Morgan Stanley Cuts Sprout Social (NASDAQ:SPT) Price Target to $65.00

Sprout Social (NASDAQ:SPT) had its price objective decreased by equities research analysts at Morgan Stanley from $73.00 to $65.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 24.62% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. KeyCorp started coverage on Sprout Social in a research report on Thursday, March 21st. They set an “overweight” rating and a $83.00 price target on the stock. Piper Sandler boosted their price target on Sprout Social from $62.00 to $66.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 21st. Needham & Company LLC reissued a “buy” rating and set a $75.00 price target on shares of Sprout Social in a research report on Tuesday. Jefferies Financial Group started coverage on Sprout Social in a research report on Wednesday, February 7th. They set a “buy” rating and a $76.00 price target on the stock. Finally, Barclays lowered their price target on Sprout Social from $75.00 to $72.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Sprout Social presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.31.

Sprout Social Stock Down 1.5 %

Shares of NASDAQ:SPT traded down $0.79 during midday trading on Wednesday, reaching $52.16. The company had a trading volume of 831,009 shares, compared to its average volume of 586,216. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.38. The business’s 50 day moving average price is $59.72 and its 200 day moving average price is $56.80. The stock has a market cap of $2.93 billion, a PE ratio of -43.76 and a beta of 1.05. Sprout Social has a 1-year low of $37.00 and a 1-year high of $68.41.

Sprout Social (NASDAQ:SPT) last released its earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). The company had revenue of $93.58 million during the quarter, compared to analyst estimates of $90.76 million. Sprout Social had a negative net margin of 19.91% and a negative return on equity of 41.25%. Research analysts forecast that Sprout Social will post -1.17 EPS for the current fiscal year.

Insider Activity at Sprout Social

In related news, Director Aaron Edward Frederick Rankin sold 44,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $59.60, for a total value of $2,622,400.00. Following the completion of the sale, the director now directly owns 40,888 shares in the company, valued at $2,436,924.80. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, Director Aaron Edward Frederick Rankin sold 44,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $59.60, for a total value of $2,622,400.00. Following the completion of the sale, the director now directly owns 40,888 shares in the company, valued at $2,436,924.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Justyn Russell Howard sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $58.36, for a total value of $2,334,400.00. Following the completion of the sale, the chief executive officer now owns 287,912 shares of the company’s stock, valued at $16,802,544.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 140,200 shares of company stock worth $8,171,958. Company insiders own 11.93% of the company’s stock.

Institutional Investors Weigh In On Sprout Social

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPT. Raymond James & Associates lifted its stake in Sprout Social by 5.9% during the first quarter. Raymond James & Associates now owns 25,822 shares of the company’s stock worth $2,069,000 after purchasing an additional 1,428 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Sprout Social by 3.3% during the first quarter. Bank of New York Mellon Corp now owns 434,219 shares of the company’s stock worth $34,789,000 after purchasing an additional 13,742 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Sprout Social by 105.9% during the first quarter. PNC Financial Services Group Inc. now owns 2,668 shares of the company’s stock worth $213,000 after purchasing an additional 1,372 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of Sprout Social by 56.3% during the first quarter. MetLife Investment Management LLC now owns 24,479 shares of the company’s stock worth $1,961,000 after buying an additional 8,816 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of Sprout Social by 2.8% during the first quarter. Rhumbline Advisers now owns 46,537 shares of the company’s stock worth $3,729,000 after buying an additional 1,257 shares in the last quarter.

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.