Sprouts Farmers Market (NASDAQ:SFM) Updates FY24 Earnings Guidance

Sprouts Farmers Market (NASDAQ:SFM) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $3.29-$3.37 for the period, compared to the consensus EPS estimate of $3.12. The company issued revenue guidance of $7.45-$7.52 billion, compared to the consensus revenue estimate of $7.41 billion. Sprouts Farmers Market also updated its FY 2024 guidance to 3.290-3.370 EPS.

Sprouts Farmers Market Price Performance

Sprouts Farmers Market stock traded up $13.21 during mid-day trading on Tuesday, hitting $97.87. The company’s stock had a trading volume of 2,426,660 shares, compared to its average volume of 1,329,338. The company has a quick ratio of 0.65, a current ratio of 1.19 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $9.83 billion, a P/E ratio of 35.22, a P/E/G ratio of 3.31 and a beta of 0.55. Sprouts Farmers Market has a twelve month low of $36.21 and a twelve month high of $103.80. The stock’s fifty day moving average price is $80.67 and its two-hundred day moving average price is $68.09.

Sprouts Farmers Market (NASDAQ:SFM) last issued its earnings results on Monday, July 29th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.16. The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.84 billion. Sprouts Farmers Market had a net margin of 4.25% and a return on equity of 26.77%. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter last year, the business posted $0.71 EPS. Research analysts forecast that Sprouts Farmers Market will post 3.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

SFM has been the topic of a number of recent research reports. UBS Group raised their price objective on shares of Sprouts Farmers Market from $68.00 to $94.00 and gave the company a neutral rating in a research note on Friday, June 28th. Wells Fargo & Company upgraded shares of Sprouts Farmers Market from an underweight rating to an equal weight rating and raised their price objective for the stock from $62.00 to $90.00 in a report on Tuesday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Sprouts Farmers Market from $63.00 to $76.00 and gave the stock a hold rating in a report on Monday. Oppenheimer restated a market perform rating on shares of Sprouts Farmers Market in a report on Monday, April 29th. Finally, BMO Capital Markets upgraded shares of Sprouts Farmers Market from an underperform rating to a market perform rating and lifted their price target for the company from $40.00 to $102.00 in a research note on Tuesday. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Sprouts Farmers Market has a consensus rating of Hold and a consensus price target of $83.50.

Insider Activity

In related news, COO Nicholas Konat sold 31,000 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $74.14, for a total transaction of $2,298,340.00. Following the completion of the transaction, the chief operating officer now owns 51,495 shares in the company, valued at $3,817,839.30. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Sprouts Farmers Market news, COO Nicholas Konat sold 31,000 shares of Sprouts Farmers Market stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $74.14, for a total transaction of $2,298,340.00. Following the transaction, the chief operating officer now directly owns 51,495 shares of the company’s stock, valued at $3,817,839.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brandon F. Lombardi sold 5,174 shares of Sprouts Farmers Market stock in a transaction on Monday, May 6th. The shares were sold at an average price of $74.97, for a total transaction of $387,894.78. Following the completion of the sale, the insider now owns 6,052 shares in the company, valued at approximately $453,718.44. The disclosure for this sale can be found here. Insiders sold a total of 66,147 shares of company stock worth $4,999,299 over the last quarter. Insiders own 1.10% of the company’s stock.

About Sprouts Farmers Market

Sprouts Farmers Market, Inc, together with its subsidiaries, engages in the retailing of fresh, natural, and organic food products under the Sprouts brand in the United States. It offers perishable product categories, including fresh produce, meat and meat alternatives, seafood, deli, bakery, floral, and dairy and dairy alternatives; and non-perishable product categories, such as grocery, vitamins and supplements, bulk items, frozen foods, beer and wine, and natural health and body care.