Allspring Global Investments Holdings LLC Purchases 330,309 Shares of Sprout Social, Inc. (NASDAQ:SPT)

Allspring Global Investments Holdings LLC increased its stake in Sprout Social, Inc. (NASDAQ:SPT) by 98.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 664,970 shares of the company’s stock after acquiring an additional 330,309 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.18% of Sprout Social worth $23,726,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SPT. Fidelis Capital Partners LLC purchased a new position in shares of Sprout Social during the first quarter valued at approximately $27,000. EntryPoint Capital LLC bought a new stake in shares of Sprout Social during the first quarter valued at approximately $37,000. Covestor Ltd raised its stake in shares of Sprout Social by 35,450.0% during the first quarter. Covestor Ltd now owns 711 shares of the company’s stock valued at $42,000 after acquiring an additional 709 shares in the last quarter. Bessemer Group Inc. bought a new stake in shares of Sprout Social during the first quarter valued at approximately $61,000. Finally, Arcadia Investment Management Corp MI raised its stake in shares of Sprout Social by 36.7% during the fourth quarter. Arcadia Investment Management Corp MI now owns 1,047 shares of the company’s stock valued at $64,000 after acquiring an additional 281 shares in the last quarter.

Sprout Social Stock Down 3.6 %

SPT stock opened at $32.02 on Wednesday. Sprout Social, Inc. has a 52 week low of $25.68 and a 52 week high of $68.41. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -25.62 and a beta of 1.00. The firm’s 50-day moving average is $34.63 and its two-hundred day moving average is $43.57. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.26.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. Sprout Social had a negative net margin of 19.60% and a negative return on equity of 44.38%. The company had revenue of $99.40 million for the quarter, compared to the consensus estimate of $98.70 million. During the same period in the previous year, the firm earned ($0.23) EPS. Sprout Social’s revenue was up 25.3% on a year-over-year basis. On average, analysts forecast that Sprout Social, Inc. will post -0.87 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SPT has been the subject of a number of recent research reports. Piper Sandler lowered Sprout Social from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $66.00 to $40.00 in a report on Friday, May 3rd. Needham & Company LLC restated a “buy” rating and set a $55.00 target price on shares of Sprout Social in a research report on Friday, August 2nd. Barclays decreased their target price on shares of Sprout Social from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 16th. The Goldman Sachs Group lowered shares of Sprout Social from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $80.00 to $44.00 in a research note on Friday, May 3rd. Finally, KeyCorp lowered shares of Sprout Social from a “sector weight” rating to an “underweight” rating and set a $28.00 price target on the stock. in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $51.31.

Insider Transactions at Sprout Social

In other news, CEO Justyn Russell Howard sold 20,000 shares of Sprout Social stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $34.05, for a total value of $681,000.00. Following the transaction, the chief executive officer now owns 398,229 shares of the company’s stock, valued at approximately $13,559,697.45. The sale was disclosed in a 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 that occurred 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 transaction, the director now directly owns 43,303 shares of the company’s stock, valued at $1,391,758.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Justyn Russell Howard sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $34.05, for a total transaction of $681,000.00. Following the sale, the chief executive officer now owns 398,229 shares of the company’s stock, valued at $13,559,697.45. The disclosure for this sale can be found here. Insiders have sold 95,970 shares of company stock valued at $3,219,603 in the last quarter. 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.