Scotiabank Initiates Coverage on Sprout Social (NASDAQ:SPT)

Scotiabank started coverage on shares of Sprout Social (NASDAQ:SPT) in a report published on Monday morning, MarketBeat Ratings reports. The brokerage issued a sector perform rating and a $28.00 price objective on the stock.

Several other research analysts have also weighed in on SPT. Robert W. Baird upped their price objective on shares of Sprout Social from $38.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Barclays dropped their price target on shares of Sprout Social from $48.00 to $38.00 and set an “overweight” rating on the stock in a research note on Friday, October 11th. Piper Sandler dropped their price target on shares of Sprout Social from $40.00 to $29.00 and set a “neutral” rating on the stock in a research note on Monday, November 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $46.00 price objective on shares of Sprout Social in a report on Friday, August 2nd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $55.00 price target on shares of Sprout Social in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $45.62.

Sprout Social Price Performance

NASDAQ SPT opened at $29.63 on Monday. Sprout Social has a 52 week low of $25.05 and a 52 week high of $68.41. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of -24.69 and a beta of 0.99. The company has a 50-day moving average price of $28.30 and a two-hundred day moving average price of $31.32.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.06). The company had revenue of $102.64 million during the quarter, compared to analyst estimates of $102.04 million. Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. Analysts forecast that Sprout Social will post -0.9 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Preto Joseph Del sold 1,500 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $28.27, for a total value of $42,405.00. Following the transaction, the chief financial officer now directly owns 158,614 shares of the company’s stock, valued at approximately $4,484,017.78. The trade was a 0.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Ryan Paul Barretto sold 13,306 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.23, for a total transaction of $388,934.38. Following the completion of the transaction, the president now directly owns 470,809 shares in the company, valued at $13,761,747.07. This trade represents a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,882 shares of company stock worth $1,801,351. Corporate insiders own 10.97% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. EntryPoint Capital LLC bought a new position in shares of 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% during the 1st quarter. Covestor Ltd now owns 711 shares of the company’s stock valued at $42,000 after acquiring an additional 709 shares during the period. Quarry LP lifted its holdings in 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 purchasing an additional 751 shares in the last quarter. Bessemer Group Inc. purchased a new stake in shares of Sprout Social during the 1st quarter worth approximately $61,000. Finally, Lazard Asset Management LLC raised its holdings in Sprout Social by 49.0% during the 1st quarter. Lazard Asset Management LLC now owns 1,863 shares of the company’s stock valued at $111,000 after buying an additional 613 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.