Scotiabank Initiates Coverage on Sprout Social (NASDAQ:SPT)

Research analysts at Scotiabank began coverage on shares of Sprout Social (NASDAQ:SPT) in a research report issued to clients and investors on Monday, Marketbeat.com reports. The brokerage set a “sector perform” rating and a $28.00 price target on the stock. Scotiabank’s target price indicates a potential downside of 3.75% from the company’s previous close.

A number of other research firms have also recently weighed in on SPT. Piper Sandler dropped their price target on Sprout Social from $40.00 to $29.00 and set a “neutral” rating for the company in a report on Monday, November 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $46.00 price target on shares of Sprout Social in a report on Friday, August 2nd. Barclays decreased their price objective on shares of Sprout Social from $48.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, October 11th. Robert W. Baird boosted their target price 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. Finally, Needham & Company LLC reissued a “buy” rating and set a $55.00 price target on shares of Sprout Social in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $45.62.

Sprout Social Stock Up 1.7 %

Shares of NASDAQ:SPT opened at $29.09 on Monday. The company’s fifty day moving average is $28.23 and its 200-day moving average is $31.33. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.96 and a current ratio of 0.96. Sprout Social has a 52 week low of $25.05 and a 52 week high of $68.41. The company has a market capitalization of $1.67 billion, a PE ratio of -24.24 and a beta of 0.99.

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

Insider Activity

In other Sprout Social news, Director Aaron Edward Frederick Rankin sold 1,181 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 $34,520.63. Following the completion of the transaction, the director now directly owns 42,122 shares of the company’s stock, valued at approximately $1,231,226.06. The trade was a 2.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ryan Paul Barretto sold 16,800 shares of Sprout Social stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $28.25, for a total value of $474,600.00. Following the transaction, the chief executive officer now owns 170,175 shares in the company, valued at $4,807,443.75. This trade represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 62,882 shares of company stock valued at $1,801,351 in the last ninety days. 10.97% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SPT. Quarry LP boosted its holdings in Sprout Social by 2,346.9% during the second quarter. Quarry LP now owns 783 shares of the company’s stock worth $28,000 after purchasing an additional 751 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Sprout Social in the first quarter valued at about $37,000. Covestor Ltd raised its holdings in Sprout Social by 35,450.0% during the first quarter. Covestor Ltd now owns 711 shares of the company’s stock worth $42,000 after acquiring an additional 709 shares in the last quarter. Bessemer Group Inc. acquired a new position in Sprout Social during the first quarter valued at approximately $61,000. Finally, nVerses Capital LLC grew its stake in Sprout Social by 76.5% in the second quarter. nVerses Capital LLC now owns 3,000 shares of the company’s stock valued at $107,000 after purchasing an additional 1,300 shares in the last quarter.

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.