Sprout Social (NASDAQ:SPT) Stock Rating Lowered by Piper Sandler

Sprout Social (NASDAQ:SPT) was downgraded by Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. They currently have a $40.00 price objective on the stock, down from their prior price objective of $66.00. Piper Sandler’s price target points to a potential upside of 38.79% from the company’s previous close.

Several other research analysts have also issued reports on SPT. Barclays reduced 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. Oppenheimer assumed coverage on Sprout Social in a research note on Thursday, April 18th. They issued an “outperform” rating and a $76.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $74.00 price target on shares of Sprout Social in a research report on Wednesday, February 21st. KeyCorp started coverage on shares of Sprout Social in a report on Thursday, March 21st. They set an “overweight” rating and a $83.00 price objective for the company. Finally, Stifel Nicolaus increased their target price on shares of Sprout Social from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, January 19th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.07.

Sprout Social Stock Performance

Shares of NASDAQ:SPT opened at $28.82 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.38. Sprout Social has a 1-year low of $27.85 and a 1-year high of $68.41. The stock has a market capitalization of $1.62 billion, a P/E ratio of -23.06 and a beta of 1.09. The business has a 50-day moving average price of $55.98 and a two-hundred day moving average price of $56.71.

Sprout Social (NASDAQ:SPT) last posted 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). Sprout Social had a negative return on equity of 42.60% and a negative net margin of 19.64%. The business had revenue of $93.58 million for the quarter, compared to the consensus estimate of $90.76 million. Equities analysts predict that Sprout Social will post -1.17 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Preto Joseph Del sold 1,500 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.71, for a total value of $89,565.00. Following the sale, the chief financial officer now directly owns 127,322 shares in the company, valued at $7,602,396.62. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Justyn Russell Howard sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $56.52, for a total transaction of $1,130,400.00. Following the completion of the transaction, the chief executive officer now directly owns 406,636 shares of the company’s stock, valued at approximately $22,983,066.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Preto Joseph Del sold 1,500 shares of the business’s stock in a transaction on Monday, February 5th. The stock was 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 in the company, valued at approximately $7,602,396.62. The disclosure for this sale can be found here. In the last 90 days, insiders sold 140,200 shares of company stock worth $8,171,958. Corporate insiders own 10.97% of the company’s stock.

Institutional Investors Weigh In On Sprout Social

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its holdings in shares of Sprout Social by 7.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 401,057 shares of the company’s stock valued at $20,005,000 after acquiring an additional 28,466 shares in the last quarter. Bailard Inc. boosted its position in Sprout Social by 24.6% during the third quarter. Bailard Inc. now owns 39,964 shares of the company’s stock valued at $1,993,000 after purchasing an additional 7,885 shares during the last quarter. Verdence Capital Advisors LLC grew its stake in Sprout Social by 16.7% in the third quarter. Verdence Capital Advisors LLC now owns 7,120 shares of the company’s stock valued at $355,000 after purchasing an additional 1,020 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Sprout Social by 15.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,115 shares of the company’s stock worth $505,000 after purchasing an additional 1,389 shares in the last quarter. Finally, Brighton Jones LLC acquired a new stake in shares of Sprout Social in the 3rd quarter valued at approximately $423,000.

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.