Sprout Social (NASDAQ:SPT) Releases FY 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.450-0.460 for the period, compared to the consensus EPS estimate of 0.470. The company issued revenue guidance of $405.0 million-$406.0 million, compared to the consensus revenue estimate of $405.5 million. Sprout Social also updated its FY24 guidance to $0.45 to $0.46 EPS.

Sprout Social Trading Down 11.6 %

Shares of SPT traded down $4.33 during trading hours on Friday, reaching $32.93. 1,049,495 shares of the company traded hands, compared to its average volume of 613,503. Sprout Social has a 12 month low of $25.68 and a 12 month high of $68.41. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of -26.34 and a beta of 1.00. The company’s fifty day moving average price is $35.08 and its two-hundred day moving average price is $47.31. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.31.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.10. Sprout Social had a negative net margin of 19.60% and a negative return on equity of 44.88%. The company had revenue of $96.78 million during the quarter, compared to analysts’ expectations of $97.29 million. Equities research analysts predict that Sprout Social will post -0.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on SPT. KeyCorp downgraded Sprout Social from an overweight rating to a sector weight rating in a report on Friday, May 3rd. Piper Sandler downgraded shares of Sprout Social from an overweight rating to a neutral rating and cut their price objective for the company from $66.00 to $40.00 in a research report on Friday, May 3rd. BTIG Research lowered shares of Sprout Social from a buy rating to a neutral rating in a research note on Friday, May 3rd. Needham & Company LLC reiterated a buy rating and issued a $55.00 target price on shares of Sprout Social in a research note on Friday. Finally, Barclays reduced their price target on shares of Sprout Social from $50.00 to $48.00 and set an overweight rating for the company in a research report on Tuesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Sprout Social has an average rating of Moderate Buy and a consensus price target of $56.57.

Insider Buying and Selling at Sprout Social

In other Sprout Social news, President Ryan Paul Barretto sold 15,586 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $32.14, for a total value of $500,934.04. Following the completion of the transaction, the president now directly owns 484,115 shares in the company, valued at approximately $15,559,456.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Sprout Social news, President Ryan Paul Barretto sold 15,586 shares of Sprout Social stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $32.14, for a total value of $500,934.04. Following the sale, the president now owns 484,115 shares of the company’s stock, valued at approximately $15,559,456.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Preto Joseph Del sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $36.66, for a total value of $54,990.00. Following the sale, the chief financial officer now directly owns 165,624 shares in the company, valued at $6,071,775.84. The disclosure for this sale can be found here. Insiders have sold a total of 92,470 shares of company stock valued at $3,063,248 over the last ninety days. 10.97% of the stock is currently owned by company insiders.

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.