Sprout Social (NASDAQ:SPT) Raised to “Buy” at Zacks Investment Research

Sprout Social (NASDAQ:SPT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday, Zacks.com reports. The firm presently has a $86.00 price target on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.23% from the company’s current price.

According to Zacks, “Sprout Social Inc. offers social media listening and analytics, social management, customer care and advocacy solutions to brands and agencies. It operates social media networks, including Twitter, Facebook, Pinterest, Instagram and LinkedIn. Sprout Social Inc. is headquartered in Chicago. “

Other analysts also recently issued research reports about the company. Piper Sandler began coverage on Sprout Social in a report on Tuesday, April 27th. They issued an “overweight” rating and a $86.00 price target on the stock. Canaccord Genuity raised their target price on Sprout Social from $50.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, February 24th. BTIG Research raised their target price on Sprout Social from $71.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 24th. Barclays lifted their price target on Sprout Social from $68.00 to $84.00 and gave the company an “overweight” rating in a research report on Wednesday, February 24th. Finally, Morgan Stanley lifted their price target on Sprout Social from $53.00 to $81.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 24th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $72.60.

NASDAQ:SPT opened at $77.32 on Friday. The business’s 50 day moving average price is $64.23. Sprout Social has a 52 week low of $24.55 and a 52 week high of $82.47. The company has a market cap of $4.14 billion, a P/E ratio of -148.69 and a beta of 1.01.

Sprout Social (NASDAQ:SPT) last announced its quarterly earnings results on Tuesday, May 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.05. The company had revenue of $40.80 million during the quarter, compared to the consensus estimate of $39.73 million. Sprout Social’s revenue for the quarter was up 33.8% on a year-over-year basis. Equities research analysts expect that Sprout Social will post -0.63 EPS for the current year.

In related news, President Ryan Paul Barretto sold 5,600 shares of Sprout Social stock in a transaction on Thursday, April 1st. The stock was sold at an average price of $59.20, for a total transaction of $331,520.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Aaron Edward Frederick Rankin sold 17,000 shares of Sprout Social stock in a transaction on Wednesday, May 19th. The shares were sold at an average price of $57.50, for a total value of $977,500.00. The disclosure for this sale can be found here. Insiders sold a total of 219,297 shares of company stock worth $13,805,666 over the last 90 days. Insiders own 14.86% of the company’s stock.

Large investors have recently made changes to their positions in the business. BlackRock Inc. lifted its position in shares of Sprout Social by 1.6% in the first quarter. BlackRock Inc. now owns 2,672,347 shares of the company’s stock worth $154,356,000 after buying an additional 42,032 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Sprout Social by 49.6% in the first quarter. Ameriprise Financial Inc. now owns 1,482,648 shares of the company’s stock worth $85,639,000 after purchasing an additional 491,409 shares during the period. Lord Abbett & CO. LLC increased its stake in shares of Sprout Social by 10.8% in the first quarter. Lord Abbett & CO. LLC now owns 1,368,678 shares of the company’s stock worth $79,055,000 after purchasing an additional 133,166 shares during the period. King Luther Capital Management Corp increased its stake in shares of Sprout Social by 23.0% in the first quarter. King Luther Capital Management Corp now owns 929,692 shares of the company’s stock worth $53,699,000 after purchasing an additional 173,685 shares during the period. Finally, Blair William & Co. IL increased its stake in shares of Sprout Social by 5.1% in the first quarter. Blair William & Co. IL now owns 921,846 shares of the company’s stock worth $53,246,000 after purchasing an additional 44,864 shares during the period. 73.57% of the stock is owned by institutional investors.

Sprout Social Company Profile

Sprout Social, Inc designs, develops, and operates a web-based social media management tool in Americas, EMEA, and the Asia Pacific. The company offers cloud software that brings together social messaging, data, and workflows in a unified system of record, intelligence, and action. It provides various integrated tools in a range of functions comprising social engagement/response, publishing, reporting and analytics, social listening and business intelligence, reputation management, employee advocacy, and automation and workflows.

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Analyst Recommendations for Sprout Social (NASDAQ:SPT)

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