Sprout Social (NASDAQ:SPT) Receives Buy Rating from Needham & Company LLC

Sprout Social (NASDAQ:SPT - Get Free Report)'s stock had its "buy" rating restated by analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $32.00 price target on the stock. Needham & Company LLC's price target would indicate a potential upside of 46.25% from the company's previous close.

Several other equities research analysts have also recently weighed in on SPT. Canaccord Genuity Group decreased their price objective on shares of Sprout Social from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. 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 report 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 report on Friday, May 9th. Barclays reduced their price target on shares of Sprout Social from $34.00 to $26.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, Scotiabank reduced their price target on shares of Sprout Social from $28.00 to $25.00 and set a "sector perform" rating for the company in a report on Thursday, February 27th. One equities 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 stock. According to MarketBeat.com, Sprout Social currently has an average rating of "Hold" and a consensus target price of $31.69.

Sprout Social Trading Up 1.4%

Shares of SPT traded up $0.31 during trading hours on Wednesday, hitting $21.88. 949,905 shares of the stock were exchanged, compared to its average volume of 633,135. Sprout Social has a fifty-two week low of $18.52 and a fifty-two week high of $39.75. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.96 and a quick ratio of 0.96. The business has a 50-day moving average of $21.43 and a 200-day moving average of $27.37. The firm has a market capitalization of $1.27 billion, a P/E ratio of -18.23 and a beta of 1.20.

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

Insider Activity

In related news, Director Karen Walker sold 5,000 shares of the business's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $19.42, for a total transaction of $97,100.00. Following the transaction, the director now directly owns 25,665 shares in the company, valued at approximately $498,414.30. The trade was a 16.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ryan Paul Barretto sold 16,800 shares of the business's stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $19.90, for a total transaction of $334,320.00. Following the transaction, the chief executive officer now owns 136,575 shares in the company, valued at approximately $2,717,842.50. This trade represents a 10.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,446 shares of company stock worth $2,644,639 over the last three months. 10.12% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings in Sprout Social by 1,319.4% during the first quarter. Versant Capital Management Inc now owns 1,462 shares of the company's stock worth $32,000 after purchasing an additional 1,359 shares during the last quarter. Quarry LP boosted its holdings in Sprout Social by 85.2% during the first quarter. Quarry LP now owns 1,463 shares of the company's stock worth $32,000 after purchasing an additional 673 shares during the last quarter. US Bancorp DE boosted its holdings 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 last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Sprout Social during the first quarter worth about $47,000. Finally, KBC Group NV boosted its holdings 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 last quarter.

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.