Canaccord Genuity Group Cuts Sprout Social (NASDAQ:SPT) Price Target to $50.00

Sprout Social (NASDAQ:SPT) had its price objective decreased by Canaccord Genuity Group from $70.00 to $50.00 in a research report released on Friday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

SPT has been the subject of several other research reports. William Blair restated a market perform rating on shares of Sprout Social in a report on Friday. Piper Sandler cut shares of Sprout Social from an overweight rating to a neutral rating and reduced their target price for the company from $66.00 to $40.00 in a research note on Friday. Needham & Company LLC decreased their target price on Sprout Social from $75.00 to $55.00 and set a buy rating for the company in a research report on Friday. BTIG Research cut Sprout Social from a buy rating to a neutral rating in a research report on Friday. Finally, Jefferies Financial Group assumed coverage on Sprout Social in a report on Wednesday, February 7th. They issued a buy rating and a $76.00 price target for the company. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Sprout Social presently has an average rating of Moderate Buy and an average price target of $57.07.

Sprout Social Price Performance

SPT stock traded up $0.07 during trading on Friday, hitting $28.89. 292,804 shares of the company’s stock traded hands, compared to its average volume of 747,206. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -23.06 and a beta of 1.09. The business has a fifty day simple moving average of $55.98 and a 200 day simple moving average of $56.80. Sprout Social has a 52 week low of $27.85 and a 52 week 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.

Sprout Social (NASDAQ:SPT) last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). The company had revenue of $93.58 million during the quarter, compared to analyst estimates of $90.76 million. Sprout Social had a negative net margin of 19.64% and a negative return on equity of 42.60%. As a group, research analysts expect that Sprout Social will post -1.17 EPS for the current fiscal year.

Insider Activity at Sprout Social

In related news, CFO Preto Joseph Del sold 1,500 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $59.63, for a total value of $89,445.00. Following the completion of the sale, the chief financial officer now owns 172,644 shares of the company’s stock, valued at approximately $10,294,761.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Aaron Edward Frederick Rankin sold 22,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $56.95, for a total transaction of $1,252,900.00. Following the transaction, the director now owns 44,487 shares of the company’s stock, valued at approximately $2,533,534.65. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Preto Joseph Del sold 1,500 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $59.63, for a total transaction of $89,445.00. Following the transaction, the chief financial officer now directly owns 172,644 shares in the company, valued at approximately $10,294,761.72. The disclosure for this sale can be found here. Insiders sold a total of 89,100 shares of company stock worth $5,126,065 in the last three months. Company insiders own 10.97% of the company’s stock.

Institutional Trading of Sprout Social

Several hedge funds have recently made changes to their positions in SPT. Atria Wealth Solutions Inc. lifted its position in Sprout Social by 4.7% in the third quarter. Atria Wealth Solutions Inc. now owns 4,654 shares of the company’s stock valued at $232,000 after purchasing an additional 208 shares during the period. Verdence Capital Advisors LLC grew its holdings in Sprout Social by 3.2% during the 4th quarter. Verdence Capital Advisors LLC now owns 7,345 shares of the company’s stock valued at $451,000 after buying an additional 225 shares during the last quarter. Arcadia Investment Management Corp MI lifted its holdings in Sprout Social by 36.7% in the 4th quarter. Arcadia Investment Management Corp MI now owns 1,047 shares of the company’s stock valued at $64,000 after purchasing an additional 281 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Sprout Social by 14.8% during the third quarter. PNC Financial Services Group Inc. now owns 2,500 shares of the company’s stock valued at $125,000 after buying an additional 323 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new stake in Sprout Social during the first quarter worth approximately $27,000.

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.