Sprout Social (NASDAQ:SPT) Releases FY 2022 Earnings Guidance

Sprout Social (NASDAQ:SPTGet Rating) updated its FY 2022 earnings guidance on Tuesday. The company provided EPS guidance of -$0.11–$0.10 for the period, compared to the consensus EPS estimate of -$0.12. The company issued revenue guidance of $253.90 million-$254.00 million, compared to the consensus revenue estimate of $252.67 million. Sprout Social also updated its Q3 2022 guidance to -$0.04–$0.03 EPS.

Sprout Social Stock Performance

Shares of NASDAQ:SPT traded up $3.10 during trading on Friday, reaching $61.37. 511,994 shares of the stock traded hands, compared to its average volume of 676,566. The stock has a market cap of $3.34 billion, a P/E ratio of -80.75 and a beta of 1.10. The stock has a 50-day moving average of $55.95 and a two-hundred day moving average of $61.33. Sprout Social has a 52-week low of $38.39 and a 52-week high of $145.42.

Sprout Social (NASDAQ:SPTGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.01). Sprout Social had a negative net margin of 18.65% and a negative return on equity of 28.39%. The business had revenue of $57.43 million for the quarter, compared to the consensus estimate of $56.25 million. During the same period in the previous year, the company earned ($0.12) earnings per share. The company’s revenue for the quarter was up 40.7% compared to the same quarter last year. Sell-side analysts expect that Sprout Social will post -0.74 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SPT shares. Canaccord Genuity Group reduced their price target on shares of Sprout Social from $75.00 to $65.00 and set a buy rating for the company in a research report on Thursday. Robert W. Baird decreased their price target on shares of Sprout Social from $110.00 to $76.00 in a research report on Wednesday. Cantor Fitzgerald cut their price objective on shares of Sprout Social from $99.00 to $80.00 in a research report on Wednesday, May 4th. Barclays decreased their target price on Sprout Social from $79.00 to $66.00 in a report on Wednesday. Finally, Morgan Stanley decreased their price objective on shares of Sprout Social from $70.00 to $66.00 and set an equal weight rating on the stock in a research report on Thursday, July 14th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $96.00.

Insider Buying and Selling at Sprout Social

In other Sprout Social news, President Ryan Paul Barretto sold 5,718 shares of the stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $58.31, for a total transaction of $333,416.58. Following the transaction, the president now directly owns 352,407 shares of the company’s stock, valued at $20,548,852.17. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Justyn Russell Howard sold 20,000 shares of Sprout Social stock in a transaction on Monday, May 9th. The shares were sold at an average price of $47.15, for a total transaction of $943,000.00. Following the completion of the sale, the chief executive officer now directly owns 255,939 shares of the company’s stock, valued at approximately $12,067,523.85. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Ryan Paul Barretto sold 5,718 shares of Sprout Social stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $58.31, for a total transaction of $333,416.58. Following the completion of the transaction, the president now directly owns 352,407 shares in the company, valued at $20,548,852.17. The disclosure for this sale can be found here. In the last quarter, insiders sold 82,448 shares of company stock worth $4,665,890. Insiders own 13.33% of the company’s stock.

Institutional Trading of Sprout Social

A number of institutional investors have recently modified their holdings of the business. Bank of America Corp DE lifted its stake in shares of Sprout Social by 12.2% during the first quarter. Bank of America Corp DE now owns 204,689 shares of the company’s stock valued at $16,399,000 after buying an additional 22,288 shares during the period. Walleye Capital LLC purchased a new stake in Sprout Social during the first quarter valued at about $275,000. Avalon Investment & Advisory acquired a new stake in Sprout Social during the first quarter worth about $448,000. Advisors Asset Management Inc. raised its holdings in shares of Sprout Social by 49.2% in the 1st quarter. Advisors Asset Management Inc. now owns 2,257 shares of the company’s stock worth $181,000 after purchasing an additional 744 shares during the period. Finally, Quantbot Technologies LP acquired a new position in shares of Sprout Social in the 1st quarter valued at about $125,000. 83.30% of the stock is currently owned by hedge funds and other institutional investors.

About Sprout Social

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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. It provides cloud software that brings together social messaging, data, and workflows in a unified system of record, intelligence, and action.

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