Canaccord Genuity Group Cuts Sprout Social (NASDAQ:SPT) Price Target to $16.00

Sprout Social (NASDAQ:SPT) had its price target trimmed by Canaccord Genuity Group from $25.00 to $16.00 in a report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently issued reports on SPT. Oppenheimer dropped their target price on Sprout Social from $32.00 to $23.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sprout Social in a research report on Wednesday, October 8th. Zacks Research lowered Sprout Social from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 13th. Finally, The Goldman Sachs Group decreased their price target on shares of Sprout Social from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Sprout Social presently has an average rating of “Hold” and an average price target of $26.55.

Sprout Social Trading Up 1.3%

NASDAQ SPT opened at $10.00 on Friday. Sprout Social has a one year low of $9.46 and a one year high of $36.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market capitalization of $588.15 million, a price-to-earnings ratio of -12.35 and a beta of 0.88. The company’s 50-day simple moving average is $12.54 and its two-hundred day simple moving average is $17.09.

Sprout Social (NASDAQ:SPT) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.07. The firm had revenue of $115.59 million during the quarter, compared to analysts’ expectations of $114.86 million. Sprout Social had a negative net margin of 10.59% and a negative return on equity of 18.93%. The company’s revenue was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.13 EPS. Sprout Social has set its FY 2025 guidance at 0.770-0.790 EPS. Q4 2025 guidance at 0.150-0.170 EPS. Equities analysts forecast that Sprout Social will post -0.99 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Justyn Russell Howard sold 20,000 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $10.22, for a total value of $204,400.00. Following the transaction, the insider owned 7,417 shares in the company, valued at approximately $75,801.74. This represents a 72.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 70,566 shares of company stock valued at $899,581 in the last 90 days. 10.12% of the stock is owned by corporate insiders.

Institutional Trading of Sprout Social

A number of hedge funds and other institutional investors have recently made changes to their positions in SPT. Cubist Systematic Strategies LLC boosted its position in Sprout Social by 739.6% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 714,089 shares of the company’s stock worth $14,932,000 after purchasing an additional 629,033 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Sprout Social in the first quarter valued at approximately $13,131,000. Norges Bank acquired a new position in shares of Sprout Social during the 2nd quarter worth approximately $10,694,000. Canada Pension Plan Investment Board lifted its position in shares of Sprout Social by 20,382.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 471,087 shares of the company’s stock valued at $9,850,000 after buying an additional 468,787 shares in the last quarter. Finally, Federated Hermes Inc. grew its stake in Sprout Social by 182.3% in the 2nd quarter. Federated Hermes Inc. now owns 687,234 shares of the company’s stock valued at $14,370,000 after acquiring an additional 443,774 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.