Geode Capital Management LLC Purchases 22,320 Shares of Sprout Social, Inc. (NASDAQ:SPT)

Geode Capital Management LLC increased its position in shares of Sprout Social, Inc. (NASDAQ:SPT) by 1.9% in the third quarter, Holdings Channel reports. The institutional investor owned 1,175,538 shares of the company’s stock after buying an additional 22,320 shares during the period. Geode Capital Management LLC’s holdings in Sprout Social were worth $34,179,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP lifted its position in Sprout Social by 16.0% during the 3rd quarter. Wellington Management Group LLP now owns 3,762,443 shares of the company’s stock worth $109,374,000 after buying an additional 519,406 shares in the last quarter. Clearbridge Investments LLC raised its holdings in Sprout Social by 3.9% during the second quarter. Clearbridge Investments LLC now owns 2,694,797 shares of the company’s stock worth $96,150,000 after acquiring an additional 100,890 shares in the last quarter. Jennison Associates LLC boosted its position in Sprout Social by 1.0% during the third quarter. Jennison Associates LLC now owns 2,164,256 shares of the company’s stock valued at $62,915,000 after purchasing an additional 21,186 shares during the last quarter. Dorsey Asset Management LLC acquired a new position in shares of Sprout Social during the 2nd quarter worth approximately $61,583,000. Finally, State Street Corp increased its position in shares of Sprout Social by 0.5% during the 3rd quarter. State Street Corp now owns 1,227,099 shares of the company’s stock worth $35,672,000 after purchasing an additional 5,557 shares during the last quarter.

Sprout Social Stock Performance

NASDAQ:SPT opened at $32.41 on Thursday. The stock has a 50 day simple moving average of $30.40 and a 200 day simple moving average of $31.61. The stock has a market cap of $1.86 billion, a P/E ratio of -27.01 and a beta of 1.03. Sprout Social, Inc. has a 1-year low of $25.05 and a 1-year 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.

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 analysts’ consensus estimates of ($0.22) by ($0.06). Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. The business had revenue of $102.64 million during the quarter, compared to the consensus estimate of $102.04 million. Research analysts anticipate that Sprout Social, Inc. will post -0.98 earnings per share for the current year.

Analysts Set New Price Targets

SPT has been the subject of several recent analyst reports. Piper Sandler cut their price objective on Sprout Social from $40.00 to $29.00 and set a “neutral” rating for the company in a report on Monday, November 11th. Needham & Company LLC reissued a “buy” rating and issued a $55.00 price objective on shares of Sprout Social in a research report on Friday, November 8th. Barclays dropped their target price on shares of Sprout Social from $48.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, October 11th. Scotiabank assumed coverage on shares of Sprout Social in a research note on Monday, November 18th. They issued a “sector perform” rating and a $28.00 target price for the company. Finally, Oppenheimer lowered their price target on Sprout Social from $40.00 to $38.00 and set an “outperform” rating on the stock in a research report on Tuesday, December 3rd. 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 data from MarketBeat, Sprout Social currently has a consensus rating of “Hold” and a consensus price target of $45.46.

Insiders Place Their Bets

In related news, CEO Ryan Paul Barretto sold 16,800 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $28.25, for a total transaction of $474,600.00. Following the completion of the sale, the chief executive officer now owns 170,175 shares of the company’s stock, valued at $4,807,443.75. This represents a 8.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Justyn Russell Howard sold 20,000 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $28.23, for a total transaction of $564,600.00. Following the sale, the insider now owns 7,417 shares in the company, valued at $209,381.91. The trade was a 72.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,765 shares of company stock worth $1,676,279 in the last quarter. Corporate 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.