Sprout Social (NASDAQ:SPT) Shares Gap Down to $55.11

Sprout Social, Inc. (NASDAQ:SPT) gapped down before the market opened on Tuesday . The stock had previously closed at $55.11, but opened at $53.16. Sprout Social shares last traded at $51.60, with a volume of 256,205 shares changing hands.

Analyst Ratings Changes

Several brokerages have issued reports on SPT. Piper Sandler increased their target price on shares of Sprout Social from $62.00 to $66.00 and gave the stock an “overweight” rating in a report on Wednesday, February 21st. Barclays cut their target price on Sprout Social from $75.00 to $72.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 21st. KeyCorp initiated coverage on shares of Sprout Social in a research report on Thursday, March 21st. They set an “overweight” rating and a $83.00 price target for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $70.00 price objective on shares of Sprout Social in a research report on Wednesday, February 21st. Finally, Jefferies Financial Group initiated coverage on Sprout Social in a research report on Wednesday, February 7th. They set a “buy” rating and a $76.00 target price on the stock. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.31.

Sprout Social Stock Down 1.5 %

The stock has a 50 day simple moving average of $59.55 and a two-hundred day simple moving average of $56.76. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.08 and a current ratio of 1.08.

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

Insider Buying and Selling

In other Sprout Social news, Director Aaron Edward Frederick Rankin sold 44,000 shares of Sprout Social stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.60, for a total transaction of $2,622,400.00. Following the sale, the director now owns 40,888 shares of the company’s stock, valued at approximately $2,436,924.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Sprout Social news, Director Aaron Edward Frederick Rankin sold 44,000 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $59.60, for a total value of $2,622,400.00. Following the transaction, the director now directly owns 40,888 shares of the company’s stock, valued at approximately $2,436,924.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Preto Joseph Del sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $59.71, for a total value of $89,565.00. Following the completion of the sale, the chief financial officer now owns 127,322 shares of the company’s stock, valued at $7,602,396.62. 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. 11.93% of the stock is owned by corporate insiders.

Institutional Trading of Sprout Social

Hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James & Associates raised its position in shares of Sprout Social by 5.9% during the 1st quarter. Raymond James & Associates now owns 25,822 shares of the company’s stock valued at $2,069,000 after buying an additional 1,428 shares during the period. Bank of New York Mellon Corp raised its position in Sprout Social by 3.3% in the first quarter. Bank of New York Mellon Corp now owns 434,219 shares of the company’s stock valued at $34,789,000 after purchasing an additional 13,742 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Sprout Social by 105.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,668 shares of the company’s stock valued at $213,000 after purchasing an additional 1,372 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Sprout Social by 56.3% during the 1st quarter. MetLife Investment Management LLC now owns 24,479 shares of the company’s stock worth $1,961,000 after purchasing an additional 8,816 shares during the period. Finally, Rhumbline Advisers increased its position in shares of Sprout Social by 2.8% during the 1st quarter. Rhumbline Advisers now owns 46,537 shares of the company’s stock worth $3,729,000 after purchasing an additional 1,257 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. The company provides cloud software for social messaging, data and workflows in a unified system of record, intelligence, and action.