The Vanguard Group, Inc. recently announced the acquisition of new stake in Sprout Social Inc. (NASDAQ:SPT). The institutional investor has increased its shareholding in the Technology company by 18.38% to 4.54 million shares with purchase of 0.71 million shares. This fresh investment now brings its stake to 9.61% valued currently at $276.89 million. In addition, BlackRock Fund Advisors raised its holdings by 52761.0 to 3.01 million shares. And Invesco Advisers, Inc. has lifted its position by 6.53% or 0.13 million shares – to 2.08 million shares.
With over 0.67 million Sprout Social Inc. (SPT) shares trading Tuesday and a closing price of $57.15 on the day, the dollar volume was approximately $38.4 million. The shares have shown a negative half year performance of -2.51% and its price on 03/28/23 lost nearly -4.59%. Currently, there are 55.10M common shares owned by the public and among those 46.41M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 12 analysts who have offered their price forecasts for SPT have a consensus price objective of $74.18. The analysts have set the share’s price value over the next 12 months at a high of $100.00 and a low of $52.00. The average price target is 19.76% above its recent price level and a downside to the estimated low will see the stock lose -9.9% over that period. But an upside of 42.85% will see the stock hit the forecast high price target while median target price for the stock is $75.00.
Insiders at the company have transacted a total of 212 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 28 of these insider trades were purchases, accounting for 529,929 shares. Insider sales of the common stock occurred on 184 occasions, with total insider shares sold totaling 695,265 shares.
The top 3 mutual fund holders in Sprout Social Inc. are Vanguard Total Stock Market Index, Vanguard Small Cap Index Fund, and iShares Russell 2000 ETF. Vanguard Total Stock Market Index owns 1.46 million shares of the company’s stock, all valued at over $88.73 million. The company bought an additional 14810.0 shares recently to bring their total holdings to about 3.08% of the shares outstanding. Vanguard Small Cap Index Fund bought 7250.0 shares to see its total holdings expand to 1.23 million shares valued at over $75.12 million and representing 2.61% of the shares outstanding. iShares Russell 2000 ETF sold 3258.0 shares to bring its total holdings to over 1.03 million shares at a value of $62.72 million. iShares Russell 2000 ETF now owns shares totaling to 2.18% of the shares outstanding.
Shares of Sprout Social Inc. (NASDAQ: SPT) opened at $59.55, down -$0.35 from a prior closing price of $59.90. However, the script later moved the day high at 59.96, down -4.59%. The company’s stock has a 5-day price change of -12.40% and 2.09% over the past three months. SPT shares are trading 1.22% year to date (YTD), with the 12-month market performance down to -26.48% lower. It has a 12-month low price of $38.39 and touched a high of $85.99 over the same period. SPT has an average intraday trading volume of 608.79K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -7.70%, -8.28%, and -4.22% respectively.
Institutional ownership of Sprout Social Inc. (NASDAQ: SPT) 55.10M shares outstanding. Mutual fund holders own 41.57%, while other institutional holders and individual stakeholders account for 64.71% and 15.60% respectively.
It has a market capitalization of $3.31B. The earnings-per-share (ttm) stands at -$0.92. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.24% over the week and 5.27% over the month.
Analysts forecast that Sprout Social Inc. (SPT) will achieve an EPS of -$0.02 for the current quarter, -$0.01 for the next quarter and -$0.02 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.03 while analysts give the company a high EPS estimate of -$0.01. Comparatively, EPS for the current quarter was -$0.05 a year ago. Earnings per share for the fiscal year are expected to decrease by -72.30%, and 354.55% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 12 brokerage firm advisors rate Sprout Social Inc. (SPT) as a “Strong Buy” at a consensus score of 1.70. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 2 of the 12 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SPT, a number of firms have released research notes about the stock. Cantor Fitzgerald stated their Neutral rating for the stock in a research note on February 13, 2023, with the firm’s price target at $53. Cantor Fitzgerald coverage for the Sprout Social Inc. (SPT) stock in a research note released on April 05, 2022 offered a Overweight rating with a price target of $99. BTIG Research was of a view on September 20, 2021 that the stock is Buy, while Robert W. Baird gave the stock Outperform rating on June 18, 2021, issuing a price target of $85- $93. KeyBanc Capital Markets on their part issued Overweight rating on June 01, 2021.
