Sprout Social (NASDAQ:SPT) Shares Gap Down to $55.11

Sprout Social, Inc. (NASDAQ:SPT) shares gapped down prior to trading on Tuesday . The stock had previously closed at $55.11, but opened at $53.16. Sprout Social shares last traded at $51.60, with a volume of 256,205 shares traded.

Analysts Set New Price Targets

Several research firms have recently commented on SPT. Canaccord Genuity Group reissued a “buy” rating and set a $70.00 target price on shares of Sprout Social in a research report on Wednesday, February 21st. Morgan Stanley dropped their target price on shares of Sprout Social from $73.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Piper Sandler upped their target price on Sprout Social from $62.00 to $66.00 and gave the company an “overweight” rating in a report on Wednesday, February 21st. KeyCorp began coverage on Sprout Social in a report on Thursday, March 21st. They set an “overweight” rating and a $83.00 price target on the stock. Finally, Jefferies Financial Group assumed coverage on Sprout Social in a research note on Wednesday, February 7th. They issued a “buy” rating and a $76.00 price objective for the company. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Sprout Social presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.31.

Sprout Social Trading Down 1.5 %

The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.38. The stock has a 50 day moving average of $59.55 and a 200-day moving average of $56.76.

Sprout Social (NASDAQ:SPT) last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The business had revenue of $93.58 million during the quarter, compared to the consensus estimate of $90.76 million. Sprout Social had a negative net margin of 19.91% and a negative return on equity of 41.25%. As a group, sell-side analysts forecast that Sprout Social, Inc. will post -1.17 EPS for the current year.

Insider Transactions at Sprout Social

In related news, CEO Justyn Russell Howard sold 20,000 shares of the business’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $56.52, for a total transaction of $1,130,400.00. Following the sale, the chief executive officer now directly owns 406,636 shares in the company, valued at approximately $22,983,066.72. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Aaron Edward Frederick Rankin sold 22,000 shares of the business’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $56.95, for a total transaction of $1,252,900.00. Following the completion of the transaction, the director now directly owns 44,487 shares in the company, valued at approximately $2,533,534.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Justyn Russell Howard sold 20,000 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $56.52, for a total value of $1,130,400.00. Following the completion of the sale, the chief executive officer now owns 406,636 shares in the company, valued at approximately $22,983,066.72. The disclosure for this sale can be found here. Insiders sold 140,200 shares of company stock valued at $8,171,958 over the last three months. Company insiders own 11.93% of the company’s stock.

Hedge Funds Weigh In On Sprout Social

A number of institutional investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. lifted its holdings in shares of Sprout Social by 244.1% during the 3rd quarter. Baillie Gifford & Co. now owns 4,404,402 shares of the company’s stock worth $219,692,000 after acquiring an additional 3,124,376 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Sprout Social by 27.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,953,155 shares of the company’s stock worth $197,183,000 after purchasing an additional 853,127 shares in the last quarter. Fred Alger Management LLC increased its position in shares of Sprout Social by 334.1% during the 3rd quarter. Fred Alger Management LLC now owns 667,462 shares of the company’s stock valued at $33,293,000 after purchasing an additional 513,687 shares during the last quarter. Macquarie Group Ltd. raised its holdings in shares of Sprout Social by 15.0% during the 2nd quarter. Macquarie Group Ltd. now owns 2,779,197 shares of the company’s stock valued at $161,388,000 after buying an additional 363,381 shares in the last quarter. Finally, Morgan Stanley lifted its position in Sprout Social by 78.0% in the 4th quarter. Morgan Stanley now owns 684,068 shares of the company’s stock worth $38,622,000 after buying an additional 299,727 shares during 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.