Needham & Company LLC Boosts Sprout Social (NASDAQ:SPT) Price Target to $160.00

Sprout Social (NASDAQ:SPT) had its price target lifted by Needham & Company LLC from $110.00 to $160.00 in a research note released on Thursday, The Fly reports. Needham & Company LLC currently has a buy rating on the stock.

SPT has been the subject of several other reports. Canaccord Genuity lifted their target price on shares of Sprout Social from $100.00 to $155.00 and gave the stock a buy rating in a report on Thursday. Stifel Nicolaus lifted their target price on shares of Sprout Social from $105.00 to $135.00 and gave the stock a buy rating in a report on Tuesday, September 7th. KeyCorp lifted their target price on shares of Sprout Social from $112.00 to $153.00 and gave the stock an overweight rating in a report on Monday, September 20th. Robert W. Baird lifted their target price on shares of Sprout Social from $85.00 to $93.00 and gave the stock an outperform rating in a report on Friday, June 18th. Finally, Piper Sandler lifted their target price on shares of Sprout Social from $104.00 to $155.00 and gave the stock an overweight rating in a report on Thursday. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Buy and an average target price of $133.50.

Shares of NASDAQ SPT opened at $144.12 on Thursday. Sprout Social has a 1 year low of $35.63 and a 1 year high of $145.42. The stock has a market cap of $7.76 billion, a P/E ratio of -313.30 and a beta of 1.07. The firm has a 50-day moving average of $112.31 and a 200 day moving average of $84.68.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings results on Tuesday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.06. On average, research analysts anticipate that Sprout Social will post -0.55 earnings per share for the current year.

In related news, President Ryan Paul Barretto sold 5,600 shares of the business’s stock in a transaction that occurred on Thursday, July 1st. The shares were sold at an average price of $88.42, for a total transaction of $495,152.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Jamie Cannon Gilpin sold 1,278 shares of the business’s stock in a transaction that occurred on Monday, July 19th. The shares were sold at an average price of $82.50, for a total transaction of $105,435.00. The disclosure for this sale can be found here. Insiders have sold 182,711 shares of company stock valued at $19,811,635 over the last three months. 14.86% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Alliancebernstein L.P. boosted its position in shares of Sprout Social by 62.9% in the second quarter. Alliancebernstein L.P. now owns 54,900 shares of the company’s stock worth $4,909,000 after purchasing an additional 21,200 shares during the period. Ziegler Capital Management LLC bought a new position in shares of Sprout Social in the second quarter worth approximately $4,639,000. Bank of Montreal Can boosted its position in shares of Sprout Social by 562.1% in the first quarter. Bank of Montreal Can now owns 38,807 shares of the company’s stock worth $2,371,000 after purchasing an additional 32,946 shares during the period. Tuttle Tactical Management bought a new position in shares of Sprout Social in the second quarter worth approximately $320,000. Finally, WoodTrust Financial Corp bought a new position in shares of Sprout Social in the second quarter worth approximately $402,000. Institutional investors and hedge funds own 76.19% of the company’s stock.

About Sprout Social

Sprout Social, Inc designs, develops, and operates a web-based social media management tool in Americas, EMEA, and the Asia Pacific. The company offers cloud software that brings together social messaging, data, and workflows in a unified system of record, intelligence, and action. It provides various integrated tools in a range of functions comprising social engagement/response, publishing, reporting and analytics, social listening and business intelligence, reputation management, employee advocacy, and automation and workflows.

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