Piper Sandler Lowers Sprout Social (NASDAQ:SPT) Price Target to $29.00

Sprout Social (NASDAQ:SPT) had its price objective lowered by Piper Sandler from $40.00 to $29.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other brokerages have also recently weighed in on SPT. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $46.00 price target on shares of Sprout Social in a research note on Friday, August 2nd. Robert W. Baird raised their price target on Sprout Social from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Oppenheimer decreased their price target on Sprout Social from $43.00 to $40.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. KeyCorp cut Sprout Social from a “sector weight” rating to an “underweight” rating and set a $28.00 target price on the stock. in a research report on Thursday, August 22nd. Finally, Barclays decreased their target price on Sprout Social from $48.00 to $38.00 and set an “overweight” rating on the stock in a research report on Friday, October 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $47.08.

Sprout Social Price Performance

NASDAQ SPT opened at $28.76 on Monday. The business has a 50 day simple moving average of $28.07 and a 200 day simple moving average of $31.89. Sprout Social has a 52-week low of $25.05 and a 52-week high of $68.41. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 0.96. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -23.97 and a beta of 0.99.

Sprout Social (NASDAQ:SPT) last posted its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.06). The business had revenue of $102.64 million for the quarter, compared to the consensus estimate of $102.04 million. Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. Analysts anticipate that Sprout Social will post -0.9 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Aaron Edward Frederick Rankin sold 1,181 shares of Sprout Social stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.23, for a total value of $34,520.63. Following the transaction, the director now directly owns 42,122 shares of the company’s stock, valued at $1,231,226.06. The trade was a 2.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ryan Paul Barretto sold 16,800 shares of Sprout Social stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $28.25, for a total value of $474,600.00. Following the completion of the transaction, the chief executive officer now directly owns 170,175 shares in the company, valued at approximately $4,807,443.75. This represents a 8.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 62,882 shares of company stock valued at $1,801,351. 10.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sprout Social

A number of hedge funds and other institutional investors have recently made changes to their positions in SPT. Quarry LP lifted its stake in Sprout Social by 2,346.9% in the second quarter. Quarry LP now owns 783 shares of the company’s stock valued at $28,000 after buying an additional 751 shares during the period. EntryPoint Capital LLC acquired a new position in Sprout Social in the first quarter valued at approximately $37,000. Covestor Ltd lifted its stake in Sprout Social by 35,450.0% in the first quarter. Covestor Ltd now owns 711 shares of the company’s stock valued at $42,000 after buying an additional 709 shares during the period. Bessemer Group Inc. bought a new stake in shares of Sprout Social during the first quarter valued at approximately $61,000. Finally, nVerses Capital LLC increased its holdings in shares of Sprout Social by 76.5% during the second quarter. nVerses Capital LLC now owns 3,000 shares of the company’s stock valued at $107,000 after acquiring an additional 1,300 shares in the last quarter.

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.