Sprout Social (NASDAQ:SPT) Updates Q2 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.07-$0.08 for the period, compared to the consensus earnings per share 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.

Sprout Social Stock Performance

SPT stock traded down $19.33 during trading hours on Friday, reaching $28.82. The stock had a trading volume of 13,470,229 shares, compared to its average volume of 679,800. The stock has a 50-day simple moving average of $55.98 and a 200 day simple moving average of $56.80. Sprout Social has a fifty-two week low of $27.85 and a fifty-two week high of $68.41. The stock has a market capitalization of $1.62 billion, a PE ratio of -23.06 and a beta of 1.09. 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 (NASDAQ:SPT) last issued its earnings results on Tuesday, February 20th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). Sprout Social had a negative net margin of 19.64% and a negative return on equity of 42.60%. The firm had revenue of $93.58 million during the quarter, compared to analyst estimates of $90.76 million. Analysts predict that Sprout Social will post -1.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Jefferies Financial Group started coverage on Sprout Social in a report on Wednesday, February 7th. They set a buy rating and a $76.00 price target for the company. Robert W. Baird lowered shares of Sprout Social from an outperform rating to a neutral rating and decreased their price target for the company from $72.00 to $45.00 in a research note on Friday. Stifel Nicolaus raised their price objective on shares of Sprout Social from $60.00 to $70.00 and gave the stock a buy rating in a research report on Friday, January 19th. KeyCorp cut Sprout Social from an overweight rating to a sector weight rating in a report on Friday. Finally, Canaccord Genuity Group lowered their target price on Sprout Social from $70.00 to $50.00 and set a buy rating on the stock in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $57.07.

Insider Activity

In other Sprout Social news, CEO Justyn Russell Howard sold 20,000 shares of the firm’s stock in a transaction dated 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 directly owns 406,636 shares of the company’s stock, valued at approximately $22,983,066.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Aaron Edward Frederick Rankin sold 44,000 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $59.60, for a total transaction of $2,622,400.00. Following the completion of the transaction, the director now owns 40,888 shares of the company’s stock, valued at approximately $2,436,924.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Justyn Russell Howard sold 20,000 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 406,636 shares of the company’s stock, valued at $22,983,066.72. The disclosure for this sale can be found here. In the last three months, insiders sold 140,200 shares of company stock worth $8,171,958. 10.97% of the stock is currently owned by company insiders.

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.