Hunt Lane Capital LP 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 17.07% to 1.2 million shares with purchase of 0.17 million shares. This fresh investment now brings its stake to 2.97% valued currently at $34.67 million. In addition, The Vanguard Group, Inc. raised its holdings by 1.1 million to 1.12 million shares.
With over 1.19 million Sprout Social Inc. (SPT) shares trading Friday and a closing price of $34.26 on the day, the dollar volume was approximately $40.64 million. The shares have shown a positive weekly performance of 11.89% and its price on 08/21/20 gained nearly 3.63%. Currently, there are 50.53M common shares owned by the public and among those 39.68M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for SPT have a consensus price objective of $35.29. The analysts have set the share’s price value over the next 12 months at a high of $40.00 and a low of $33.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Sprout Social Inc. stock is 1.40 for the next 12 months. The average price target is 2.92% above its last price level and an upside to the estimated low will see the stock lose -3.82% over that period. But an upside of 14.35% will see the stock hit the forecast high price target while mean target price for the stock is $35.00.
Insiders at the company have transacted a total of 74 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 45 of these insider trades were purchases, accounting for 18,504,145 shares. Insider sales of the common stock occurred on 29 occasions, with total insider shares sold totaling 4,157,800 shares.
The top 3 mutual fund holders in Sprout Social Inc. are Legg Mason ClearBridge Select Fun, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. Legg Mason ClearBridge Select Fun owns 0.64 million shares of the company’s stock, all valued at over $18.45 million. The company sold -0.12 million shares recently to bring their total holdings to about 1.58% of the shares outstanding. Vanguard Total Stock Market Index sold 18100.0 shares to see its total holdings shrink to 0.34 million shares valued at over $9.69 million and representing 0.83% of the shares outstanding. Vanguard Small Cap Index Fund sold 1469.0 shares to bring its total holdings to over 0.3 million shares at a value of $8.74 million. Vanguard Small Cap Index Fund now owns shares totaling to 0.75% of the shares outstanding.
Shares of Sprout Social Inc. (NASDAQ: SPT) opened at $33.53, up $0.47 from a prior closing price of $33.06. However, the script later closed the day at $34.26, up 3.63%. The company’s stock has a 5-day price change of 11.89% and 30.22% over the past three months. It has a 12-month low price of $10.54 and touched a high of $34.00 over the same period. Currently, 1.19 million shares have been traded, compared to an average intraday trading volume of 679.26K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 16.32%, 20.94%, and 58.45% respectively.
Institutional ownership of Sprout Social Inc. (NASDAQ: SPT) shares accounts for 86.90% of the company’s 50.53M shares outstanding. Mutual fund holders own 2.95%, while other institutional holders and individual stakeholders account for 52.80% and 13.00% respectively.
It has a market capitalization of $1.73B. The earnings-per-share (ttm) stands at -$1.16. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.23% over the week and 7.56% over the month.
Analysts forecast that Sprout Social Inc. (SPT) will achieve an EPS of -$0.13 for the current quarter, -$0.12 for the next quarter and -$0.37 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.14 while analysts give the company a high EPS estimate of -$0.12. Earnings per share for the fiscal year are expected to decrease by -123.60%, and 26.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Sprout Social Inc. (SPT) as a “Strong Buy” at a consensus score of 1.40. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 0 of the 8 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. BTIG Research stated their Buy rating for the stock in a research note on June 09, 2020, with the firm’s price target at $40. Robert W. Baird coverage for the Sprout Social Inc. (SPT) stock in a research note released on June 02, 2020 offered a Outperform rating with a price target of $33. William Blair was of a view on January 07, 2020 that the stock is Outperform, while Stifel gave the stock Buy rating on January 07, 2020, issuing a price target of $25. Morgan Stanley on their part issued Overweight rating on January 07, 2020.