Needham & Company LLC Cuts Sprout Social (NASDAQ:SPT) Price Target to $55.00

Sprout Social (NASDAQ:SPT) had its target price lowered by analysts at Needham & Company LLC from $75.00 to $55.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 90.84% from the company’s current price.

SPT has been the topic of several other research reports. Jefferies Financial Group started coverage on Sprout Social in a report on Wednesday, February 7th. They issued a “buy” rating and a $76.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $74.00 target price on shares of Sprout Social in a research report on Wednesday, February 21st. Barclays decreased their price target on shares of Sprout Social from $75.00 to $72.00 and set an “overweight” rating on the stock in a report on Wednesday, February 21st. Oppenheimer started coverage on shares of Sprout Social in a report on Thursday, April 18th. They set an “outperform” rating and a $76.00 price objective for the company. Finally, BTIG Research cut Sprout Social from a “buy” rating to a “neutral” rating in a research note on Friday. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.07.

Sprout Social Stock Performance

Sprout Social stock opened at $28.82 on Friday. Sprout Social has a 1-year low of $27.85 and a 1-year high of $68.41. 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 firm’s 50 day simple moving average is $55.98 and its 200 day simple moving average is $56.71.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings results on Tuesday, February 20th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). Sprout Social had a negative net margin of 19.64% and a negative return on equity of 42.60%. The firm had revenue of $93.58 million for the quarter, compared to analysts’ expectations of $90.76 million. Analysts expect that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Insider Transactions at Sprout Social

In related news, President Ryan Paul Barretto sold 5,600 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.63, for a total transaction of $333,928.00. Following the completion of the sale, the president now directly owns 209,375 shares in the company, valued at approximately $12,485,031.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Sprout Social news, CFO Preto Joseph Del sold 1,500 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.71, for a total value of $89,565.00. Following the sale, the chief financial officer now owns 127,322 shares of the company’s stock, valued at approximately $7,602,396.62. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Ryan Paul Barretto sold 5,600 shares of the company’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $59.63, for a total transaction of $333,928.00. Following the transaction, the president now directly owns 209,375 shares of the company’s stock, valued at $12,485,031.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 140,200 shares of company stock worth $8,171,958. Company insiders own 10.97% of the company’s stock.

Institutional Trading of Sprout Social

Several large investors have recently modified their holdings of the business. Fidelis Capital Partners LLC purchased a new stake in Sprout Social in the first quarter worth $27,000. RiverPark Advisors LLC bought a new position in Sprout Social in the 3rd quarter worth $37,000. Guinness Atkinson Asset Management Inc purchased a new stake in shares of Sprout Social in the 3rd quarter worth about $40,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Sprout Social during the 3rd quarter valued at about $47,000. Finally, Arcadia Investment Management Corp MI increased its position in shares of Sprout Social by 36.7% during the fourth quarter. Arcadia Investment Management Corp MI now owns 1,047 shares of the company’s stock valued at $64,000 after buying an additional 281 shares during the period.

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.