Needham & Company LLC Lowers Sprout Social (NASDAQ:SPT) Price Target to $32.00

Sprout Social (NASDAQ:SPT) had its target price decreased by research analysts at Needham & Company LLC from $55.00 to $32.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 17.00% from the company’s current price.

SPT has been the topic of a number of other reports. Piper Sandler decreased their price target on Sprout Social from $29.00 to $27.00 and set a “neutral” rating on the stock in a research note on Wednesday. Morgan Stanley raised their target price on shares of Sprout Social from $36.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Scotiabank initiated coverage on shares of Sprout Social in a research report on Monday, November 18th. They set a “sector perform” rating and a $28.00 price target for the company. Jefferies Financial Group lifted their price target on shares of Sprout Social from $34.00 to $42.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Finally, Oppenheimer dropped their price objective on Sprout Social from $40.00 to $38.00 and set an “outperform” rating for the company in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $33.85.

Sprout Social Stock Performance

NASDAQ:SPT opened at $27.35 on Wednesday. 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 has a market cap of $1.57 billion, a PE ratio of -22.79 and a beta of 1.06. The firm has a 50 day simple moving average of $31.63 and a 200-day simple moving average of $30.52. Sprout Social has a 1-year low of $25.05 and a 1-year high of $64.91.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $107.09 million during the quarter, compared to analyst estimates of $106.74 million. On average, equities analysts expect that Sprout Social will post -0.99 EPS for the current year.

Insiders Place Their Bets

In related news, insider Justyn Russell Howard sold 40,000 shares of Sprout Social stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $32.59, for a total transaction of $1,303,600.00. Following the sale, the insider now owns 7,417 shares of the company’s stock, valued at $241,720.03. The trade was a 84.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ryan Paul Barretto sold 13,465 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $31.45, for a total transaction of $423,474.25. Following the completion of the transaction, the chief executive officer now directly owns 546,343 shares of the company’s stock, valued at approximately $17,182,487.35. The trade was a 2.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 120,265 shares of company stock worth $3,837,006 over the last quarter. 10.97% of the stock is owned by corporate insiders.

Institutional Trading of Sprout Social

A number of hedge funds and other institutional investors have recently modified their holdings of SPT. Impax Asset Management Group plc boosted its holdings in Sprout Social by 46.6% in the third quarter. Impax Asset Management Group plc now owns 188,724 shares of the company’s stock valued at $5,486,000 after purchasing an additional 60,000 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Sprout Social by 324.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 402,947 shares of the company’s stock valued at $11,714,000 after purchasing an additional 307,906 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Sprout Social by 20.0% during the 3rd quarter. Principal Financial Group Inc. now owns 1,199,451 shares of the company’s stock valued at $34,868,000 after buying an additional 200,190 shares during the last quarter. M&T Bank Corp acquired a new stake in shares of Sprout Social during the third quarter worth approximately $1,074,000. Finally, Zacks Investment Management acquired a new stake in shares of Sprout Social during the third quarter worth approximately $2,120,000.

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.