Fred Alger Management LLC Sells 186,823 Shares of Sprout Social, Inc. (NASDAQ:SPT)

Fred Alger Management LLC cut its stake in shares of Sprout Social, Inc. (NASDAQ:SPT) by 30.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 425,099 shares of the company’s stock after selling 186,823 shares during the period. Fred Alger Management LLC’s holdings in Sprout Social were worth $12,358,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Sprout Social by 12.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,002 shares of the company’s stock valued at $407,000 after acquiring an additional 1,539 shares in the last quarter. FMR LLC boosted its stake in shares of Sprout Social by 21.4% during the third quarter. FMR LLC now owns 48,599 shares of the company’s stock valued at $1,413,000 after purchasing an additional 8,553 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Sprout Social by 2.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 410,411 shares of the company’s stock worth $11,931,000 after purchasing an additional 8,028 shares during the last quarter. Landscape Capital Management L.L.C. grew its holdings in shares of Sprout Social by 35.1% during the third quarter. Landscape Capital Management L.L.C. now owns 133,405 shares of the company’s stock worth $3,878,000 after purchasing an additional 34,626 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Sprout Social in the third quarter valued at approximately $448,000.

Sprout Social Price Performance

Shares of SPT opened at $32.02 on Friday. The firm has a market cap of $1.84 billion, a PE ratio of -26.68 and a beta of 0.99. Sprout Social, Inc. has a 52-week low of $25.05 and a 52-week high of $68.41. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.96 and a current ratio of 0.96. The business’s 50 day moving average price is $28.82 and its two-hundred day moving average price is $31.49.

Sprout Social (NASDAQ:SPT) last issued its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.06). The company had revenue of $102.64 million for the quarter, compared to the consensus estimate of $102.04 million. Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. On average, equities analysts anticipate that Sprout Social, Inc. will post -0.98 EPS for the current year.

Insider Activity

In other Sprout Social news, Director Aaron Edward Frederick Rankin sold 1,181 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $29.23, for a total transaction of $34,520.63. Following the completion of the sale, the director now owns 42,122 shares in the company, valued at approximately $1,231,226.06. The trade was a 2.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Justyn Russell Howard sold 8,595 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $29.27, for a total transaction of $251,575.65. Following the completion of the transaction, the chief executive officer now directly owns 302,217 shares in the company, valued at $8,845,891.59. This trade represents a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 62,882 shares of company stock worth $1,801,351. Company insiders own 10.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SPT shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $46.00 target price on shares of Sprout Social in a research report on Friday, August 2nd. Barclays reduced their price objective on shares of Sprout Social from $48.00 to $38.00 and set an “overweight” rating on the stock in a research note on Friday, October 11th. Piper Sandler lowered their target price on Sprout Social from $40.00 to $29.00 and set a “neutral” rating for the company in a research report on Monday, November 11th. Robert W. Baird upped their price target on Sprout Social from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $55.00 price target on shares of Sprout Social in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Sprout Social presently has a consensus rating of “Hold” and an average price target of $45.62.

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.