Sprout Social (NASDAQ:SPT) Releases Q2 Earnings Guidance

Sprout Social (NASDAQ:SPT) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.07-$0.08 for the period, compared to the consensus estimate of $0.04. The company issued revenue guidance of $98.5-$98.6 million, compared to the consensus revenue estimate of $101.60 million. Sprout Social also updated its FY24 guidance to $0.45-$0.46 EPS.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SPT shares. Oppenheimer began coverage on shares of Sprout Social in a research report on Thursday, April 18th. They issued an outperform rating and a $76.00 price objective on the stock. Cantor Fitzgerald restated an overweight rating and issued a $74.00 target price on shares of Sprout Social in a research report on Wednesday, February 21st. KeyCorp started coverage on Sprout Social in a research note on Thursday, March 21st. They issued an overweight rating and a $83.00 price target for the company. Canaccord Genuity Group restated a buy rating and set a $70.00 price objective on shares of Sprout Social in a research note on Wednesday, February 21st. Finally, The Goldman Sachs Group increased their target price on shares of Sprout Social from $65.00 to $81.00 and gave the company a buy rating in a research report on Tuesday, January 23rd. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $72.57.

Sprout Social Stock Down 3.5 %

Shares of NASDAQ:SPT traded down $1.76 during midday trading on Thursday, hitting $48.15. 1,231,281 shares of the stock were exchanged, compared to its average volume of 597,445. The company has a market capitalization of $2.71 billion, a PE ratio of -40.27 and a beta of 1.09. Sprout Social has a 52-week low of $37.00 and a 52-week high of $68.41. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.08 and a current ratio of 1.08. The business’s fifty day simple moving average is $57.01 and its two-hundred day simple moving average is $56.92.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings data on Tuesday, February 20th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The business had revenue of $93.58 million for the quarter, compared to the consensus estimate of $90.76 million. Sprout Social had a negative net margin of 19.91% and a negative return on equity of 41.25%. As a group, research analysts predict that Sprout Social will post -1.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Aaron Edward Frederick Rankin sold 44,000 shares of Sprout Social stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.60, for a total value of $2,622,400.00. Following the transaction, the director now directly owns 40,888 shares in the company, valued at $2,436,924.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Sprout Social news, CEO Justyn Russell Howard sold 40,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $58.36, for a total value of $2,334,400.00. Following the sale, the chief executive officer now directly owns 287,912 shares in the company, valued at approximately $16,802,544.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Aaron Edward Frederick Rankin sold 44,000 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $59.60, for a total value of $2,622,400.00. Following the completion of the sale, the director now owns 40,888 shares of the company’s stock, valued at approximately $2,436,924.80. The disclosure for this sale can be found here. In the last three months, insiders sold 140,200 shares of company stock valued at $8,171,958. Company 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.