Sprout Social (NASDAQ:SPT) Releases Q3 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.12 to $0.13 for the period, compared to the consensus estimate of $0.12. The company issued revenue guidance of $101.9 million to $102.1 million, compared to the consensus revenue estimate of $101.89 million. Sprout Social also updated its FY 2024 guidance to 0.450-0.460 EPS.

Sprout Social Price Performance

SPT traded down $4.33 during trading hours on Friday, hitting $32.93. The company’s stock had a trading volume of 1,049,495 shares, compared to its average volume of 613,503. The business’s 50-day moving average price is $35.08 and its 200-day moving average price is $47.31. Sprout Social has a 12 month low of $25.68 and a 12 month high of $68.41. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -26.34 and a beta of 1.00. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.31.

Sprout Social (NASDAQ:SPT) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.10. Sprout Social had a negative net margin of 19.60% and a negative return on equity of 44.88%. The business had revenue of $96.78 million for the quarter, compared to analysts’ expectations of $97.29 million. Sell-side analysts expect that Sprout Social will post -0.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SPT shares. KeyCorp lowered shares of Sprout Social from an overweight rating to a sector weight rating in a research note on Friday, May 3rd. Barclays lowered their target price on shares of Sprout Social from $50.00 to $48.00 and set an overweight rating for the company in a research note on Tuesday, July 16th. Needham & Company LLC reissued a buy rating and set a $55.00 target price on shares of Sprout Social in a research note on Friday. The Goldman Sachs Group lowered shares of Sprout Social from a buy rating to a neutral rating and lowered their target price for the company from $80.00 to $44.00 in a research note on Friday, May 3rd. Finally, Canaccord Genuity Group lowered their target price on shares of Sprout Social from $70.00 to $50.00 and set a buy rating for the company in a research note on Friday, May 3rd. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Sprout Social has a consensus rating of Moderate Buy and an average target price of $56.57.

Insider Buying and Selling at Sprout Social

In related news, President Ryan Paul Barretto sold 15,586 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $32.14, for a total value of $500,934.04. Following the completion of the transaction, the president now owns 484,115 shares of the company’s stock, valued at approximately $15,559,456.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Aaron Edward Frederick Rankin sold 1,184 shares of Sprout Social stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $32.14, for a total value of $38,053.76. Following the sale, the director now owns 43,303 shares in the company, valued at $1,391,758.42. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Ryan Paul Barretto sold 15,586 shares of Sprout Social stock in a transaction dated Tuesday, June 4th. The shares were 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 owns 484,115 shares in the company, valued at approximately $15,559,456.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 92,470 shares of company stock valued at $3,063,248. Corporate insiders own 10.97% of the company’s stock.

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.