Sprout Social (NASDAQ:SPT) Releases FY 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 0.450-0.460 for the period, compared to the consensus estimate of 0.230. The company issued revenue guidance of $405.0 million-$406.0 million, compared to the consensus revenue estimate of $425.6 million. Sprout Social also updated its Q2 2024 guidance to 0.070-0.080 EPS.

Sprout Social Price Performance

SPT stock opened at $48.15 on Friday. Sprout Social has a 12 month low of $37.00 and a 12 month high of $68.41. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.38. The company has a 50-day moving average price of $57.01 and a 200 day moving average price of $56.92. The stock has a market cap of $2.71 billion, a PE ratio of -40.12 and a beta of 1.09.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings data on Tuesday, February 20th. The company reported ($0.32) earnings per share (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 net margin of 19.91% and a negative return on equity of 41.25%. Equities research analysts anticipate that Sprout Social will post -1.17 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on SPT. Needham & Company LLC lowered their price objective on shares of Sprout Social from $75.00 to $55.00 and set a buy rating for the company in a research report on Friday. Stifel Nicolaus upped their price target on shares of Sprout Social from $60.00 to $70.00 and gave the stock a buy rating in a research report on Friday, January 19th. Barclays lowered their price target on shares of Sprout Social from $75.00 to $72.00 and set an overweight rating for the company in a research report on Wednesday, February 21st. The Goldman Sachs Group upped their price target on shares of Sprout Social from $65.00 to $81.00 and gave the stock a buy rating in a research report on Tuesday, January 23rd. Finally, Morgan Stanley reduced their price objective on shares of Sprout Social from $73.00 to $65.00 and set an equal weight rating for the company in a research note on Wednesday, April 17th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $68.21.

Insider Activity

In other news, Director Aaron Edward Frederick Rankin sold 44,000 shares of the company’s stock in a transaction 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 sale, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Aaron Edward Frederick Rankin sold 44,000 shares of the 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 directly owns 40,888 shares of the company’s stock, valued at $2,436,924.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Preto Joseph Del sold 1,500 shares of the 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 sale, the chief financial officer now directly owns 127,322 shares in the company, valued at $7,602,396.62. The disclosure for this sale can be found here. Insiders have sold 140,200 shares of company stock valued at $8,171,958 in the last ninety days. Insiders own 10.97% of the company’s stock.

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.