Jennison Associates LLC Buys 311,146 Shares of Sprout Social, Inc. (NASDAQ:SPT)

Jennison Associates LLC boosted its stake in Sprout Social, Inc. (NASDAQ:SPT) by 17.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,137,422 shares of the company’s stock after acquiring an additional 311,146 shares during the period. Jennison Associates LLC owned 3.80% of Sprout Social worth $127,625,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Stifel Financial Corp lifted its position in Sprout Social by 15.1% during the third quarter. Stifel Financial Corp now owns 53,955 shares of the company’s stock valued at $2,691,000 after buying an additional 7,094 shares during the period. Northern Trust Corp lifted its position in Sprout Social by 1.5% during the third quarter. Northern Trust Corp now owns 597,538 shares of the company’s stock valued at $29,805,000 after buying an additional 8,741 shares during the period. Wellington Management Group LLP lifted its position in Sprout Social by 27.5% during the third quarter. Wellington Management Group LLP now owns 3,953,155 shares of the company’s stock valued at $197,183,000 after buying an additional 853,127 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in Sprout Social by 284.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 78,385 shares of the company’s stock valued at $3,910,000 after buying an additional 58,022 shares during the period. Finally, Vanguard Group Inc. lifted its position in Sprout Social by 3.9% during the third quarter. Vanguard Group Inc. now owns 5,084,389 shares of the company’s stock valued at $253,609,000 after buying an additional 191,471 shares during the period.

Wall Street Analysts Forecast Growth

SPT has been the subject of several recent analyst reports. Cantor Fitzgerald lowered their price target on Sprout Social from $74.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. William Blair reissued a “market perform” rating on shares of Sprout Social in a research report on Friday, May 3rd. Needham & Company LLC reissued a “buy” rating and issued a $55.00 target price on shares of Sprout Social in a research report on Friday, June 7th. KeyCorp lowered Sprout Social from an “overweight” rating to a “sector weight” rating in a research report on Friday, May 3rd. Finally, Piper Sandler lowered Sprout Social from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $66.00 to $40.00 in a research report on Friday, May 3rd. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Sprout Social presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.57.

Sprout Social Price Performance

SPT stock traded up $0.05 during midday trading on Monday, hitting $36.28. The company’s stock had a trading volume of 474,526 shares, compared to its average volume of 892,014. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of -29.02 and a beta of 1.00. Sprout Social, Inc. has a 12 month low of $25.68 and a 12 month high of $68.41. The company has a 50 day moving average of $33.56 and a two-hundred day moving average of $50.33. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.31.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.32) by $0.10. The business had revenue of $96.78 million for the quarter, compared to analysts’ expectations of $97.29 million. Sprout Social had a negative return on equity of 42.51% and a negative net margin of 19.64%. On average, analysts expect that Sprout Social, Inc. will post -0.84 EPS for the current year.

Insider Activity at Sprout Social

In related news, President Ryan Paul Barretto sold 15,586 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $32.14, for a total transaction of $500,934.04. Following the sale, the president now owns 484,115 shares in the company, valued at approximately $15,559,456.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, President Ryan Paul Barretto sold 15,586 shares of Sprout Social stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $32.14, for a total transaction of $500,934.04. Following the completion of the sale, the president now directly owns 484,115 shares in the company, valued at $15,559,456.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Justyn Russell Howard sold 20,000 shares of Sprout Social stock in a transaction on Monday, May 6th. The stock was sold at an average price of $28.50, for a total value of $570,000.00. Following the sale, the chief executive officer now owns 406,636 shares of the company’s stock, valued at $11,589,126. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,270 shares of company stock worth $1,936,328. Company 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.