Sprout Social (NASDAQ:SPT) Updates Q2 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) updated its second quarter 2024 earnings guidance on Friday. The company provided EPS guidance of 0.070-0.080 for the period, compared to the consensus EPS estimate of 0.040. The company issued revenue guidance of $98.5 million-$98.6 million, compared to the consensus revenue estimate of $101.6 million. Sprout Social also updated its FY 2024 guidance to 0.450-0.460 EPS.

Sprout Social Price Performance

Shares of SPT traded down $0.70 on Monday, hitting $28.12. The company’s stock had a trading volume of 1,490,401 shares, compared to its average volume of 761,145. The company has a 50 day moving average price of $55.98 and a 200 day moving average price of $56.80. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.08 and a quick ratio of 1.08. Sprout Social has a fifty-two week low of $27.75 and a fifty-two week high of $68.41. The company has a market capitalization of $1.58 billion, a PE ratio of -23.06 and a beta of 1.09.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share 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 19.64% and a negative return on equity of 42.60%. On average, research analysts anticipate that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on SPT. Morgan Stanley reduced their price target on Sprout Social from $65.00 to $49.00 and set an equal weight rating on the stock in a research report on Friday. William Blair restated a market perform rating on shares of Sprout Social in a research report on Friday. Piper Sandler lowered Sprout Social from an overweight rating to a neutral rating and reduced their target price for the stock from $66.00 to $40.00 in a report on Friday. Needham & Company LLC reduced their target price on Sprout Social from $75.00 to $55.00 and set a buy rating on the stock in a report on Friday. Finally, Cantor Fitzgerald reduced their target price on Sprout Social from $74.00 to $46.00 and set an overweight rating on the stock in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Sprout Social presently has a consensus rating of Moderate Buy and an average target price of $57.07.

Insider Buying and Selling

In other news, President Ryan Paul Barretto sold 5,600 shares of the business’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $56.95, for a total transaction of $318,920.00. Following the completion of the transaction, the president now directly owns 198,175 shares in the company, valued at approximately $11,286,066.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Sprout Social news, President Ryan Paul Barretto sold 5,600 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $56.95, for a total value of $318,920.00. Following the sale, the president now owns 198,175 shares in the company, valued at $11,286,066.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Justyn Russell Howard sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $56.52, for a total transaction of $1,130,400.00. Following the completion of the sale, the chief executive officer now owns 406,636 shares in the company, valued at approximately $22,983,066.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 89,100 shares of company stock valued at $5,126,065. 10.97% of the stock is owned by company 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.