Sprout Social (NASDAQ:SPT) Given New $35.00 Price Target at Canaccord Genuity Group

Sprout Social (NASDAQ:SPT) had its target price cut by Canaccord Genuity Group from $40.00 to $35.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

SPT has been the subject of a number of other reports. Barclays reduced their target price on shares of Sprout Social from $38.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday. Morgan Stanley reduced their target price on shares of Sprout Social from $37.00 to $30.00 and set an “equal weight” rating for the company in a research note on Wednesday. Oppenheimer reduced their price objective on shares of Sprout Social from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Tuesday, December 3rd. Scotiabank assumed coverage on shares of Sprout Social in a research note on Monday, November 18th. They issued a “sector perform” rating and a $28.00 price objective for the company. Finally, The Goldman Sachs Group reduced their price objective on shares of Sprout Social from $34.00 to $29.00 and set a “neutral” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Sprout Social presently has a consensus rating of “Hold” and an average price target of $34.08.

Sprout Social Stock Performance

Shares of SPT opened at $28.09 on Wednesday. The company’s 50 day moving average price is $31.73 and its 200 day moving average price is $30.54. Sprout Social has a 52 week low of $25.05 and a 52 week high of $64.91. The company has a market capitalization of $1.61 billion, a PE ratio of -23.41 and a beta of 1.06. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.96 and a current ratio of 0.96.

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

Insider Buying and Selling

In other Sprout Social news, insider Justyn Russell Howard sold 40,000 shares of the business’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $32.59, for a total value of $1,303,600.00. Following the sale, the insider now owns 7,417 shares of the company’s stock, valued at $241,720.03. The trade was a 84.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Karen Walker sold 5,000 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $30.26, for a total transaction of $151,300.00. Following the completion of the sale, the director now directly owns 30,665 shares in the company, valued at $927,922.90. This trade represents a 14.02 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 120,265 shares of company stock valued at $3,837,006. 10.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sprout Social

Several institutional investors and hedge funds have recently bought and sold shares of the business. Stifel Financial Corp increased its holdings in Sprout Social by 0.4% in the 4th quarter. Stifel Financial Corp now owns 83,141 shares of the company’s stock valued at $2,553,000 after buying an additional 351 shares during the period. Invesco Ltd. grew its holdings in shares of Sprout Social by 1.8% in the 4th quarter. Invesco Ltd. now owns 22,861 shares of the company’s stock worth $702,000 after purchasing an additional 397 shares during the last quarter. Quarry LP increased its position in shares of Sprout Social by 100.9% during the 3rd quarter. Quarry LP now owns 1,573 shares of the company’s stock worth $46,000 after purchasing an additional 790 shares in the last quarter. Assetmark Inc. lifted its holdings in Sprout Social by 27.5% during the 3rd quarter. Assetmark Inc. now owns 3,717 shares of the company’s stock valued at $108,000 after purchasing an additional 801 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in Sprout Social by 5.4% in the third quarter. Franklin Resources Inc. now owns 20,256 shares of the company’s stock valued at $576,000 after buying an additional 1,034 shares in the last quarter.

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.