Sprout Social (NASDAQ:SPT) Issues Q3 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) updated its third quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.120-0.130 for the period, compared to the consensus EPS estimate of 0.120. The company issued revenue guidance of $101.9 million-$102.1 million, compared to the consensus revenue estimate of $101.9 million. Sprout Social also updated its FY 2024 guidance to 0.450-0.460 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SPT. Oppenheimer decreased their target price on Sprout Social from $76.00 to $43.00 and set an outperform rating for the company in a research report on Friday, May 3rd. Needham & Company LLC reaffirmed a buy rating and set a $55.00 target price on shares of Sprout Social in a research report on Friday. KeyCorp lowered Sprout Social from an overweight rating to a sector weight rating in a research report on Friday, May 3rd. Barclays decreased their price objective on Sprout Social from $50.00 to $48.00 and set an overweight rating for the company in a report on Tuesday, July 16th. Finally, Morgan Stanley decreased their price objective on Sprout Social from $65.00 to $49.00 and set an equal weight rating for the company in a report on Friday, May 3rd. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $56.57.

Sprout Social Price Performance

SPT stock traded down $4.33 during mid-day trading on Friday, reaching $32.93. 1,049,495 shares of the company traded hands, compared to its average volume of 613,503. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $1.86 billion, a P/E ratio of -26.34 and a beta of 1.00. Sprout Social has a 52-week low of $25.68 and a 52-week high of $68.41. The company has a fifty day moving average price of $35.08 and a 200-day moving average price of $47.31.

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

Insider Activity

In other news, Director Aaron Edward Frederick Rankin sold 1,184 shares of Sprout Social stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $32.14, for a total transaction of $38,053.76. Following the completion of the sale, the director now owns 43,303 shares in the company, valued at approximately $1,391,758.42. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, President Ryan Paul Barretto sold 15,586 shares of Sprout Social stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $32.14, for a total transaction of $500,934.04. Following the completion of the sale, the president now owns 484,115 shares in the company, valued at approximately $15,559,456.10. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Aaron Edward Frederick Rankin sold 1,184 shares of the business’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 $38,053.76. Following the completion of the sale, the director now owns 43,303 shares of the company’s stock, valued at approximately $1,391,758.42. The disclosure for this sale can be found here. In the last 90 days, insiders sold 92,470 shares of company stock worth $3,063,248. 10.97% of the stock is currently owned by 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.