Needham & Company LLC Reiterates “Buy” Rating for Sprout Social (NASDAQ:SPT)

Sprout Social (NASDAQ:SPT)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a report issued on Tuesday, Benzinga reports. They currently have a $75.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 43.79% from the company’s previous close.

Several other equities analysts also recently issued reports on SPT. KeyCorp began coverage on shares of Sprout Social in a report on Thursday, March 21st. They set an “overweight” rating and a $83.00 price target for the company. Piper Sandler raised their price target on Sprout Social from $62.00 to $66.00 and gave the company an “overweight” rating in a report on Wednesday, February 21st. Barclays cut their price objective on Sprout Social from $75.00 to $72.00 and set an “overweight” rating for the company in a research report on Wednesday, February 21st. Stifel Nicolaus increased their target price on Sprout Social from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, January 19th. Finally, Jefferies Financial Group assumed coverage on Sprout Social in a report on Wednesday, February 7th. They issued a “buy” rating and a $76.00 price target for the company. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $72.31.

Sprout Social Stock Down 1.5 %

SPT stock opened at $52.16 on Tuesday. The firm has a market cap of $2.93 billion, a PE ratio of -43.47 and a beta of 1.05. Sprout Social has a 1 year low of $37.00 and a 1 year high of $68.41. The company has a fifty day simple moving average of $59.55 and a 200 day simple moving average of $56.76. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.38.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings data on Tuesday, February 20th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). The company had revenue of $93.58 million during the quarter, compared to the consensus estimate of $90.76 million. Sprout Social had a negative net margin of 19.91% and a negative return on equity of 41.25%. Sell-side analysts anticipate that Sprout Social will post -1.17 EPS for the current fiscal year.

Insider Transactions at Sprout Social

In related news, President Ryan Paul Barretto sold 5,600 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.63, for a total value of $333,928.00. Following the sale, the president now owns 209,375 shares of the company’s stock, valued at $12,485,031.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Preto Joseph Del sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $59.71, for a total value of $89,565.00. Following the sale, the chief financial officer now directly owns 127,322 shares in the company, valued at $7,602,396.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Ryan Paul Barretto sold 5,600 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $59.63, for a total transaction of $333,928.00. Following the transaction, the president now owns 209,375 shares of the company’s stock, valued at approximately $12,485,031.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 140,200 shares of company stock worth $8,171,958. Insiders own 11.93% of the company’s stock.

Institutional Investors Weigh In On Sprout Social

Large investors have recently modified their holdings of the company. Raymond James & Associates boosted its position in Sprout Social by 5.9% during the first quarter. Raymond James & Associates now owns 25,822 shares of the company’s stock valued at $2,069,000 after acquiring an additional 1,428 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Sprout Social by 3.3% in the 1st quarter. Bank of New York Mellon Corp now owns 434,219 shares of the company’s stock valued at $34,789,000 after purchasing an additional 13,742 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Sprout Social by 105.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,668 shares of the company’s stock valued at $213,000 after purchasing an additional 1,372 shares in the last quarter. MetLife Investment Management LLC grew its stake in Sprout Social by 56.3% during the first quarter. MetLife Investment Management LLC now owns 24,479 shares of the company’s stock worth $1,961,000 after purchasing an additional 8,816 shares during the period. Finally, Rhumbline Advisers grew its stake in Sprout Social by 2.8% during the first quarter. Rhumbline Advisers now owns 46,537 shares of the company’s stock worth $3,729,000 after purchasing an additional 1,257 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.