Sprout Social (NASDAQ:SPT) Releases FY 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.460-0.470 for the period, compared to the consensus earnings per share estimate of 0.460. The company issued revenue guidance of $405.1 million-$405.9 million, compared to the consensus revenue estimate of $405.5 million. Sprout Social also updated its Q4 guidance to $0.15 to $0.16 EPS.

Wall Street Analysts Forecast Growth

SPT has been the topic of a number of research analyst reports. Robert W. Baird raised 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, August 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $46.00 price target on shares of Sprout Social in a report on Friday, August 2nd. KeyCorp lowered shares of Sprout Social from a “sector weight” rating to an “underweight” rating and set a $28.00 price objective for the company. in a research note on Thursday, August 22nd. Barclays lowered their price objective on shares of Sprout Social from $48.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, October 11th. Finally, Oppenheimer reduced their target price on shares of Sprout Social from $43.00 to $40.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $48.00.

Sprout Social Trading Up 5.8 %

Shares of SPT traded up $1.69 on Thursday, hitting $31.00. 1,003,197 shares of the stock traded hands, compared to its average volume of 746,282. Sprout Social has a 1 year low of $25.05 and a 1 year high of $68.41. The firm has a market capitalization of $1.77 billion, a P/E ratio of -23.17 and a beta of 0.99. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.26. The stock’s 50 day moving average is $28.23 and its two-hundred day moving average is $32.71.

Insider Activity

In other Sprout Social news, CEO Justyn Russell Howard sold 8,595 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $29.27, for a total value of $251,575.65. Following the transaction, the chief executive officer now directly owns 302,217 shares of the company’s stock, valued at approximately $8,845,891.59. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, President Ryan Paul Barretto sold 13,306 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.23, for a total value of $388,934.38. Following the sale, the president now directly owns 470,809 shares in the company, valued at approximately $13,761,747.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Justyn Russell Howard sold 8,595 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $29.27, for a total transaction of $251,575.65. Following the completion of the sale, the chief executive officer now owns 302,217 shares of the company’s stock, valued at approximately $8,845,891.59. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,882 shares of company stock worth $1,801,351. 10.97% of the stock is currently owned by corporate insiders.

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.