Sprinklr (NYSE:CXM) Shares Gap Down – Here’s Why

Shares of Sprinklr, Inc. (NYSE:CXM) gapped down before the market opened on Friday . The stock had previously closed at $8.88, but opened at $8.67. Sprinklr shares last traded at $8.58, with a volume of 542,167 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. JMP Securities reiterated a “market outperform” rating and issued a $17.00 price objective on shares of Sprinklr in a research note on Friday. Barclays increased their price objective on Sprinklr from $7.00 to $9.00 and gave the company an “underweight” rating in a research report on Thursday, December 5th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $9.00 target price on shares of Sprinklr in a research report on Thursday, December 5th. DA Davidson raised their price target on shares of Sprinklr from $8.00 to $9.50 and gave the stock a “neutral” rating in a research report on Thursday, December 5th. Finally, Wells Fargo & Company lowered shares of Sprinklr from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $8.00 to $6.00 in a research report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.13.

Sprinklr Price Performance

The company has a market cap of $2.21 billion, a P/E ratio of 54.35, a PEG ratio of 2.97 and a beta of 0.79. The business’s 50 day moving average price is $8.78 and its 200-day moving average price is $8.35.

Hedge Funds Weigh In On Sprinklr

A number of institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. increased its stake in shares of Sprinklr by 224.5% in the third quarter. JPMorgan Chase & Co. now owns 628,661 shares of the company’s stock valued at $4,860,000 after buying an additional 434,920 shares in the last quarter. State Street Corp raised its stake in shares of Sprinklr by 7.2% in the third quarter. State Street Corp now owns 4,826,736 shares of the company’s stock worth $37,311,000 after acquiring an additional 322,318 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Sprinklr by 11.9% during the third quarter. Geode Capital Management LLC now owns 2,788,550 shares of the company’s stock worth $21,560,000 after purchasing an additional 295,638 shares in the last quarter. Cerity Partners LLC lifted its position in shares of Sprinklr by 33.0% during the third quarter. Cerity Partners LLC now owns 991,475 shares of the company’s stock worth $7,664,000 after purchasing an additional 246,095 shares in the last quarter. Finally, Verition Fund Management LLC grew its stake in shares of Sprinklr by 742.9% during the third quarter. Verition Fund Management LLC now owns 234,327 shares of the company’s stock valued at $1,811,000 after purchasing an additional 206,526 shares during the last quarter. Institutional investors and hedge funds own 40.19% of the company’s stock.

About Sprinklr

Sprinklr, Inc provides enterprise cloud software products worldwide. The company operates Unified Customer Experience Management platform, a software that enables customer-facing teams to collaborate across internal silos, communicate across digital channels, and leverage a complete suite of capabilities to deliver customer experiences.