Sprout Social (NASDAQ:SPT) had its target price hoisted by research analysts at Canaccord Genuity from $100.00 to $155.00 in a note issued to investors on Thursday, The Fly reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity’s target price suggests a potential upside of 13.63% from the stock’s current price.
Other equities analysts have also recently issued reports about the company. KeyCorp upped their price objective on Sprout Social from $112.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday. Zacks Investment Research cut Sprout Social from a “buy” rating to a “hold” rating in a report on Wednesday, June 30th. Piper Sandler increased their price target on Sprout Social from $86.00 to $104.00 and gave the company an “overweight” rating in a report on Wednesday, August 4th. Needham & Company LLC increased their price target on Sprout Social from $100.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, August 4th. Finally, Robert W. Baird increased their price target on Sprout Social from $85.00 to $93.00 and gave the company an “outperform” rating in a report on Friday, June 18th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $123.40.
Sprout Social stock opened at $136.41 on Thursday. The company has a market capitalization of $7.35 billion, a P/E ratio of -296.54 and a beta of 1.07. Sprout Social has a twelve month low of $34.72 and a twelve month high of $137.86. The stock’s 50 day moving average is $109.86 and its 200 day moving average is $83.42.
In other Sprout Social news, CMO Jamie Cannon Gilpin sold 1,278 shares of the stock in a transaction on Monday, July 19th. The stock was sold at an average price of $82.50, for a total value of $105,435.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Preto Joseph Del sold 3,000 shares of the stock in a transaction on Tuesday, September 7th. The stock was sold at an average price of $129.93, for a total value of $389,790.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 182,711 shares of company stock worth $19,811,635. 14.86% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the company. Rockefeller Capital Management L.P. grew its position in shares of Sprout Social by 224.5% during the second quarter. Rockefeller Capital Management L.P. now owns 318 shares of the company’s stock valued at $28,000 after purchasing an additional 220 shares in the last quarter. First Horizon Advisors Inc. purchased a new position in shares of Sprout Social during the second quarter valued at about $30,000. Point72 Hong Kong Ltd purchased a new position in shares of Sprout Social during the first quarter valued at about $51,000. Eaton Vance Management purchased a new position in shares of Sprout Social during the first quarter valued at about $52,000. Finally, Lazard Asset Management LLC purchased a new position in shares of Sprout Social during the second quarter valued at about $84,000. Hedge funds and other institutional investors own 76.19% of the company’s stock.
About Sprout Social
Sprout Social, Inc designs, develops, and operates a web-based social media management tool in Americas, EMEA, and the Asia Pacific. The company offers cloud software that brings together social messaging, data, and workflows in a unified system of record, intelligence, and action. It provides various integrated tools in a range of functions comprising social engagement/response, publishing, reporting and analytics, social listening and business intelligence, reputation management, employee advocacy, and automation and workflows.
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