Piper Sandler Cuts Sprout Social (NASDAQ:SPT) Price Target to $29.00

Sprout Social (NASDAQ:SPT) had its target price lowered by Piper Sandler from $40.00 to $29.00 in a report issued on Monday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Several other equities research analysts have also weighed in on SPT. Robert W. Baird raised their price objective on Sprout Social from $38.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. KeyCorp lowered Sprout Social from a “sector weight” rating to an “underweight” rating and set a $28.00 price objective for the company. in a research note on Thursday, August 22nd. Barclays reduced their target price on Sprout Social from $48.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, October 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $46.00 target price on shares of Sprout Social in a report on Friday, August 2nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $55.00 target price on shares of Sprout Social in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $47.08.

Sprout Social Stock Up 0.6 %

Shares of NASDAQ SPT opened at $28.97 on Monday. The stock has a fifty day moving average price of $28.07 and a two-hundred day moving average price of $31.93. The company has a quick ratio of 0.98, a current ratio of 0.96 and a debt-to-equity ratio of 0.19. Sprout Social has a 1 year low of $25.05 and a 1 year high of $68.41.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.06). The firm had revenue of $102.64 million for the quarter, compared to the consensus estimate of $102.04 million. Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. As a group, equities analysts forecast that Sprout Social will post -0.9 earnings per share for the current fiscal year.

Insider Activity at Sprout Social

In related news, insider Justyn Russell Howard sold 20,000 shares of Sprout Social stock in a transaction on Monday, October 7th. The stock was sold at an average price of $28.23, for a total transaction of $564,600.00. Following the completion of the sale, the insider now owns 7,417 shares of the company’s stock, valued at approximately $209,381.91. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Sprout Social news, CFO Preto Joseph Del sold 1,500 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $28.27, for a total value of $42,405.00. Following the completion of the sale, the chief financial officer now owns 158,614 shares of the company’s stock, valued at $4,484,017.78. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Justyn Russell Howard sold 20,000 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $28.23, for a total value of $564,600.00. Following the completion of the sale, the insider now directly owns 7,417 shares of the company’s stock, valued at $209,381.91. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,882 shares of company stock valued at $1,801,351. Insiders own 10.97% of the company’s stock.

Hedge Funds Weigh In On Sprout Social

Institutional investors have recently made changes to their positions in the business. EntryPoint Capital LLC bought a new position in shares of Sprout Social in the first quarter worth about $37,000. Covestor Ltd increased its stake in Sprout Social by 35,450.0% during the first quarter. Covestor Ltd now owns 711 shares of the company’s stock valued at $42,000 after acquiring an additional 709 shares during the period. Quarry LP increased its stake in Sprout Social by 2,346.9% during the second quarter. Quarry LP now owns 783 shares of the company’s stock valued at $28,000 after acquiring an additional 751 shares during the period. Bessemer Group Inc. bought a new position in Sprout Social during the first quarter valued at about $61,000. Finally, Lazard Asset Management LLC increased its stake in Sprout Social by 49.0% during the first quarter. Lazard Asset Management LLC now owns 1,863 shares of the company’s stock valued at $111,000 after acquiring an additional 613 shares during the period.

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.