Oppenheimer Asset Management Inc. Cuts Holdings in Sprout Social, Inc. (NASDAQ:SPT)

Oppenheimer Asset Management Inc. cut its holdings in Sprout Social, Inc. (NASDAQ:SPT) by 44.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,901 shares of the company’s stock after selling 7,991 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Sprout Social were worth $353,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Jericho Capital Asset Management L.P. acquired a new stake in shares of Sprout Social during the 1st quarter valued at approximately $22,332,000. Allspring Global Investments Holdings LLC raised its holdings in Sprout Social by 98.7% during the second 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 during the last quarter. Jennison Associates LLC boosted its position in Sprout Social by 17.0% during the first quarter. Jennison Associates LLC now owns 2,137,422 shares of the company’s stock worth $127,625,000 after purchasing an additional 311,146 shares in the last quarter. Norges Bank acquired a new stake in Sprout Social in the fourth quarter valued at $14,085,000. Finally, Public Employees Retirement Association of Colorado increased its position in shares of Sprout Social by 2,935.8% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 208,164 shares of the company’s stock valued at $12,790,000 after buying an additional 201,307 shares in the last quarter.

Analysts Set New Price Targets

SPT has been the topic of a number of research reports. Needham & Company LLC reissued a “buy” rating and issued a $55.00 price objective on shares of Sprout Social in a research note on Friday, August 2nd. Robert W. Baird raised their price objective on shares of Sprout Social from $38.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Barclays reduced their target price on Sprout Social from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 16th. KeyCorp downgraded Sprout Social from a “sector weight” rating to an “underweight” rating and set a $28.00 price target for the company. in a research report on Thursday, August 22nd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $46.00 price objective on shares of Sprout Social in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Sprout Social currently has a consensus rating of “Hold” and an average price target of $51.31.

Sprout Social Trading Down 2.2 %

NASDAQ SPT opened at $28.38 on Friday. The company has a market cap of $1.60 billion, a P/E ratio of -22.70 and a beta of 0.98. 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 0.26, a current ratio of 0.98 and a quick ratio of 0.98. The company has a 50-day moving average of $32.42 and a 200-day moving average of $39.49.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The firm had revenue of $99.40 million during the quarter, compared to analyst estimates of $98.70 million. Sprout Social had a negative net margin of 19.60% and a negative return on equity of 44.38%. Sprout Social’s revenue for the quarter was up 25.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.23) earnings per share. As a group, equities analysts predict that Sprout Social, Inc. will post -0.9 earnings per share for the current year.

Insider Buying and Selling

In other news, President Ryan Paul Barretto sold 13,306 shares of Sprout Social stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.23, for a total value of $388,934.38. Following the transaction, the president now directly owns 470,809 shares of the company’s stock, valued at approximately $13,761,747.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Aaron Edward Frederick Rankin sold 1,181 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.23, for a total value of $34,520.63. Following the completion of the sale, the director now directly owns 42,122 shares in the company, valued at approximately $1,231,226.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Ryan Paul Barretto sold 13,306 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.23, for a total value of $388,934.38. Following the transaction, the president now owns 470,809 shares in the company, valued at approximately $13,761,747.07. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 82,282 shares of company stock valued at $2,670,776. 10.97% of the stock is currently owned by company insiders.

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.