Sprout Social (NASDAQ:SPT) Coverage Initiated at Scotiabank

Research analysts at Scotiabank assumed coverage on shares of Sprout Social (NASDAQ:SPT) in a report released on Monday,Benzinga reports. The brokerage set a “sector perform” rating on the stock.

SPT has been the topic of several other research reports. Robert W. Baird upped their price target on shares of Sprout Social from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Barclays reduced their price target on shares of Sprout Social from $48.00 to $38.00 and set an “overweight” rating on the stock in a research report on Friday, October 11th. Piper Sandler reduced their price target on shares of Sprout Social from $40.00 to $29.00 and set a “neutral” rating on the stock in a research report on Monday, November 11th. Oppenheimer reduced their price target on shares of Sprout Social from $43.00 to $40.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $55.00 price target on shares of Sprout Social in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $47.08.

Sprout Social Stock Performance

SPT stock traded down $0.03 on Monday, reaching $28.61. 683,724 shares of the company were exchanged, compared to its average volume of 748,774. Sprout Social has a 12 month low of $25.05 and a 12 month high of $68.41. The stock’s fifty day moving average price is $28.10 and its 200 day moving average price is $31.46. The firm has a market capitalization of $1.63 billion, a PE ratio of -23.84 and a beta of 0.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.96 and a quick ratio of 0.98.

Sprout Social (NASDAQ:SPT) last announced its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, research analysts anticipate that Sprout Social will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling

In other Sprout Social news, CFO Preto Joseph Del sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $28.27, for a total transaction of $42,405.00. Following the completion of the transaction, the chief financial officer now owns 158,614 shares of the company’s stock, valued at $4,484,017.78. This represents a 0.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ryan Paul Barretto sold 16,800 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $28.25, for a total value of $474,600.00. Following the transaction, the chief executive officer now directly owns 170,175 shares of the company’s stock, valued at approximately $4,807,443.75. This trade represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 62,882 shares of company stock valued at $1,801,351. 10.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sprout Social

Several large investors have recently made changes to their positions in the stock. Arizona State Retirement System boosted its holdings in shares of Sprout Social by 3.9% in the 2nd quarter. Arizona State Retirement System now owns 13,934 shares of the company’s stock valued at $497,000 after buying an additional 529 shares during the last quarter. Diversified Trust Co boosted its holdings in shares of Sprout Social by 3.8% in the 3rd quarter. Diversified Trust Co now owns 15,770 shares of the company’s stock valued at $458,000 after buying an additional 571 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Sprout Social by 49.0% in the 1st quarter. Lazard Asset Management LLC now owns 1,863 shares of the company’s stock valued at $111,000 after buying an additional 613 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in Sprout Social during the 1st quarter valued at $37,000. Finally, Truist Financial Corp lifted its holdings in Sprout Social by 6.1% during the 2nd quarter. Truist Financial Corp now owns 11,260 shares of the company’s stock valued at $402,000 after purchasing an additional 646 shares during 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.