Canaccord Genuity Group Has Lowered Expectations for Sprout Social (NASDAQ:SPT) Stock Price

Sprout Social (NASDAQ:SPT) had its price target lowered by Canaccord Genuity Group from $40.00 to $35.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the company. Morgan Stanley decreased their target price on Sprout Social from $37.00 to $30.00 and set an “equal weight” rating on the stock in a report on Wednesday. Oppenheimer cut their price target on Sprout Social from $40.00 to $38.00 and set an “outperform” rating on the stock in a research note on Tuesday, December 3rd. Stifel Nicolaus cut their price target on Sprout Social from $45.00 to $34.00 and set a “buy” rating on the stock in a research note on Wednesday. Jefferies Financial Group upped their price target on Sprout Social from $34.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Finally, Scotiabank assumed coverage on Sprout Social in a research note on Monday, November 18th. They set a “sector perform” rating and a $28.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Sprout Social presently has a consensus rating of “Hold” and an average price target of $34.08.

Sprout Social Price Performance

Shares of SPT stock opened at $28.09 on Wednesday. The stock’s fifty day moving average is $31.73 and its 200-day moving average is $30.54. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $1.61 billion, a PE ratio of -23.41 and a beta of 1.06. Sprout Social has a 52 week low of $25.05 and a 52 week high of $64.91.

Sprout Social (NASDAQ:SPT) last announced its earnings results on Tuesday, February 25th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of $0.15 by ($0.35). The business had revenue of $107.09 million for the quarter, compared to the consensus estimate of $106.74 million. Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. Equities research analysts expect that Sprout Social will post -0.99 EPS for the current fiscal year.

Insider Buying and Selling at Sprout Social

In other news, CEO Ryan Paul Barretto sold 16,800 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $30.99, for a total transaction of $520,632.00. Following the sale, the chief executive officer now owns 153,375 shares of the company’s stock, valued at $4,753,091.25. This trade represents a 9.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karen Walker sold 5,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $34.24, for a total value of $171,200.00. Following the sale, the director now directly owns 35,665 shares in the company, valued at approximately $1,221,169.60. This represents a 12.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 120,265 shares of company stock valued at $3,837,006. 10.97% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sprout Social

A number of hedge funds have recently modified their holdings of SPT. ArrowMark Colorado Holdings LLC raised its position in shares of Sprout Social by 380.7% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,772,219 shares of the company’s stock worth $54,425,000 after purchasing an additional 1,403,549 shares during the period. Wellington Management Group LLP raised its position in shares of Sprout Social by 16.0% during the third quarter. Wellington Management Group LLP now owns 3,762,443 shares of the company’s stock worth $109,374,000 after purchasing an additional 519,406 shares during the period. Norges Bank acquired a new stake in shares of Sprout Social during the fourth quarter worth about $13,422,000. Dorsey Asset Management LLC raised its position in shares of Sprout Social by 16.7% during the fourth quarter. Dorsey Asset Management LLC now owns 2,306,149 shares of the company’s stock worth $70,822,000 after purchasing an additional 330,155 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Sprout Social by 324.0% during the third quarter. JPMorgan Chase & Co. now owns 402,947 shares of the company’s stock worth $11,714,000 after buying an additional 307,906 shares in the last quarter.

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.