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

Needham & Company LLC reiterated their buy rating on shares of Sprout Social (NASDAQ:SPT) in a research report report published on Monday morning, Benzinga reports. They currently have a $75.00 target price on the stock.

Several other research firms also recently commented on SPT. The Goldman Sachs Group lifted their target price on shares of Sprout Social from $65.00 to $81.00 and gave the stock a buy rating in a research report on Tuesday, January 23rd. Canaccord Genuity Group reaffirmed a buy rating and issued a $70.00 price objective on shares of Sprout Social in a research report on Wednesday, February 21st. KeyCorp started coverage on Sprout Social in a research report on Thursday, March 21st. They set an overweight rating and a $83.00 price target for the company. Piper Sandler boosted their price target on shares of Sprout Social from $62.00 to $66.00 and gave the stock an overweight rating in a report on Wednesday, February 21st. Finally, Barclays dropped their price objective on Sprout Social from $75.00 to $72.00 and set an overweight rating on the stock in a research note on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $72.57.

Sprout Social Trading Up 0.7 %

Sprout Social stock opened at $52.48 on Monday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a 50-day moving average of $58.31 and a 200-day moving average of $56.89. The company has a market cap of $2.95 billion, a price-to-earnings ratio of -43.73 and a beta of 1.05. Sprout Social has a one year low of $37.00 and a one year high of $68.41.

Sprout Social (NASDAQ:SPT) last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). The business had revenue of $93.58 million during the quarter, compared to the consensus estimate 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 analysts expect that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Justyn Russell Howard sold 20,000 shares of Sprout Social stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $56.52, for a total transaction of $1,130,400.00. Following the completion of the sale, the chief executive officer now owns 406,636 shares of the company’s stock, valued at $22,983,066.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Justyn Russell Howard sold 20,000 shares of the company’s stock in a transaction 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 sale, the chief executive officer now directly owns 406,636 shares of the company’s stock, valued at approximately $22,983,066.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Aaron Edward Frederick Rankin sold 22,000 shares of the firm’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $56.95, for a total value of $1,252,900.00. Following the sale, the director now owns 44,487 shares in the company, valued at $2,533,534.65. The disclosure for this sale can be found here. Over the last three months, insiders have sold 140,200 shares of company stock worth $8,171,958. Corporate insiders own 10.97% of the company’s stock.

Institutional Investors Weigh In On Sprout Social

A number of institutional investors and hedge funds have recently made changes to their positions in SPT. Atria Wealth Solutions Inc. increased its position in shares of Sprout Social by 4.7% during the third quarter. Atria Wealth Solutions Inc. now owns 4,654 shares of the company’s stock worth $232,000 after acquiring an additional 208 shares during the period. Arcadia Investment Management Corp MI grew its position 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 worth $38,000 after buying an additional 220 shares in the last quarter. Verdence Capital Advisors LLC raised its holdings in Sprout Social by 3.2% in 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 in the last quarter. PNC Financial Services Group Inc. lifted its stake in Sprout Social by 14.8% in the third quarter. PNC Financial Services Group Inc. now owns 2,500 shares of the company’s stock worth $125,000 after acquiring an additional 323 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its holdings in Sprout Social by 4.6% in the third quarter. Harbor Capital Advisors Inc. now owns 10,334 shares of the company’s stock valued at $515,000 after buying an additional 452 shares during 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.