Short Interest in Sprout Social, Inc. (NASDAQ:SPT) Declines By 23.4%

Sprout Social, Inc. (NASDAQ:SPT) was the recipient of a significant decline in short interest in March. As of March 15th, there was short interest totalling 3,470,000 shares, a decline of 23.4% from the February 28th total of 4,530,000 shares. Currently, 6.8% of the shares of the stock are short sold. Based on an average trading volume of 621,700 shares, the days-to-cover ratio is currently 5.6 days.

Sprout Social Stock Down 4.2 %

Shares of NASDAQ:SPT opened at $22.52 on Monday. The business’s 50 day moving average is $28.78 and its 200 day moving average is $29.62. Sprout Social has a 12-month low of $22.12 and a 12-month high of $59.85. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -18.77 and a beta of 1.11. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.19.

Sprout Social (NASDAQ:SPT) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.35). The firm had revenue of $107.09 million for the quarter, compared to analysts’ expectations of $106.74 million. Sprout Social had a negative return on equity of 40.94% and a negative net margin of 17.24%. On average, sell-side analysts forecast that Sprout Social will post -0.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sprout Social news, Director Aaron Edward Frederick Rankin sold 23,646 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $24.58, for a total transaction of $581,218.68. Following the sale, the director now directly owns 42,122 shares of the company’s stock, valued at $1,035,358.76. The trade was a 35.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Karen Walker sold 5,000 shares of the stock in a transaction on Monday, January 13th. The shares were sold at an average price of $30.26, for a total value of $151,300.00. Following the completion of the sale, the director now owns 30,665 shares of the company’s stock, valued at $927,922.90. The trade was a 14.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,646 shares of company stock valued at $3,302,919. 10.97% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sprout Social

A number of institutional investors have recently added to or reduced their stakes in SPT. Intech Investment Management LLC bought a new position in shares of Sprout Social in the third quarter valued at approximately $448,000. Charles Schwab Investment Management Inc. boosted its position in Sprout Social by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 410,411 shares of the company’s stock worth $11,931,000 after purchasing an additional 8,028 shares during the last quarter. FMR LLC grew its stake in Sprout Social by 21.4% in the 3rd quarter. FMR LLC now owns 48,599 shares of the company’s stock valued at $1,413,000 after purchasing an additional 8,553 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Sprout Social by 12.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,002 shares of the company’s stock valued at $407,000 after purchasing an additional 1,539 shares during the last quarter. Finally, Edgestream Partners L.P. raised its stake in shares of Sprout Social by 362.8% during the 3rd quarter. Edgestream Partners L.P. now owns 125,742 shares of the company’s stock worth $3,655,000 after purchasing an additional 98,574 shares during the period.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SPT. Jefferies Financial Group lifted their price objective on Sprout Social from $34.00 to $42.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Barclays lowered their price objective on shares of Sprout Social from $38.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Canaccord Genuity Group cut their target price on shares of Sprout Social from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Piper Sandler decreased their price target on shares of Sprout Social from $29.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Finally, The Goldman Sachs Group cut their price objective on shares of Sprout Social from $34.00 to $29.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $33.85.

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.