Oppenheimer Begins Coverage on Sprout Social (NASDAQ:SPT)

Oppenheimer assumed coverage on shares of Sprout Social (NASDAQ:SPT) in a report released on Thursday, Marketbeat reports. The firm issued an outperform rating and a $76.00 price objective on the stock.

Other research analysts also recently issued reports about the company. Piper Sandler lifted their target price on Sprout Social from $62.00 to $66.00 and gave the stock an overweight rating in a report on Wednesday, February 21st. Cantor Fitzgerald reaffirmed an overweight rating and set a $74.00 target price on shares of Sprout Social in a report on Wednesday, February 21st. Stifel Nicolaus lifted their target price on Sprout Social from $60.00 to $70.00 and gave the stock a buy rating in a report on Friday, January 19th. The Goldman Sachs Group lifted their target price on Sprout Social from $65.00 to $81.00 and gave the stock a buy rating in a report on Tuesday, January 23rd. Finally, KeyCorp assumed coverage on Sprout Social in a report on Thursday, March 21st. They set an overweight rating and a $83.00 target price on the stock. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $72.57.

Sprout Social Stock Performance

Shares of SPT stock opened at $52.74 on Thursday. Sprout Social has a twelve month low of $37.00 and a twelve month high of $68.41. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.08 and a current ratio of 1.08. The stock’s fifty day simple moving average is $59.34 and its 200 day simple moving average is $56.74.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings data 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). The firm had revenue of $93.58 million for the quarter, compared to the consensus estimate of $90.76 million. Sprout Social had a negative return on equity of 41.25% and a negative net margin of 19.91%. On average, sell-side analysts predict that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Justyn Russell Howard sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $56.52, for a total transaction of $1,130,400.00. Following 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Sprout Social news, President Ryan Paul Barretto sold 5,600 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $59.63, for a total transaction of $333,928.00. Following the completion of the sale, the president now directly owns 209,375 shares of the company’s stock, valued at approximately $12,485,031.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Justyn Russell Howard sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $56.52, for a total value of $1,130,400.00. Following the sale, the chief executive officer now directly owns 406,636 shares of the company’s stock, valued at $22,983,066.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 140,200 shares of company stock valued at $8,171,958. 11.93% of the stock is owned by company insiders.

Institutional Trading of Sprout Social

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Sprout Social by 3.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,084,389 shares of the company’s stock worth $253,609,000 after purchasing an additional 191,471 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Sprout Social by 244.1% in the third quarter. Baillie Gifford & Co. now owns 4,404,402 shares of the company’s stock valued at $219,692,000 after acquiring an additional 3,124,376 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Sprout Social by 1.7% in the first quarter. BlackRock Inc. now owns 3,958,956 shares of the company’s stock valued at $241,021,000 after acquiring an additional 67,321 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Sprout Social by 27.5% in the third quarter. Wellington Management Group LLP now owns 3,953,155 shares of the company’s stock valued at $197,183,000 after acquiring an additional 853,127 shares in the last quarter. Finally, Macquarie Group Ltd. grew its holdings in shares of Sprout Social by 15.0% in the second quarter. Macquarie Group Ltd. now owns 2,779,197 shares of the company’s stock valued at $161,388,000 after acquiring an additional 363,381 shares in 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.