Sprout Social (NASDAQ:SPT) Given New $50.00 Price Target at Canaccord Genuity Group

Sprout Social (NASDAQ:SPT) had its price target decreased by Canaccord Genuity Group from $70.00 to $50.00 in a research report sent to investors on Friday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

SPT has been the subject of several other research reports. Stifel Nicolaus raised their price target on Sprout Social from $60.00 to $70.00 and gave the company a buy rating in a report on Friday, January 19th. William Blair restated a market perform rating on shares of Sprout Social in a research report on Friday. Cantor Fitzgerald lowered their price objective on shares of Sprout Social from $74.00 to $46.00 and set an overweight rating for the company in a research report on Friday. Morgan Stanley reduced their target price on shares of Sprout Social from $65.00 to $49.00 and set an equal weight rating on the stock in a report on Friday. Finally, Barclays lowered their price target on shares of Sprout Social from $72.00 to $50.00 and set an overweight rating for the company in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $57.07.

Sprout Social Stock Performance

Shares of Sprout Social stock traded down $19.33 during trading hours on Friday, reaching $28.82. 13,470,229 shares of the stock traded hands, compared to its average volume of 679,800. Sprout Social has a one year low of $27.85 and a one year high of $68.41. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -23.06 and a beta of 1.09. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.38. The company has a 50 day moving average price of $55.98 and a 200 day moving average price of $56.71.

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

Insider Buying and Selling at Sprout Social

In other Sprout Social news, President Ryan Paul Barretto sold 5,600 shares of Sprout Social stock in a transaction on Monday, February 5th. The shares were sold at an average price of $59.63, for a total value of $333,928.00. Following the transaction, the president now directly owns 209,375 shares of the company’s stock, valued at $12,485,031.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Sprout Social news, CFO Preto Joseph Del sold 1,500 shares of Sprout Social stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.71, for a total transaction of $89,565.00. Following the completion of the sale, the chief financial officer now owns 127,322 shares of the company’s stock, valued at approximately $7,602,396.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Ryan Paul Barretto sold 5,600 shares of the stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $59.63, for a total value of $333,928.00. Following the completion of the transaction, the president now directly owns 209,375 shares in the company, valued at $12,485,031.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 140,200 shares of company stock valued at $8,171,958. 10.97% of the stock is currently owned by insiders.

Institutional Trading of Sprout Social

A number of hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its position in shares of Sprout Social by 7.6% in the third quarter. Bank of New York Mellon Corp now owns 401,057 shares of the company’s stock worth $20,005,000 after acquiring an additional 28,466 shares during the period. Bailard Inc. boosted its position in Sprout Social by 24.6% during the third quarter. Bailard Inc. now owns 39,964 shares of the company’s stock worth $1,993,000 after purchasing an additional 7,885 shares in the last quarter. Verdence Capital Advisors LLC grew its holdings in Sprout Social by 16.7% in the third quarter. Verdence Capital Advisors LLC now owns 7,120 shares of the company’s stock valued at $355,000 after purchasing an additional 1,020 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Sprout Social by 15.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,115 shares of the company’s stock valued at $505,000 after buying an additional 1,389 shares in the last quarter. Finally, Brighton Jones LLC acquired a new position in shares of Sprout Social during the 3rd quarter worth approximately $423,000.

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.