Sprout Social (NASDAQ:SPT) Releases Q2 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided EPS guidance of 0.070-0.080 for the period, compared to the consensus EPS estimate of 0.040. The company issued revenue guidance of $98.5 million-$98.6 million, compared to the consensus revenue estimate of $101.6 million. Sprout Social also updated its FY 2024 guidance to 0.450-0.460 EPS.

Sprout Social Price Performance

Shares of Sprout Social stock traded up $0.66 on Monday, hitting $29.48. 548,190 shares of the company traded hands, compared to its average volume of 748,775. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.08 and a current ratio of 1.08. The business has a 50-day simple moving average of $55.98 and a 200 day simple moving average of $56.80. Sprout Social has a 52 week low of $27.85 and a 52 week high of $68.41. The stock has a market capitalization of $1.66 billion, a P/E ratio of -23.06 and a beta of 1.09.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings data on Tuesday, February 20th. The company reported ($0.32) earnings per share (EPS) 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 firm had revenue of $93.58 million for the quarter, compared to analysts’ expectations of $90.76 million. Research analysts expect that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SPT. Morgan Stanley dropped their target price on Sprout Social from $65.00 to $49.00 and set an equal weight rating for the company in a report on Friday. Jefferies Financial Group assumed coverage on shares of Sprout Social in a research note on Wednesday, February 7th. They issued a buy rating and a $76.00 target price on the stock. Stifel Nicolaus lifted their price target on shares of Sprout Social from $60.00 to $70.00 and gave the stock a buy rating in a research note on Friday, January 19th. Cantor Fitzgerald reduced their price objective on shares of Sprout Social from $74.00 to $46.00 and set an overweight rating on the stock in a research report on Friday. Finally, Barclays dropped their target price on Sprout Social from $72.00 to $50.00 and set an overweight rating for the company in a research report on Friday. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $57.07.

Insiders Place Their Bets

In other news, CEO Justyn Russell Howard sold 20,000 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $56.52, for a total transaction of $1,130,400.00. Following the transaction, the chief executive officer now owns 406,636 shares in the company, valued at $22,983,066.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO Preto Joseph Del sold 1,500 shares of Sprout Social stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $59.63, for a total transaction of $89,445.00. Following the completion of the sale, the chief financial officer now owns 172,644 shares of the company’s stock, valued at $10,294,761.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Justyn Russell Howard sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $56.52, for a total value of $1,130,400.00. Following the completion of the sale, the chief executive officer now owns 406,636 shares in the company, valued at approximately $22,983,066.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 89,100 shares of company stock valued at $5,126,065. 10.97% of the stock is currently owned by insiders.

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.