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

Sprout Social (NASDAQ:SPT) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 0.450-0.460 for the period, compared to the consensus 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.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SPT shares. Stifel Nicolaus lifted their price target on Sprout Social from $60.00 to $70.00 and gave the stock a buy rating in a report on Friday, January 19th. The Goldman Sachs Group lowered Sprout Social from a buy rating to a neutral rating and lowered their price objective for the stock from $80.00 to $44.00 in a research note on Friday. Robert W. Baird lowered Sprout Social from an outperform rating to a neutral rating and reduced their target price for the stock from $72.00 to $45.00 in a report on Friday. Oppenheimer cut their price objective on shares of Sprout Social from $76.00 to $43.00 and set an outperform rating for the company in a research report on Friday. Finally, Morgan Stanley decreased their target price on shares of Sprout Social from $65.00 to $49.00 and set an equal weight rating on the stock in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $57.07.

Sprout Social Price Performance

NASDAQ SPT traded up $0.66 during trading hours on Monday, hitting $29.48. The company had a trading volume of 548,190 shares, compared to its average volume of 748,775. The firm has a 50 day simple moving average of $55.98 and a 200 day simple moving average of $56.80. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -23.06 and a beta of 1.09. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.08 and a current ratio of 1.08. Sprout Social has a 52 week low of $27.85 and a 52 week high of $68.41.

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 net margin of 19.64% and a negative return on equity of 42.60%. The firm had revenue of $93.58 million for the quarter, compared to analysts’ expectations of $90.76 million. Equities research analysts expect that Sprout Social will post -1.17 earnings per share for the current year.

Insider Activity at Sprout Social

In related news, President Ryan Paul Barretto sold 5,600 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 transaction of $318,920.00. Following the completion of the sale, the president now owns 198,175 shares of the company’s stock, valued at $11,286,066.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Preto Joseph Del sold 1,500 shares of Sprout Social stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $59.63, for a total value of $89,445.00. Following the sale, the chief financial officer now directly owns 172,644 shares of the company’s stock, valued at $10,294,761.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Ryan Paul Barretto sold 5,600 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $56.95, for a total transaction of $318,920.00. Following the completion of the sale, the president now owns 198,175 shares in the company, valued at $11,286,066.25. The disclosure for this sale can be found here. Insiders have sold 89,100 shares of company stock worth $5,126,065 over the last ninety days. 10.97% of the stock is owned by corporate insiders.

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.