Canaccord Genuity Group Cuts Sprout Social (NASDAQ:SPT) Price Target to $35.00

Sprout Social (NASDAQ:SPT) had its price target trimmed by Canaccord Genuity Group from $40.00 to $35.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also recently issued reports on SPT. Piper Sandler cut their price objective on Sprout Social from $29.00 to $27.00 and set a “neutral” rating for the company in a research report on Wednesday. Barclays dropped their price target on Sprout Social from $38.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday. Morgan Stanley reduced their price objective on shares of Sprout Social from $37.00 to $30.00 and set an “equal weight” rating for the company in a research report on Wednesday. Needham & Company LLC dropped their price objective on shares of Sprout Social from $55.00 to $32.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Stifel Nicolaus cut their target price on shares of Sprout Social from $45.00 to $34.00 and set a “buy” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Sprout Social currently has an average rating of “Hold” and a consensus target price of $33.85.

Sprout Social Price Performance

NASDAQ:SPT opened at $26.52 on Wednesday. The stock has a market capitalization of $1.52 billion, a PE ratio of -22.10 and a beta of 1.06. Sprout Social has a 1-year low of $25.05 and a 1-year high of $64.91. The firm has a fifty day simple moving average of $31.51 and a 200 day simple moving average of $30.48. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.19.

Sprout Social (NASDAQ:SPT) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.35). Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. The firm had revenue of $107.09 million during the quarter, compared to the consensus estimate of $106.74 million. On average, research analysts expect that Sprout Social will post -0.99 EPS for the current fiscal year.

Insider Activity at Sprout Social

In related news, insider Justyn Russell Howard sold 40,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $31.67, for a total value of $1,266,800.00. Following the completion of the transaction, the insider now owns 27,136 shares of the company’s stock, valued at $859,397.12. The trade was a 59.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Karen Walker sold 5,000 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $34.24, for a total transaction of $171,200.00. Following the sale, the director now owns 35,665 shares in the company, valued at $1,221,169.60. The trade was a 12.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 120,265 shares of company stock worth $3,837,006. Company insiders own 10.97% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Jefferies Financial Group Inc. acquired a new stake in shares of Sprout Social in the 4th quarter valued at $4,296,000. Woodline Partners LP bought a new stake in shares of Sprout Social during the 4th quarter worth $233,000. Two Sigma Advisers LP boosted its stake in Sprout Social by 96.4% in the fourth quarter. Two Sigma Advisers LP now owns 110,600 shares of the company’s stock valued at $3,397,000 after buying an additional 54,300 shares in the last quarter. ProShare Advisors LLC grew its position in Sprout Social by 49.9% in the fourth quarter. ProShare Advisors LLC now owns 14,459 shares of the company’s stock valued at $444,000 after acquiring an additional 4,811 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its stake in Sprout Social by 110.7% during the fourth quarter. Nuveen Asset Management LLC now owns 454,162 shares of the company’s stock worth $13,947,000 after acquiring an additional 238,650 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.