Oppenheimer Cuts Sprout Social (NASDAQ:SPT) Price Target to $40.00

Sprout Social (NASDAQ:SPT) had its price target dropped by research analysts at Oppenheimer from $43.00 to $40.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price objective points to a potential upside of 49.20% from the stock’s previous close.

Other research analysts have also issued reports about the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 target price on shares of Sprout Social in a research report on Friday, August 2nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $46.00 target price on shares of Sprout Social in a research note on Friday, August 2nd. KeyCorp lowered shares of Sprout Social from a “sector weight” rating to an “underweight” rating and set a $28.00 price target on the stock. in a research note on Thursday, August 22nd. Robert W. Baird upped their price objective on shares of Sprout Social from $38.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Barclays cut their target price on Sprout Social from $48.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, October 11th. One equities research 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 data from MarketBeat.com, Sprout Social currently has an average rating of “Hold” and a consensus target price of $48.00.

Sprout Social Stock Performance

SPT stock opened at $26.81 on Thursday. The firm has a 50 day simple moving average of $29.10 and a 200 day simple moving average of $34.37. Sprout Social has a 52 week low of $25.05 and a 52 week high of $68.41. The stock has a market cap of $1.52 billion, a P/E ratio of -21.45 and a beta of 0.97. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.98 and a current ratio of 0.98.

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

Insider Activity

In other Sprout Social news, CEO Justyn Russell Howard sold 20,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $30.68, for a total value of $613,600.00. Following the completion of the sale, the chief executive officer now directly owns 310,812 shares of the company’s stock, valued at $9,535,712.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Sprout Social news, CEO Justyn Russell Howard sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $30.68, for a total value of $613,600.00. Following the completion of the transaction, the chief executive officer now owns 310,812 shares of the company’s stock, valued at $9,535,712.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Aaron Edward Frederick Rankin sold 1,181 shares of Sprout Social stock in a transaction that occurred 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 sale, the director now directly owns 42,122 shares in the company, valued at $1,231,226.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 87,882 shares of company stock valued at $2,570,471. 10.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sprout Social

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fidelis Capital Partners LLC bought a new stake in Sprout Social in the first quarter valued at about $27,000. EntryPoint Capital LLC acquired a new stake in Sprout Social during the first quarter valued at approximately $37,000. Covestor Ltd grew its stake in shares of Sprout Social by 35,450.0% in the 1st quarter. Covestor Ltd now owns 711 shares of the company’s stock valued at $42,000 after purchasing an additional 709 shares during the period. Quarry LP raised its holdings in shares of Sprout Social by 2,346.9% in the 2nd quarter. Quarry LP now owns 783 shares of the company’s stock worth $28,000 after buying an additional 751 shares in the last quarter. Finally, Bessemer Group Inc. acquired a new stake in Sprout Social in the 1st quarter valued at $61,000.

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.