Sprout Social (NASDAQ:SPT) Issues Q3 Earnings Guidance

Sprout Social (NASDAQ:SPT) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $0.12 to $0.13 for the period, compared to the consensus EPS estimate of $0.12. The company issued revenue guidance of $101.9 million to $102.1 million, compared to the consensus revenue estimate of $101.89 million. Sprout Social also updated its FY 2024 guidance to 0.450-0.460 EPS.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SPT. Barclays dropped their target price on shares of Sprout Social from $50.00 to $48.00 and set an overweight rating on the stock in a research report on Tuesday, July 16th. BTIG Research downgraded shares of Sprout Social from a buy rating to a neutral rating in a research report on Friday, May 3rd. Piper Sandler downgraded shares of Sprout Social from an overweight rating to a neutral rating and dropped their price objective for the company from $66.00 to $40.00 in a report on Friday, May 3rd. Canaccord Genuity Group dropped their price objective on shares of Sprout Social from $70.00 to $50.00 and set a buy rating on the stock in a report on Friday, May 3rd. Finally, Robert W. Baird upped their price objective on shares of Sprout Social from $38.00 to $40.00 and gave the company a neutral rating in a report on Friday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Sprout Social has a consensus rating of Moderate Buy and a consensus price target of $56.57.

Sprout Social Stock Performance

Shares of SPT traded down $4.33 during trading hours on Friday, hitting $32.93. The stock had a trading volume of 1,049,495 shares, compared to its average volume of 613,503. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a 50-day moving average price of $35.08 and a 200 day moving average price of $47.31. Sprout Social has a fifty-two week low of $25.68 and a fifty-two week high of $68.41. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of -26.34 and a beta of 1.00.

Sprout Social (NASDAQ:SPT) last posted its earnings results on Thursday, May 2nd. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.32) by $0.10. The firm had revenue of $96.78 million during the quarter, compared to analysts’ expectations of $97.29 million. Sprout Social had a negative net margin of 19.60% and a negative return on equity of 44.88%. As a group, research analysts anticipate that Sprout Social will post -0.84 EPS for the current year.

Insiders Place Their Bets

In other Sprout Social news, President Ryan Paul Barretto sold 15,586 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $32.14, for a total transaction of $500,934.04. Following the completion of the transaction, the president now directly owns 484,115 shares in the company, valued at $15,559,456.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Aaron Edward Frederick Rankin sold 1,184 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $32.14, for a total transaction of $38,053.76. Following the completion of the sale, the director now owns 43,303 shares of the company’s stock, valued at $1,391,758.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, President Ryan Paul Barretto sold 15,586 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $32.14, for a total transaction of $500,934.04. Following the sale, the president now directly owns 484,115 shares of the company’s stock, valued at approximately $15,559,456.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 92,470 shares of company stock worth $3,063,248. Company insiders own 10.97% of the company’s stock.

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.