Needham & Company LLC Reaffirms Buy Rating for Sprout Social (NASDAQ:SPT)

Sprout Social (NASDAQ:SPT - Get Free Report)'s stock had its "buy" rating reissued by analysts at Needham & Company LLC in a report released on Monday, Benzinga reports. They presently have a $75.00 price objective on the stock. Needham & Company LLC's target price would indicate a potential upside of 46.23% from the company's previous close.

Several other equities research analysts also recently issued reports on SPT. Jefferies Financial Group initiated coverage on shares of Sprout Social in a research note on Wednesday, February 7th. They set a "buy" rating and a $76.00 price target on the stock. Barclays dropped their price target on shares of Sprout Social from $75.00 to $72.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 21st. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $74.00 price target on shares of Sprout Social in a research note on Wednesday, February 21st. Canaccord Genuity Group reaffirmed a "buy" rating and set a $70.00 price target on shares of Sprout Social in a research note on Wednesday, February 21st. Finally, KeyCorp started coverage on shares of Sprout Social in a research note on Thursday, March 21st. They set an "overweight" rating and a $83.00 price target on the stock. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $72.57.

Sprout Social Stock Up 0.6 %

Shares of NASDAQ:SPT traded up $0.31 during midday trading on Monday, hitting $51.29. 752,341 shares of the company's stock traded hands, compared to its average volume of 594,254. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market cap of $2.89 billion, a PE ratio of -42.74 and a beta of 1.05. The firm's fifty day moving average price is $59.04 and its two-hundred day moving average price is $56.88. Sprout Social has a twelve month low of $37.00 and a twelve month high of $68.41.

Sprout Social (NASDAQ:SPT - Get Free Report) last posted its earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The business had revenue of $93.58 million for the quarter, compared to analyst estimates of $90.76 million. Sprout Social had a negative net margin of 19.91% and a negative return on equity of 41.25%. On average, equities research analysts anticipate that Sprout Social will post -1.17 EPS for the current fiscal year.

Insider Buying and Selling at Sprout Social

In other Sprout Social news, CFO Preto Joseph Del sold 1,500 shares of the business's stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $59.71, for a total transaction of $89,565.00. Following the completion of the transaction, the chief financial officer now directly owns 127,322 shares of the company's stock, valued at approximately $7,602,396.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Justyn Russell Howard sold 20,000 shares of the company's stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $56.52, for a total value of $1,130,400.00. Following the completion of the sale, the chief executive officer now directly owns 406,636 shares of the company's stock, valued at approximately $22,983,066.72. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Preto Joseph Del sold 1,500 shares of the company's stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $59.71, for a total transaction of $89,565.00. Following the completion of the sale, the chief financial officer now directly owns 127,322 shares of the company's stock, valued at $7,602,396.62. The disclosure for this sale can be found here. Insiders sold 140,200 shares of company stock valued at $8,171,958 in the last ninety days. Company insiders own 11.93% of the company's stock.

Institutional Trading of Sprout Social

Institutional investors have recently made changes to their positions in the stock. Atria Wealth Solutions Inc. raised its holdings in shares of Sprout Social by 4.7% in the 3rd quarter. Atria Wealth Solutions Inc. now owns 4,654 shares of the company's stock worth $232,000 after purchasing an additional 208 shares in the last quarter. Arcadia Investment Management Corp MI raised its holdings in shares of Sprout Social by 40.3% during the third quarter. Arcadia Investment Management Corp MI now owns 766 shares of the company's stock valued at $38,000 after acquiring an additional 220 shares during the period. Verdence Capital Advisors LLC raised its holdings in shares of Sprout Social by 3.2% during the fourth quarter. Verdence Capital Advisors LLC now owns 7,345 shares of the company's stock valued at $451,000 after acquiring an additional 225 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Sprout Social by 14.8% during the third quarter. PNC Financial Services Group Inc. now owns 2,500 shares of the company's stock valued at $125,000 after acquiring an additional 323 shares during the period. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of Sprout Social by 4.6% during the third quarter. Harbor Capital Advisors Inc. now owns 10,334 shares of the company's stock valued at $515,000 after acquiring an additional 452 shares during the period.

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.