Sprout Social, Inc. (NASDAQ:SPT) Sees Large Decrease in Short Interest

Sprout Social, Inc. (NASDAQ:SPT) saw a significant drop in short interest in the month of March. As of March 15th, there was short interest totalling 3,470,000 shares, a drop of 23.4% from the February 28th total of 4,530,000 shares. Based on an average daily volume of 621,700 shares, the short-interest ratio is currently 5.6 days. Approximately 6.8% of the company’s stock are short sold.

Sprout Social Stock Performance

NASDAQ SPT traded up $0.57 during midday trading on Wednesday, hitting $22.57. The company had a trading volume of 185,696 shares, compared to its average volume of 731,858. Sprout Social has a fifty-two week low of $21.51 and a fifty-two week high of $59.04. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -18.80 and a beta of 1.11. The firm has a fifty day simple moving average of $28.35 and a two-hundred day simple moving average of $29.54.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings data on Tuesday, February 25th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.35). The company had revenue of $107.09 million during the quarter, compared to the consensus estimate of $106.74 million. Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. Equities analysts forecast that Sprout Social will post -0.99 earnings per share for the current fiscal year.

Insider Activity

In other Sprout Social news, Director Karen Walker sold 5,000 shares of the business’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $30.26, for a total transaction of $151,300.00. Following the completion of the transaction, the director now directly owns 30,665 shares of the company’s stock, valued at $927,922.90. The trade was a 14.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Justyn Russell Howard sold 40,000 shares of Sprout Social stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $31.67, for a total value of $1,266,800.00. Following the sale, the insider now directly owns 27,136 shares in the company, valued at approximately $859,397.12. This trade represents a 59.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,646 shares of company stock worth $3,302,919 over the last 90 days. Company insiders own 10.97% of the company’s stock.

Institutional Investors Weigh In On Sprout Social

Several large investors have recently made changes to their positions in the company. Quarry LP boosted its position in Sprout Social by 100.9% in the third quarter. Quarry LP now owns 1,573 shares of the company’s stock valued at $46,000 after buying an additional 790 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Sprout Social by 2,392.6% in the 4th quarter. US Bancorp DE now owns 1,695 shares of the company’s stock worth $52,000 after acquiring an additional 1,627 shares in the last quarter. KBC Group NV increased its holdings in Sprout Social by 77.1% during the 4th quarter. KBC Group NV now owns 2,525 shares of the company’s stock valued at $78,000 after purchasing an additional 1,099 shares in the last quarter. Yarbrough Capital LLC bought a new position in Sprout Social in the 4th quarter valued at $206,000. Finally, Woodline Partners LP bought a new position in Sprout Social in the 4th quarter valued at $233,000.

Wall Street Analyst Weigh In

Several analysts recently commented on SPT shares. Piper Sandler cut their target price on shares of Sprout Social from $29.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Morgan Stanley cut their target price on Sprout Social from $37.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. Oppenheimer decreased their price target on Sprout Social from $40.00 to $38.00 and set an “outperform” rating for the company in a research report on Tuesday, December 3rd. Needham & Company LLC decreased their target price on shares of Sprout Social from $55.00 to $32.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Finally, Stifel Nicolaus cut their price target on shares of Sprout Social from $45.00 to $34.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Sprout Social presently has an average rating of “Hold” and an average target price of $33.85.

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.