Sprout Social (NASDAQ:SPT) Rating Reiterated by Needham & Company LLC

Sprout Social (NASDAQ:SPT)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research report issued on Friday, Benzinga reports. They presently have a $75.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 50.39% from the stock’s current price.

A number of other equities analysts have also recently weighed in on SPT. Cantor Fitzgerald reduced their price objective on shares of Sprout Social from $46.00 to $44.00 in a research report on Friday, August 4th. KeyCorp boosted their price objective on shares of Sprout Social from $58.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 2nd. Piper Sandler reaffirmed an “overweight” rating and set a $56.00 price target on shares of Sprout Social in a research note on Monday, August 7th. The Goldman Sachs Group assumed coverage on shares of Sprout Social in a research note on Thursday, July 6th. They set a “buy” rating and a $61.00 price target on the stock. Finally, BTIG Research lowered their price target on shares of Sprout Social from $76.00 to $70.00 in a report on Sunday, August 6th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $61.82.

Sprout Social Stock Performance

Shares of NASDAQ:SPT traded down $0.44 during trading on Friday, reaching $49.87. 194,654 shares of the stock traded hands, compared to its average volume of 733,332. The stock has a market cap of $2.78 billion, a P/E ratio of -55.40 and a beta of 0.92. The stock has a 50-day moving average of $50.59 and a two-hundred day moving average of $51.02. Sprout Social has a 52-week low of $37.00 and a 52-week high of $74.07.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings results on Thursday, August 3rd. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.04. Sprout Social had a negative net margin of 17.00% and a negative return on equity of 33.85%. The firm had revenue of $79.32 million during the quarter, compared to analysts’ expectations of $78.69 million. Sell-side analysts expect that Sprout Social will post -1.02 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Aaron Edward Frederick Rankin sold 1,344 shares of the stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $52.62, for a total value of $70,721.28. Following the completion of the sale, the chief technology officer now owns 42,256 shares of the company’s stock, valued at approximately $2,223,510.72. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CTO Aaron Edward Frederick Rankin sold 1,344 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $52.62, for a total value of $70,721.28. Following the completion of the transaction, the chief technology officer now owns 42,256 shares of the company’s stock, valued at $2,223,510.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Preto Joseph Del sold 2,776 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $52.62, for a total value of $146,073.12. Following the completion of the transaction, the chief financial officer now directly owns 135,109 shares of the company’s stock, valued at approximately $7,109,435.58. The disclosure for this sale can be found here. In the last three months, insiders sold 63,546 shares of company stock valued at $3,302,737. 11.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SPT. Sei Investments Co. increased its stake in Sprout Social by 75.7% in the 1st quarter. Sei Investments Co. now owns 200,669 shares of the company’s stock worth $12,217,000 after purchasing an additional 86,484 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Sprout Social during the first quarter valued at $1,043,000. Avalon Investment & Advisory boosted its stake in shares of Sprout Social by 31.0% in the fourth quarter. Avalon Investment & Advisory now owns 7,328 shares of the company’s stock worth $414,000 after acquiring an additional 1,733 shares during the period. Picton Mahoney Asset Management boosted its stake in shares of Sprout Social by 20.0% in the fourth quarter. Picton Mahoney Asset Management now owns 57,065 shares of the company’s stock worth $3,224,000 after acquiring an additional 9,517 shares during the period. Finally, Argent Trust Co boosted its stake in Sprout Social by 14.7% during the fourth quarter. Argent Trust Co now owns 6,053 shares of the company’s stock valued at $342,000 after buying an additional 778 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. It provides cloud software that brings together social messaging, data, and workflows in a unified system of record, intelligence, and action.