Sprout Social (NASDAQ:SPT) Issues FY 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) updated its FY 2024 earnings guidance on Friday. The company provided EPS guidance of 0.450-0.460 for the period, compared to the consensus EPS estimate of 0.230. The company issued revenue guidance of $405.0 million-$406.0 million, compared to the consensus revenue estimate of $425.6 million. Sprout Social also updated its Q2 2024 guidance to 0.070-0.080 EPS.

Sprout Social Stock Down 2.4 %

Shares of SPT stock traded down $0.70 during trading hours on Monday, hitting $28.12. 1,490,401 shares of the company’s stock traded hands, compared to its average volume of 761,145. The stock’s fifty day simple moving average is $55.98 and its two-hundred day simple moving average is $56.80. Sprout Social has a 12-month low of $27.75 and a 12-month high of $68.41. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of -23.06 and a beta of 1.09. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.38.

Sprout Social (NASDAQ:SPT) last announced its quarterly earnings data 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). Sprout Social had a negative return on equity of 42.60% and a negative net margin of 19.64%. The firm had revenue of $93.58 million during the quarter, compared to analysts’ expectations of $90.76 million. On average, analysts expect that Sprout Social will post -1.17 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SPT shares. Morgan Stanley cut their price objective on shares of Sprout Social from $65.00 to $49.00 and set an equal weight rating for the company in a research report on Friday. Cantor Fitzgerald cut their price objective on shares of Sprout Social from $74.00 to $46.00 and set an overweight rating for the company in a research report on Friday. Barclays dropped their target price on shares of Sprout Social from $72.00 to $50.00 and set an overweight rating for the company in a report on Friday. Jefferies Financial Group started coverage on shares of Sprout Social in a report on Wednesday, February 7th. They issued a buy rating and a $76.00 target price for the company. Finally, Canaccord Genuity Group dropped their target price on shares of Sprout Social from $70.00 to $50.00 and set a buy rating for the company in a report on Friday. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $57.07.

Insider Activity

In other Sprout Social news, CEO Justyn Russell Howard sold 40,000 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $58.36, for a total value of $2,334,400.00. Following the transaction, the chief executive officer now directly owns 287,912 shares in the company, valued at approximately $16,802,544.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Sprout Social news, Director Aaron Edward Frederick Rankin sold 22,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 44,487 shares in the company, valued at $2,533,534.65. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Justyn Russell Howard sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $58.36, for a total transaction of $2,334,400.00. Following the completion of the sale, the chief executive officer now owns 287,912 shares of the company’s stock, valued at $16,802,544.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 89,100 shares of company stock worth $5,126,065. 10.97% of the stock is currently 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.