Sprout Social (NASDAQ:SPT) Updates Q2 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.07-$0.08 for the period, compared to the consensus earnings per share estimate of $0.04. The company issued revenue guidance of $98.5-$98.6 million, compared to the consensus revenue estimate of $101.60 million. Sprout Social also updated its FY24 guidance to $0.45-$0.46 EPS.

Analysts Set New Price Targets

SPT has been the subject of several research reports. Cantor Fitzgerald decreased their price target on shares of Sprout Social from $74.00 to $46.00 and set an overweight rating for the company in a report on Friday. Barclays dropped their price target on shares of Sprout Social from $72.00 to $50.00 and set an overweight rating on the stock in a research report on Friday. William Blair restated a market perform rating on shares of Sprout Social in a research note on Friday. Robert W. Baird cut shares of Sprout Social from an outperform rating to a neutral rating and dropped their price objective for the company from $72.00 to $45.00 in a research note on Friday. Finally, Piper Sandler lowered shares of Sprout Social from an overweight rating to a neutral rating and decreased their target price for the company from $66.00 to $40.00 in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Sprout Social presently has an average rating of Moderate Buy and a consensus target price of $57.07.

Sprout Social Price Performance

SPT traded down $19.33 during trading on Friday, hitting $28.82. The company’s stock had a trading volume of 13,470,229 shares, compared to its average volume of 679,800. The firm’s 50 day moving average price is $55.98 and its two-hundred day moving average price is $56.80. 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 stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of -23.06 and a beta of 1.09. Sprout Social has a 12 month low of $27.85 and a 12 month high of $68.41.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). Sprout Social had a negative net margin of 19.64% and a negative return on equity of 42.60%. The business had revenue of $93.58 million during the quarter, compared to the consensus estimate of $90.76 million. Sell-side analysts forecast that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Ryan Paul Barretto sold 5,600 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.63, for a total value of $333,928.00. Following the transaction, the president now owns 209,375 shares in the company, valued at $12,485,031.25. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, President Ryan Paul Barretto sold 5,600 shares of the stock in a transaction that occurred 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 in the company, valued at $12,485,031.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Justyn Russell Howard sold 40,000 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $58.36, for a total transaction of $2,334,400.00. Following the sale, the chief executive officer now owns 287,912 shares of the company’s stock, valued at approximately $16,802,544.32. The disclosure for this sale can be found here. Insiders sold 140,200 shares of company stock worth $8,171,958 in the last quarter. Insiders own 10.97% of the company’s stock.

Sprout Social Company Profile

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.