Sprout Social (NASDAQ:SPT) Hits New 12-Month Low – Here’s What Happened

Sprout Social, Inc. (NASDAQ:SPT)’s share price hit a new 52-week low on Thursday . The company traded as low as $19.21 and last traded at $20.46, with a volume of 109914 shares changing hands. The stock had previously closed at $22.54.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SPT shares. Barclays dropped their price target on Sprout Social from $38.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Needham & Company LLC reduced their price target on shares of Sprout Social from $55.00 to $32.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Piper Sandler decreased their price objective on shares of Sprout Social from $29.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. The Goldman Sachs Group cut their target price on shares of Sprout Social from $34.00 to $29.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Finally, Morgan Stanley lowered their price target on Sprout Social from $37.00 to $30.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $33.85.

Sprout Social Trading Down 2.5 %

The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.19. The firm’s 50 day moving average is $27.62 and its two-hundred day moving average is $29.38. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -16.85 and a beta of 1.11.

Sprout Social (NASDAQ:SPT) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.35). Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. The company had revenue of $107.09 million during the quarter, compared to the consensus estimate of $106.74 million. Equities analysts anticipate that Sprout Social, Inc. will post -0.99 EPS for the current year.

Insider Buying and Selling

In related news, Director Aaron Edward Frederick Rankin sold 23,646 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $24.58, for a total transaction of $581,218.68. Following the sale, the director now owns 42,122 shares of the company’s stock, valued at $1,035,358.76. The trade was a 35.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Justyn Russell Howard sold 40,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $31.67, for a total value of $1,266,800.00. Following the completion of the sale, the insider now owns 27,136 shares of the company’s stock, valued at approximately $859,397.12. This trade represents a 59.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,646 shares of company stock valued at $3,302,919 in the last quarter. Company insiders own 10.97% of the company’s stock.

Institutional Investors Weigh In On Sprout Social

Several large investors have recently modified their holdings of the stock. ArrowMark Colorado Holdings LLC boosted its holdings in shares of Sprout Social by 380.7% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,772,219 shares of the company’s stock worth $54,425,000 after buying an additional 1,403,549 shares during the period. Wellington Management Group LLP boosted its stake in Sprout Social by 16.0% in the 3rd quarter. Wellington Management Group LLP now owns 3,762,443 shares of the company’s stock worth $109,374,000 after purchasing an additional 519,406 shares during the period. Norges Bank purchased a new position in Sprout Social during the 4th quarter worth approximately $13,422,000. Dorsey Asset Management LLC raised its stake in Sprout Social by 16.7% during the 4th quarter. Dorsey Asset Management LLC now owns 2,306,149 shares of the company’s stock valued at $70,822,000 after purchasing an additional 330,155 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Sprout Social by 324.0% in the third quarter. JPMorgan Chase & Co. now owns 402,947 shares of the company’s stock valued at $11,714,000 after purchasing an additional 307,906 shares in 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.