Sprout Social (NASDAQ:SPT) Issues Q3 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.120-0.130 for the period, compared to the consensus earnings per share estimate of 0.120. The company issued revenue guidance of $101.9 million-$102.1 million, compared to the consensus revenue estimate of $101.9 million. Sprout Social also updated its FY 2024 guidance to 0.450-0.460 EPS.

Analysts Set New Price Targets

Several analysts recently commented on SPT shares. BTIG Research downgraded shares of Sprout Social from a buy rating to a neutral rating in a report on Friday, May 3rd. Needham & Company LLC restated a buy rating and set a $55.00 price objective on shares of Sprout Social in a report on Friday. 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, May 3rd. Oppenheimer reduced their price target on Sprout Social from $76.00 to $43.00 and set an outperform rating for the company in a research note on Friday, May 3rd. Finally, Piper Sandler lowered Sprout Social from an overweight rating to a neutral rating and decreased their price objective for the company from $66.00 to $40.00 in a report on Friday, May 3rd. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $56.57.

Sprout Social Price Performance

Shares of Sprout Social stock traded down $4.33 on Friday, reaching $32.93. 1,049,495 shares of the stock were exchanged, compared to its average volume of 613,503. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $1.86 billion, a PE ratio of -26.34 and a beta of 1.00. The firm’s 50 day moving average is $35.08 and its 200-day moving average is $47.31. Sprout Social has a one year low of $25.68 and a one year high of $68.41.

Sprout Social (NASDAQ:SPT) last issued its earnings results on Thursday, May 2nd. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.10. Sprout Social had a negative return on equity of 44.88% and a negative net margin of 19.60%. The firm had revenue of $96.78 million for the quarter, compared to the consensus estimate of $97.29 million. As a group, analysts anticipate that Sprout Social will post -0.84 EPS for the current fiscal year.

Insider Activity at Sprout Social

In other Sprout Social news, CEO Justyn Russell Howard sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $28.50, for a total value of $570,000.00. Following the sale, the chief executive officer now owns 406,636 shares in the company, valued at $11,589,126. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Justyn Russell Howard sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $28.50, for a total value of $570,000.00. Following the completion of the transaction, the chief executive officer now owns 406,636 shares of the company’s stock, valued at $11,589,126. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Preto Joseph Del sold 1,500 shares of Sprout Social stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $32.39, for a total transaction of $48,585.00. Following the sale, the chief financial officer now owns 169,644 shares in the company, valued at $5,494,769.16. The disclosure for this sale can be found here. Insiders have sold 92,470 shares of company stock valued at $3,063,248 over the last ninety days. 10.97% of the stock is owned by corporate insiders.

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.