State Street Corp Buys 5,557 Shares of Sprout Social, Inc. (NASDAQ:SPT)

State Street Corp lifted its position in Sprout Social, Inc. (NASDAQ:SPT) by 0.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,227,099 shares of the company’s stock after acquiring an additional 5,557 shares during the period. State Street Corp owned 2.15% of Sprout Social worth $35,672,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Clearbridge Investments LLC lifted its holdings in shares of Sprout Social by 3.9% during the second quarter. Clearbridge Investments LLC now owns 2,694,797 shares of the company’s stock valued at $96,150,000 after purchasing an additional 100,890 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Sprout Social by 1.0% in the third quarter. Jennison Associates LLC now owns 2,164,256 shares of the company’s stock worth $62,915,000 after acquiring an additional 21,186 shares during the last quarter. Dorsey Asset Management LLC bought a new position in shares of Sprout Social during the second quarter valued at $61,583,000. Principal Financial Group Inc. raised its position in shares of Sprout Social by 20.0% in the 3rd quarter. Principal Financial Group Inc. now owns 1,199,451 shares of the company’s stock worth $34,868,000 after purchasing an additional 200,190 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Sprout Social by 98.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 664,970 shares of the company’s stock worth $23,726,000 after purchasing an additional 330,309 shares in the last quarter.

Analyst Ratings Changes

Several analysts have commented on 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 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price target on shares of Sprout Social in a report on Friday, November 8th. Piper Sandler decreased their price objective on shares of Sprout Social from $40.00 to $29.00 and set a “neutral” rating for the company in a report on Monday, November 11th. Barclays cut their target price on shares of Sprout Social from $48.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, October 11th. Finally, Oppenheimer lowered their price target on Sprout Social from $40.00 to $38.00 and set an “outperform” rating on the stock in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sprout Social presently has a consensus rating of “Hold” and an average price target of $45.46.

Insiders Place Their Bets

In other Sprout Social news, CEO Ryan Paul Barretto sold 16,800 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 170,175 shares of the company’s stock, valued at approximately $4,807,443.75. This trade represents a 8.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Justyn Russell Howard sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $28.23, for a total value of $564,600.00. Following the completion of the transaction, the insider now directly owns 7,417 shares of the company’s stock, valued at $209,381.91. The trade was a 72.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,765 shares of company stock valued at $1,676,279. 10.97% of the stock is currently owned by insiders.

Sprout Social Price Performance

Shares of SPT stock opened at $32.45 on Friday. The company has a market capitalization of $1.86 billion, a PE ratio of -27.04 and a beta of 1.03. Sprout Social, Inc. has a 12 month low of $25.05 and a 12 month high of $68.41. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.96 and a quick ratio of 0.96. The firm’s 50-day moving average is $30.19 and its two-hundred day moving average is $31.65.

Sprout Social (NASDAQ:SPT) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.06). Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. The business had revenue of $102.64 million during the quarter, compared to analyst estimates of $102.04 million. Analysts predict that Sprout Social, Inc. will post -0.98 earnings per share for the current year.

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.