Victory Capital Management Inc. Cuts Stock Holdings in Sprout Social, Inc. (NASDAQ:SPT)

Victory Capital Management Inc. cut its stake in Sprout Social, Inc. (NASDAQ:SPT) by 52.9% during the third quarter, HoldingsChannel reports. The fund owned 295,893 shares of the company’s stock after selling 332,473 shares during the quarter. Victory Capital Management Inc.’s holdings in Sprout Social were worth $8,602,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SPT. Vanguard Group Inc. raised its position in shares of Sprout Social by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 5,164,431 shares of the company’s stock valued at $308,368,000 after purchasing an additional 93,712 shares during the last quarter. Clearbridge Investments LLC boosted its position in Sprout Social by 3.9% in the second quarter. Clearbridge Investments LLC now owns 2,694,797 shares of the company’s stock valued at $96,150,000 after buying an additional 100,890 shares during the last quarter. Dorsey Asset Management LLC acquired a new position in Sprout Social in the 2nd quarter worth approximately $61,583,000. Principal Financial Group Inc. raised its position in Sprout Social by 20.0% during the 3rd quarter. Principal Financial Group Inc. now owns 1,199,451 shares of the company’s stock worth $34,868,000 after buying an additional 200,190 shares during the last quarter. Finally, Bamco Inc. NY raised its position in Sprout Social by 25.8% during the 1st quarter. Bamco Inc. NY now owns 975,000 shares of the company’s stock worth $58,217,000 after buying an additional 200,000 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SPT. Robert W. Baird upped their target price on Sprout Social from $38.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $46.00 price objective on shares of Sprout Social in a report on Friday, August 2nd. Scotiabank assumed coverage on shares of Sprout Social in a research note on Monday. They set a “sector perform” rating and a $28.00 target price on the stock. Oppenheimer cut their price target on Sprout Social from $43.00 to $40.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Finally, Barclays lowered their price target on Sprout Social from $48.00 to $38.00 and set an “overweight” rating on the stock in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Sprout Social currently has a consensus rating of “Hold” and an average target price of $45.62.

Sprout Social Stock Performance

Shares of NASDAQ:SPT opened at $30.32 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.96 and a quick ratio of 0.96. Sprout Social, Inc. has a 1 year low of $25.05 and a 1 year high of $68.41. The firm has a market capitalization of $1.74 billion, a PE ratio of -25.27 and a beta of 0.99. The business’s 50 day moving average price is $28.37 and its 200-day moving average price is $31.31.

Sprout Social (NASDAQ:SPT) last announced its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.06). The business had revenue of $102.64 million for 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%. As a group, equities research analysts expect that Sprout Social, Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Transactions at Sprout Social

In related news, Director Aaron Edward Frederick Rankin sold 1,181 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.23, for a total value of $34,520.63. Following the completion of the transaction, the director now directly owns 42,122 shares in the company, valued at approximately $1,231,226.06. This represents a 2.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Justyn Russell Howard sold 20,000 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $28.23, for a total value of $564,600.00. Following the sale, the insider now directly owns 7,417 shares of the company’s stock, valued at approximately $209,381.91. This trade represents a 72.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 62,882 shares of company stock worth $1,801,351 in the last ninety days. Insiders own 10.97% of the company’s stock.

Sprout Social Company Profile

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.