Sprout Social (NASDAQ:SPT) Updates Q3 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 0.120-0.130 for the period, compared to the consensus EPS estimate of 0.120. The company issued revenue guidance of $101.9 million-$102.1 million, compared to the consensus revenue estimate of $101.9 million. Sprout Social also updated its FY 2024 guidance to 0.450-0.460 EPS.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. BTIG Research lowered shares of Sprout Social from a buy rating to a neutral rating in a report on Friday, May 3rd. Piper Sandler cut shares of Sprout Social from an overweight rating to a neutral rating and decreased their price objective for the stock from $66.00 to $40.00 in a research note on Friday, May 3rd. Robert W. Baird lifted their target price on shares of Sprout Social from $38.00 to $40.00 and gave the company a neutral rating in a research note on Friday. The Goldman Sachs Group lowered Sprout Social from a buy rating to a neutral rating and decreased their price target for the stock from $80.00 to $44.00 in a research report on Friday, May 3rd. Finally, Morgan Stanley reduced their target price on shares of Sprout Social from $65.00 to $49.00 and set an equal weight rating on the stock in a research report on Friday, May 3rd. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Sprout Social currently has a consensus rating of Moderate Buy and a consensus price target of $56.57.

Sprout Social Trading Down 11.6 %

Shares of SPT stock traded down $4.33 on Friday, reaching $32.93. The company had a trading volume of 1,049,495 shares, compared to its average volume of 613,503. The company has a 50-day moving average of $35.08 and a 200-day moving average of $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 PE 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 issued its earnings results on Thursday, May 2nd. The company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.32) by $0.10. The firm had revenue of $96.78 million during the quarter, compared to the consensus estimate of $97.29 million. Sprout Social had a negative net margin of 19.60% and a negative return on equity of 44.88%. On average, equities analysts forecast that Sprout Social will post -0.84 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Aaron Edward Frederick Rankin sold 1,184 shares of Sprout Social stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $32.14, for a total transaction of $38,053.76. Following the transaction, the director now owns 43,303 shares in the company, valued at approximately $1,391,758.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Aaron Edward Frederick Rankin sold 1,184 shares of the business’s stock in a transaction on 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 directly owns 43,303 shares of the company’s stock, valued at approximately $1,391,758.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Justyn Russell Howard sold 20,000 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $28.50, for a total transaction of $570,000.00. Following the completion of the transaction, the chief executive officer now directly 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 quarter, insiders have sold 92,470 shares of company stock valued at $3,063,248. 10.97% of the stock is owned by company insiders.

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.