Granahan Investment Management LLC Sells 353,984 Shares of Sprout Social, Inc. (NASDAQ:SPT)

Granahan Investment Management LLC decreased its stake in Sprout Social, Inc. (NASDAQ:SPT - Free Report) by 29.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 866,094 shares of the company's stock after selling 353,984 shares during the period. Sprout Social accounts for about 1.1% of Granahan Investment Management LLC's holdings, making the stock its 26th biggest position. Granahan Investment Management LLC owned about 1.51% of Sprout Social worth $26,598,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in SPT. Barclays PLC raised its position in Sprout Social by 339.5% in the third quarter. Barclays PLC now owns 90,234 shares of the company's stock worth $2,623,000 after acquiring an additional 69,704 shares during the period. Franklin Resources Inc. lifted its position in Sprout Social by 5.4% during the third quarter. Franklin Resources Inc. now owns 20,256 shares of the company's stock valued at $576,000 after purchasing an additional 1,034 shares during the last quarter. Principal Financial Group Inc. lifted its position in Sprout Social by 20.0% during the third quarter. Principal Financial Group Inc. now owns 1,199,451 shares of the company's stock valued at $34,868,000 after purchasing an additional 200,190 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Sprout Social by 324.0% during the third quarter. JPMorgan Chase & Co. now owns 402,947 shares of the company's stock valued at $11,714,000 after purchasing an additional 307,906 shares during the last quarter. Finally, Diversified Trust Co lifted its holdings in shares of Sprout Social by 8.1% in the 4th quarter. Diversified Trust Co now owns 17,044 shares of the company's stock worth $523,000 after acquiring an additional 1,274 shares during the last quarter.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Jefferies Financial Group increased their price target on shares of Sprout Social from $34.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, February 3rd. Piper Sandler dropped their price target on shares of Sprout Social from $29.00 to $27.00 and set a "neutral" rating for the company in a research report on Wednesday, February 26th. Morgan Stanley dropped their price target on shares of Sprout Social from $30.00 to $22.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Barclays dropped their price target on shares of Sprout Social from $34.00 to $26.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Finally, The Goldman Sachs Group dropped 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, five have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Sprout Social currently has a consensus rating of "Hold" and a consensus price target of $31.69.

Sprout Social Stock Up 2.5%

Shares of Sprout Social stock traded up $0.59 during trading on Monday, hitting $24.49. The company's stock had a trading volume of 1,087,107 shares, compared to its average volume of 660,691. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.96 and a current ratio of 0.96. The company has a fifty day simple moving average of $21.96 and a two-hundred day simple moving average of $27.85. The company has a market capitalization of $1.41 billion, a PE ratio of -20.41 and a beta of 1.20. Sprout Social, Inc. has a 52 week low of $18.52 and a 52 week high of $39.75.

Sprout Social (NASDAQ:SPT - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.07. The company had revenue of $109.29 million during the quarter, compared to analyst estimates of $107.63 million. Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. Sprout Social's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period last year, the business earned $0.10 EPS. Equities research analysts predict that Sprout Social, Inc. will post -0.99 earnings per share for the current year.

Insider Buying and Selling

In other Sprout Social news, Director Aaron Edward Frederick Rankin sold 23,646 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $24.58, for a total transaction of $581,218.68. Following the completion of the sale, the director now directly owns 42,122 shares in the company, valued at approximately $1,035,358.76. This trade represents a 35.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Justyn Russell Howard sold 40,000 shares of the firm's stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $19.99, for a total transaction of $799,600.00. Following the sale, the insider now owns 7,417 shares of the company's stock, valued at approximately $148,265.83. This represents a 84.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,446 shares of company stock worth $2,644,639 in the last three months. 10.12% of the stock is owned by corporate 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.