Sprout Social (NASDAQ:SPT) Updates Q2 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 0.070-0.080 for the period, compared to the consensus estimate of 0.040. The company issued revenue guidance of $98.5 million-$98.6 million, compared to the consensus revenue estimate of $101.6 million. Sprout Social also updated its FY 2024 guidance to 0.450-0.460 EPS.

Analysts Set New Price Targets

Several brokerages have issued reports on SPT. Barclays dropped their target price on Sprout Social from $72.00 to $50.00 and set an overweight rating for the company in a report on Friday. The Goldman Sachs Group lowered Sprout Social from a buy rating to a neutral rating and dropped their target price for the company from $80.00 to $44.00 in a research note on Friday. Cantor Fitzgerald cut their price target on Sprout Social from $74.00 to $46.00 and set an overweight rating on the stock in a research note on Friday. Stifel Nicolaus upped their price objective on Sprout Social from $60.00 to $70.00 and gave the company a buy rating in a research note on Friday, January 19th. Finally, Morgan Stanley cut their target price on Sprout Social from $65.00 to $49.00 and set an equal weight rating on the stock in a report on Friday. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $57.07.

Sprout Social Price Performance

SPT stock traded down $0.57 on Monday, reaching $28.25. The company had a trading volume of 1,113,492 shares, compared to its average volume of 756,879. Sprout Social has a 1 year low of $27.85 and a 1 year high of $68.41. The company has a market cap of $1.59 billion, a P/E 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. The company’s fifty day moving average is $55.98 and its 200 day moving average is $56.80.

Sprout Social (NASDAQ:SPT) last issued its earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). The company had revenue of $93.58 million for the quarter, compared to analyst estimates of $90.76 million. Sprout Social had a negative net margin of 19.64% and a negative return on equity of 42.60%. On average, research analysts forecast that Sprout Social will post -1.17 earnings per share for the current year.

Insider Activity

In other Sprout Social news, CEO Justyn Russell Howard sold 40,000 shares of the business’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 sale, the chief executive officer now directly owns 287,912 shares of the company’s stock, valued at approximately $16,802,544.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Aaron Edward Frederick Rankin sold 22,000 shares of Sprout Social stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $56.95, for a total value of $1,252,900.00. Following the completion of the transaction, the director now owns 44,487 shares of the company’s stock, valued at approximately $2,533,534.65. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Justyn Russell Howard sold 40,000 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 287,912 shares in the company, valued at approximately $16,802,544.32. The disclosure for this sale can be found here. Insiders sold a total of 89,100 shares of company stock valued at $5,126,065 in the last quarter. Company insiders own 10.97% of the company’s stock.

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.