Needham & Company LLC Cuts Sprout Social (NASDAQ:SPT) Price Target to $32.00

Sprout Social (NASDAQ:SPT) had its price target cut by Needham & Company LLC from $55.00 to $32.00 in a report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued reports about the company. Scotiabank assumed coverage on Sprout Social in a report on Monday, November 18th. They issued a “sector perform” rating and a $28.00 price target for the company. Morgan Stanley upped their target price on Sprout Social from $36.00 to $37.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Oppenheimer dropped their target price on Sprout Social from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Tuesday, December 3rd. Barclays dropped their target price on Sprout Social from $38.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Jefferies Financial Group upped their target price on Sprout Social from $34.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $33.85.

Sprout Social Stock Performance

NASDAQ SPT opened at $26.52 on Wednesday. Sprout Social has a fifty-two week low of $25.05 and a fifty-two week high of $64.91. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of -22.10 and a beta of 1.06. The business has a fifty day moving average of $31.51 and a 200-day moving average of $30.48. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.19.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.35). Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. The company had revenue of $107.09 million during the quarter, compared to analyst estimates of $106.74 million. As a group, analysts predict that Sprout Social will post -0.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Karen Walker sold 5,000 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $30.26, for a total value of $151,300.00. Following the completion of the sale, the director now owns 30,665 shares in the company, valued at approximately $927,922.90. This trade represents a 14.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Justyn Russell Howard sold 40,000 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $31.67, for a total value of $1,266,800.00. Following the completion of the sale, the insider now owns 27,136 shares of the company’s stock, valued at approximately $859,397.12. This trade represents a 59.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 120,265 shares of company stock worth $3,837,006 over the last three months. 10.97% of the stock is owned by insiders.

Institutional Investors Weigh In On Sprout Social

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Sprout Social by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 5,886,167 shares of the company’s stock valued at $180,764,000 after buying an additional 141,141 shares in the last quarter. Cadian Capital Management LP grew its stake in shares of Sprout Social by 6.1% in the fourth quarter. Cadian Capital Management LP now owns 4,548,323 shares of the company’s stock valued at $139,679,000 after buying an additional 263,267 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Sprout Social by 16.0% in the third quarter. Wellington Management Group LLP now owns 3,762,443 shares of the company’s stock valued at $109,374,000 after buying an additional 519,406 shares in the last quarter. Dorsey Asset Management LLC grew its stake in shares of Sprout Social by 16.7% in the fourth quarter. Dorsey Asset Management LLC now owns 2,306,149 shares of the company’s stock valued at $70,822,000 after buying an additional 330,155 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in shares of Sprout Social by 0.3% in the fourth quarter. Jennison Associates LLC now owns 2,171,567 shares of the company’s stock valued at $66,689,000 after buying an additional 7,311 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.