Sprout Social (NASDAQ:SPT) Updates FY24 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.45-$0.46 for the period, compared to the consensus estimate of $0.23. The company issued revenue guidance of $405-$406 million, compared to the consensus revenue estimate of $425.52 million. Sprout Social also updated its Q2 guidance to $0.07-$0.08 EPS.

Analyst Upgrades and Downgrades

SPT has been the subject of a number of research reports. Cantor Fitzgerald reissued an overweight rating and issued a $74.00 target price on shares of Sprout Social in a report on Wednesday, February 21st. KeyCorp started coverage on shares of Sprout Social in a research note on Thursday, March 21st. They issued an overweight rating and a $83.00 price objective for the company. Oppenheimer assumed coverage on shares of Sprout Social in a research note on Thursday, April 18th. They set an outperform rating and a $76.00 target price on the stock. Jefferies Financial Group initiated coverage on Sprout Social in a research note on Wednesday, February 7th. They issued a buy rating and a $76.00 price target for the company. Finally, Morgan Stanley cut their price objective on Sprout Social from $73.00 to $65.00 and set an equal weight rating on the stock in a report on Wednesday, April 17th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $72.57.

Sprout Social Trading Down 3.5 %

NASDAQ:SPT traded down $1.76 on Thursday, reaching $48.15. 1,231,281 shares of the stock traded hands, compared to its average volume of 597,445. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of -40.27 and a beta of 1.09. Sprout Social has a 1-year low of $37.00 and a 1-year high of $68.41. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.38. The company’s 50 day moving average is $57.01 and its 200-day moving average is $56.92.

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 the consensus estimate of ($0.30) by ($0.02). The firm 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%. Equities research analysts anticipate that Sprout Social will post -1.17 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Preto Joseph Del sold 1,500 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.71, for a total transaction of $89,565.00. Following the transaction, the chief financial officer now directly owns 127,322 shares of the company’s stock, valued at $7,602,396.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, President Ryan Paul Barretto sold 5,600 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $59.63, for a total transaction of $333,928.00. Following the transaction, the president now directly owns 209,375 shares of the company’s stock, valued at $12,485,031.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Preto Joseph Del sold 1,500 shares of Sprout Social stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.71, for a total transaction of $89,565.00. Following the completion of the sale, the chief financial officer now directly owns 127,322 shares of the company’s stock, valued at approximately $7,602,396.62. The disclosure for this sale can be found here. Over the last three months, insiders sold 140,200 shares of company stock worth $8,171,958. 10.97% of the stock is owned by corporate 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.