprout Social (NASDAQ:SPT - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.07. The company had revenue of $109.29 million for the quarter, compared to analysts' expectations of $107.63 million. Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. Sprout Social's quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.10 earnings per share. On average, equities research analysts forecast that Sprout Social, Inc. will post -0.99 earnings per share for the current year.

Insiders Place Their Bets

In other Sprout Social news, insider Justyn Russell Howard sold 40,000 shares of the business's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $19.99, for a total value of $799,600.00. Following the transaction, the insider now owns 7,417 shares of the company's stock, valued at approximately $148,265.83. The trade was a 84.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ryan Paul Barretto sold 16,800 shares of the business's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $19.90, for a total value of $334,320.00. Following the completion of the transaction, the chief executive officer now directly owns 136,575 shares in the company, valued at approximately $2,717,842.50. This represents a 10.95% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 125,446 shares of company stock valued at $2,644,639. 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.