Short Interest in Sprout Social, Inc. (NASDAQ:SPT) Drops By 13.2%

Sprout Social, Inc. (NASDAQ:SPT - Get Free Report) saw a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 3,220,000 shares, a drop of 13.2% from the April 30th total of 3,710,000 shares. Approximately 6.3% of the company's stock are sold short. Based on an average trading volume of 783,100 shares, the short-interest ratio is currently 4.1 days.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SPT shares. Canaccord Genuity Group reduced their price target on shares of Sprout Social from $40.00 to $35.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. Oppenheimer reduced their price target on shares of Sprout Social from $38.00 to $32.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Piper Sandler reduced 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 note on Wednesday, February 26th. Cantor Fitzgerald restated a "neutral" rating and set a $24.00 target price on shares of Sprout Social in a research report on Tuesday, June 3rd. Finally, Barclays cut their target price 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $30.00.

Sprout Social Price Performance

Shares of SPT traded down $0.14 during mid-day trading on Friday, reaching $21.72. The stock had a trading volume of 418,106 shares, compared to its average volume of 624,731. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of -18.10 and a beta of 1.04. Sprout Social has a 12 month low of $18.52 and a 12 month high of $39.75. The business has a fifty day moving average of $21.27 and a 200 day moving average of $27.05. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.96 and a current ratio of 0.96.

Sprout Social (NASDAQ:SPT - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.15 by $0.07. The business 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%. The company's revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.10 earnings per share. Equities analysts predict that Sprout Social will post -0.99 EPS for the current year.

Insider Activity at Sprout Social

In other Sprout Social news, insider Justyn Russell Howard sold 40,000 shares of Sprout Social stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $21.65, for a total value of $866,000.00. Following the completion of the transaction, the insider now directly owns 7,417 shares of the company's stock, valued at approximately $160,578.05. The trade was a 84.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Aaron Edward Frederick Rankin sold 23,646 shares of Sprout Social stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $24.58, for a total transaction of $581,218.68. Following the completion of the transaction, the director now directly owns 42,122 shares of the company's stock, valued at $1,035,358.76. This trade represents a 35.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 176,021 shares of company stock valued at $3,738,636 in the last three months. Company insiders own 10.12% of the company's stock.

Hedge Funds Weigh In On Sprout Social

A number of hedge funds have recently modified their holdings of SPT. Barclays PLC boosted its position in shares of 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 purchasing an additional 69,704 shares during the period. Brighton Jones LLC lifted its holdings in shares of Sprout Social by 391.7% in the fourth quarter. Brighton Jones LLC now owns 35,985 shares of the company's stock worth $1,105,000 after buying an additional 28,667 shares in the last quarter. KBC Group NV lifted its holdings in shares of Sprout Social by 77.1% in the fourth quarter. KBC Group NV now owns 2,525 shares of the company's stock worth $78,000 after buying an additional 1,099 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of Sprout Social by 0.3% in the fourth quarter. Jennison Associates LLC now owns 2,171,567 shares of the company's stock worth $66,689,000 after buying an additional 7,311 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Sprout Social by 2.1% in the fourth quarter. Rhumbline Advisers now owns 70,202 shares of the company's stock worth $2,156,000 after buying an additional 1,446 shares in the last quarter.

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.