Canaccord Genuity Group Lowers Sprout Social (NASDAQ:SPT) Price Target to $50.00

Sprout Social (NASDAQ:SPT) had its price target lowered by equities research analysts at Canaccord Genuity Group from $70.00 to $50.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 73.49% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Jefferies Financial Group started coverage on Sprout Social in a research note on Wednesday, February 7th. They issued a “buy” rating and a $76.00 target price on the stock. William Blair reissued a “market perform” rating on shares of Sprout Social in a research report on Friday. BTIG Research lowered shares of Sprout Social from a “buy” rating to a “neutral” rating in a report on Friday. Stifel Nicolaus increased their price objective on Sprout Social from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, January 19th. Finally, KeyCorp downgraded Sprout Social from an “overweight” rating to a “sector weight” rating in a research note on Friday. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Sprout Social presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.07.

Sprout Social Price Performance

Shares of SPT opened at $28.82 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.08 and a current ratio of 1.08. Sprout Social has a 52-week low of $27.85 and a 52-week high of $68.41. The business has a fifty day moving average of $55.98 and a 200 day moving average of $56.71.

Sprout Social (NASDAQ:SPT) last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.32) EPS 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 return on equity of 42.60% and a negative net margin of 19.64%. On average, research analysts predict that Sprout Social will post -1.17 EPS for the current fiscal year.

Insider Transactions at Sprout Social

In other Sprout Social news, Director Aaron Edward Frederick Rankin sold 44,000 shares of Sprout Social stock in a transaction on Monday, February 5th. The stock was sold at an average price of $59.60, for a total value of $2,622,400.00. Following the sale, the director now owns 40,888 shares in the company, valued at $2,436,924.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Sprout Social news, President Ryan Paul Barretto sold 5,600 shares of the business’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 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 filing with the SEC, which can be accessed through the SEC website. Also, Director Aaron Edward Frederick Rankin sold 44,000 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.60, for a total value of $2,622,400.00. Following the transaction, the director now directly owns 40,888 shares of the company’s stock, valued at $2,436,924.80. The disclosure for this sale can be found here. Insiders sold 140,200 shares of company stock worth $8,171,958 in the last 90 days. Insiders own 10.97% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Atria Wealth Solutions Inc. boosted its stake in Sprout Social by 4.7% in the third quarter. Atria Wealth Solutions Inc. now owns 4,654 shares of the company’s stock valued at $232,000 after acquiring an additional 208 shares in the last quarter. Verdence Capital Advisors LLC boosted its position in shares of Sprout Social by 3.2% in the 4th quarter. Verdence Capital Advisors LLC now owns 7,345 shares of the company’s stock valued at $451,000 after purchasing an additional 225 shares during the period. Arcadia Investment Management Corp MI grew its stake in Sprout Social by 36.7% during the 4th quarter. Arcadia Investment Management Corp MI now owns 1,047 shares of the company’s stock worth $64,000 after buying an additional 281 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Sprout Social by 14.8% during the third quarter. PNC Financial Services Group Inc. now owns 2,500 shares of the company’s stock worth $125,000 after buying an additional 323 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new stake in Sprout Social in the first quarter valued at approximately $27,000.

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.