Sprout Social (NASDAQ:SPT) Issues FY24 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.45-$0.46 for the period, compared to the consensus earnings per share estimate of $0.23. The company issued revenue guidance of $405-$406 million, compared to the consensus revenue estimate of $425.52 million. Sprout Social also updated its Q2 guidance to $0.07-$0.08 EPS.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SPT. Canaccord Genuity Group lowered their price target on Sprout Social from $70.00 to $50.00 and set a buy rating on the stock in a report on Friday. Stifel Nicolaus raised their target price on Sprout Social from $60.00 to $70.00 and gave the stock a buy rating in a research report on Friday, January 19th. Jefferies Financial Group began coverage on Sprout Social in a research note on Wednesday, February 7th. They set a buy rating and a $76.00 price target for the company. The Goldman Sachs Group cut shares of Sprout Social from a buy rating to a neutral rating and lowered their price objective for the stock from $80.00 to $44.00 in a research note on Friday. Finally, Needham & Company LLC dropped their price objective on shares of Sprout Social from $75.00 to $55.00 and set a buy rating on the stock in a report on Friday. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $57.07.

Sprout Social Price Performance

Shares of SPT stock traded down $19.33 on Friday, hitting $28.82. 13,470,229 shares of the stock traded hands, compared to its average volume of 679,800. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.08 and a quick ratio of 1.08. Sprout Social has a 52 week low of $27.85 and a 52 week high of $68.41. The firm has a 50 day simple moving average of $55.98 and a two-hundred day simple moving average of $56.80. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -23.06 and a beta of 1.09.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). Sprout Social had a negative return on equity of 42.60% and a negative net margin of 19.64%. The business had revenue of $93.58 million during the quarter, compared to analysts’ expectations of $90.76 million. As a group, equities 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, CEO Justyn Russell Howard sold 20,000 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $56.52, for a total value of $1,130,400.00. Following the transaction, the chief executive officer now owns 406,636 shares of the company’s stock, valued at $22,983,066.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Preto Joseph Del sold 1,500 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $59.71, for a total value of $89,565.00. Following the sale, the chief financial officer now directly owns 127,322 shares in the company, valued at $7,602,396.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Justyn Russell Howard sold 20,000 shares of Sprout Social stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $56.52, for a total value of $1,130,400.00. Following the completion of the sale, the chief executive officer now directly owns 406,636 shares in the company, valued at approximately $22,983,066.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 140,200 shares of company stock valued at $8,171,958. Corporate 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.