Sprout Social (NASDAQ:SPT) Downgraded by KeyCorp to “Sector Weight”

KeyCorp cut shares of Sprout Social (NASDAQ:SPT) from an overweight rating to a sector weight rating in a research note released on Friday, Marketbeat Ratings reports.

Several other research analysts have also recently weighed in on the stock. BTIG Research cut shares of Sprout Social from a buy rating to a neutral rating in a research report on Friday. Cantor Fitzgerald reissued an overweight rating and set a $74.00 price objective on shares of Sprout Social in a report on Wednesday, February 21st. Morgan Stanley reduced their target price on shares of Sprout Social from $73.00 to $65.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Oppenheimer initiated coverage on shares of Sprout Social in a report on Thursday, April 18th. They issued an outperform rating and a $76.00 price objective on the stock. Finally, Needham & Company LLC reiterated a buy rating and set a $75.00 target price on shares of Sprout Social in a research report on Monday, April 22nd. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Sprout Social presently has a consensus rating of Moderate Buy and an average target price of $57.07.

Sprout Social Stock Performance

NASDAQ:SPT opened at $28.28 on Friday. The stock has a market capitalization of $1.59 billion, a P/E ratio of -22.62 and a beta of 1.09. Sprout Social has a 1 year low of $27.75 and a 1 year high of $68.41. The firm has a 50 day moving average of $55.98 and a 200-day moving average of $56.80. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.38.

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

Insider Buying and Selling

In related news, CEO Justyn Russell Howard sold 20,000 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $56.52, for a total value of $1,130,400.00. Following the sale, the chief executive officer now directly owns 406,636 shares of the company’s stock, valued at approximately $22,983,066.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Sprout Social news, CEO Justyn Russell Howard sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $56.52, for a total value of $1,130,400.00. Following the sale, the chief executive officer now owns 406,636 shares in the company, valued at approximately $22,983,066.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Ryan Paul Barretto sold 5,600 shares of Sprout Social stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $56.95, for a total transaction of $318,920.00. Following the completion of the sale, the president now owns 198,175 shares in the company, valued at $11,286,066.25. The disclosure for this sale can be found here. In the last three months, insiders sold 89,100 shares of company stock valued at $5,126,065. 10.97% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

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.