Sprout Social (NASDAQ:SPT) Coverage Initiated by Analysts at Scotiabank

Scotiabank started coverage on shares of Sprout Social (NASDAQ:SPT) in a research note published on Monday,Benzinga reports. The brokerage issued a sector perform rating on the stock.

A number of other research firms also recently commented on SPT. KeyCorp downgraded Sprout Social from a “sector weight” rating to an “underweight” rating and set a $28.00 target price for the company. in a report on Thursday, August 22nd. Piper Sandler decreased their price objective on shares of Sprout Social from $40.00 to $29.00 and set a “neutral” rating for the company in a research note on Monday, November 11th. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price objective on shares of Sprout Social in a research note on Friday, November 8th. Oppenheimer decreased their target price on shares of Sprout Social from $43.00 to $40.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $46.00 price target on shares of Sprout Social in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $47.08.

Sprout Social Stock Down 0.1 %

NASDAQ:SPT opened at $28.61 on Monday. The company’s 50 day moving average is $28.15 and its two-hundred day moving average is $31.33. The company has a market cap of $1.63 billion, a PE ratio of -23.84 and a beta of 0.99. Sprout Social has a twelve month low of $25.05 and a twelve month high of $68.41. The company has a current ratio of 0.96, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Sprout Social (NASDAQ:SPT) last released 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). Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. The firm had revenue of $102.64 million during the quarter, compared to analyst estimates of $102.04 million. Analysts anticipate that Sprout Social will post -0.9 EPS for the current year.

Insider Buying and Selling at Sprout Social

In other news, Director Aaron Edward Frederick Rankin sold 1,181 shares of Sprout Social stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.23, for a total value of $34,520.63. Following the sale, the director now owns 42,122 shares in the company, valued at $1,231,226.06. This trade represents a 2.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Justyn Russell Howard sold 20,000 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $28.23, for a total transaction of $564,600.00. Following the sale, the insider now directly owns 7,417 shares of the company’s stock, valued at $209,381.91. This represents a 72.95 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 62,882 shares of company stock valued at $1,801,351. Company insiders own 10.97% of the company’s stock.

Hedge Funds Weigh In On Sprout Social

Several hedge funds and other institutional investors have recently made changes to their positions in SPT. Quarry LP raised its position in shares of Sprout Social by 2,346.9% in the second quarter. Quarry LP now owns 783 shares of the company’s stock valued at $28,000 after buying an additional 751 shares during the last quarter. EntryPoint Capital LLC purchased a new position in Sprout Social in the 1st quarter worth approximately $37,000. Covestor Ltd boosted its holdings in shares of Sprout Social by 35,450.0% during the 1st quarter. Covestor Ltd now owns 711 shares of the company’s stock worth $42,000 after purchasing an additional 709 shares during the last quarter. Bessemer Group Inc. purchased a new stake in shares of Sprout Social in the first quarter valued at approximately $61,000. Finally, nVerses Capital LLC grew its position in shares of Sprout Social by 76.5% in the second quarter. nVerses Capital LLC now owns 3,000 shares of the company’s stock valued at $107,000 after purchasing an additional 1,300 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.