Canaccord Genuity Group Lowers Sprout Social (NASDAQ:SPT) Price Target to $35.00

Sprout Social (NASDAQ:SPT) had its price objective reduced by equities researchers at Canaccord Genuity Group from $40.00 to $35.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 27.97% from the company’s previous close.

A number of other brokerages have also weighed in on SPT. The Goldman Sachs Group decreased their target price on Sprout Social from $34.00 to $29.00 and set a “neutral” rating for the company in a research report on Wednesday. Scotiabank assumed coverage on Sprout Social in a report on Monday, November 18th. They issued a “sector perform” rating and a $28.00 price objective for the company. Needham & Company LLC dropped their target price on shares of Sprout Social from $55.00 to $32.00 and set a “buy” rating on the stock in a report on Wednesday. Morgan Stanley cut their target price on shares of Sprout Social from $37.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, Stifel Nicolaus lowered their price target on shares of Sprout Social from $45.00 to $34.00 and set a “buy” rating for the company in a research report on Wednesday. One investment 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. Based on data from MarketBeat, Sprout Social presently has an average rating of “Hold” and an average target price of $33.85.

Sprout Social Price Performance

Shares of SPT stock opened at $27.35 on Wednesday. The stock has a 50 day moving average price of $31.63 and a 200 day moving average price of $30.52. Sprout Social has a 52-week low of $25.05 and a 52-week high of $64.91. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $1.57 billion, a P/E ratio of -22.79 and a beta of 1.06.

Sprout Social (NASDAQ:SPT) last released its 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). The business had revenue of $107.09 million for the quarter, compared to the consensus estimate of $106.74 million. Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. As a group, sell-side analysts predict that Sprout Social will post -0.99 earnings per share for the current year.

Insider Transactions at Sprout Social

In other news, insider Justyn Russell Howard sold 40,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $31.67, for a total transaction of $1,266,800.00. Following the transaction, the insider now owns 27,136 shares in the company, valued at $859,397.12. This represents a 59.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ryan Paul Barretto sold 16,800 shares of Sprout Social stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $30.99, for a total transaction of $520,632.00. Following the completion of the sale, the chief executive officer now owns 153,375 shares of the company’s stock, valued at $4,753,091.25. This trade represents a 9.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 120,265 shares of company stock valued at $3,837,006 in the last quarter. 10.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sprout Social

Several hedge funds have recently made changes to their positions in SPT. Quarry LP boosted its position in Sprout Social by 100.9% in the third quarter. Quarry LP now owns 1,573 shares of the company’s stock valued at $46,000 after buying an additional 790 shares during the last quarter. US Bancorp DE boosted its holdings in shares of Sprout Social by 2,392.6% in the 4th quarter. US Bancorp DE now owns 1,695 shares of the company’s stock valued at $52,000 after acquiring an additional 1,627 shares during the last quarter. KBC Group NV boosted its holdings in shares of Sprout Social by 77.1% in the 4th quarter. KBC Group NV now owns 2,525 shares of the company’s stock valued at $78,000 after acquiring an additional 1,099 shares during the last quarter. Assetmark Inc. increased its stake in shares of Sprout Social by 27.5% in the third quarter. Assetmark Inc. now owns 3,717 shares of the company’s stock worth $108,000 after acquiring an additional 801 shares during the period. Finally, Yarbrough Capital LLC purchased a new position in shares of Sprout Social during the fourth quarter worth $206,000.

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.