Sprout Social (NASDAQ:SPT) Issues Q3 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) updated its third quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.120-0.130 for the period, compared to the consensus EPS estimate of 0.120. The company issued revenue guidance of $101.9 million-$102.1 million, compared to the consensus revenue estimate of $101.9 million. Sprout Social also updated its FY 2024 guidance to 0.450-0.460 EPS.

Sprout Social Price Performance

NASDAQ:SPT traded down $4.33 during trading hours on Friday, hitting $32.93. 1,049,495 shares of the stock were exchanged, compared to its average volume of 613,503. Sprout Social has a 52-week low of $25.68 and a 52-week high of $68.41. The firm’s fifty day moving average price is $35.08 and its 200 day moving average price is $47.31. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.31. The company has a market cap of $1.86 billion, a P/E ratio of -26.34 and a beta of 1.00.

Sprout Social (NASDAQ:SPT) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.32) by $0.10. Sprout Social had a negative return on equity of 44.88% and a negative net margin of 19.60%. The company had revenue of $96.78 million during the quarter, compared to analyst estimates of $97.29 million. As a group, equities research analysts anticipate that Sprout Social will post -0.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on SPT. Cantor Fitzgerald reissued an overweight rating and issued a $46.00 price objective on shares of Sprout Social in a research note on Friday. Robert W. Baird increased their price objective on Sprout Social from $38.00 to $40.00 and gave the company a neutral rating in a research note on Friday. 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. Barclays reduced their price objective on Sprout Social from $50.00 to $48.00 and set an overweight rating for the company in a research note on Tuesday, July 16th. Finally, Canaccord Genuity Group reduced their price objective on Sprout Social from $70.00 to $50.00 and set a buy rating for the company in a research note on Friday, May 3rd. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $56.57.

Insider Transactions at Sprout Social

In other news, President Ryan Paul Barretto sold 11,200 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $36.10, for a total transaction of $404,320.00. Following the completion of the transaction, the president now directly owns 186,975 shares in the company, valued at approximately $6,749,797.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, President Ryan Paul Barretto sold 11,200 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $36.10, for a total transaction of $404,320.00. Following the completion of the transaction, the president now directly owns 186,975 shares in the company, valued at approximately $6,749,797.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Justyn Russell Howard sold 20,000 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $28.50, for a total value of $570,000.00. Following the transaction, the chief executive officer now owns 406,636 shares of the company’s stock, valued at $11,589,126. The disclosure for this sale can be found here. In the last ninety days, insiders sold 92,470 shares of company stock worth $3,063,248. 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.