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

Sprout Social (NASDAQ:SPT) had its price target cut by Canaccord Genuity Group from $70.00 to $50.00 in a research note released on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages have also issued reports on SPT. William Blair reaffirmed a market perform rating on shares of Sprout Social in a report on Friday. Oppenheimer decreased their target price on shares of Sprout Social from $76.00 to $43.00 and set an outperform rating for the company in a research note on Friday. Cantor Fitzgerald decreased their target price on shares of Sprout Social from $74.00 to $46.00 and set an overweight rating for the company in a research note on Friday. Piper Sandler downgraded shares of Sprout Social from an overweight rating to a neutral rating and decreased their target price for the stock from $66.00 to $40.00 in a research note on Friday. Finally, Morgan Stanley decreased their target price on shares of Sprout Social from $65.00 to $49.00 and set an equal weight rating for the company in a research note on Friday. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $57.07.

Sprout Social Stock Up 0.2 %

Shares of NASDAQ:SPT traded up $0.07 during trading hours on Friday, reaching $28.89. The stock had a trading volume of 292,804 shares, compared to its average volume of 747,206. Sprout Social has a 1 year low of $27.85 and a 1 year high of $68.41. The firm’s 50 day moving average is $55.98 and its 200-day moving average is $56.80. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -23.06 and a beta of 1.09. 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 (NASDAQ:SPT) last posted its earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). Sprout Social had a negative return on equity of 42.60% and a negative net margin of 19.64%. The business had revenue of $93.58 million for the quarter, compared to analysts’ expectations of $90.76 million. Research analysts predict that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Insider Transactions at Sprout Social

In other Sprout Social news, CEO Justyn Russell Howard sold 20,000 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $56.52, for a total transaction of $1,130,400.00. Following the completion of the transaction, the chief executive officer now owns 406,636 shares of the company’s stock, valued at $22,983,066.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Justyn Russell Howard sold 20,000 shares of the stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $56.52, for a total value of $1,130,400.00. Following the completion of the transaction, the chief executive officer now owns 406,636 shares of the company’s stock, valued at $22,983,066.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Aaron Edward Frederick Rankin sold 22,000 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $56.95, for a total value of $1,252,900.00. Following the transaction, the director now directly owns 44,487 shares in the company, valued at approximately $2,533,534.65. The disclosure for this sale can be found here. Insiders sold 89,100 shares of company stock valued at $5,126,065 in the last 90 days. 10.97% of the stock is currently owned by insiders.

Institutional Trading of Sprout Social

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fidelis Capital Partners LLC acquired a new stake in shares of Sprout Social during the 1st quarter worth approximately $27,000. RiverPark Advisors LLC acquired a new stake in Sprout Social in the 3rd quarter valued at approximately $37,000. Guinness Atkinson Asset Management Inc acquired a new stake in Sprout Social in the 3rd quarter valued at approximately $40,000. DekaBank Deutsche Girozentrale acquired a new stake in Sprout Social in the 3rd quarter valued at approximately $47,000. Finally, Arcadia Investment Management Corp MI increased its position in Sprout Social by 36.7% in the 4th quarter. Arcadia Investment Management Corp MI now owns 1,047 shares of the company’s stock valued at $64,000 after acquiring an additional 281 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.