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 3.97% to 4.95 million shares with purchase of 0.19 million shares. This fresh investment now brings its stake to 10.14% valued currently at $303.85 million. In addition, Baillie Gifford & Co. raised its holdings by 3.12 million to 4.4 million shares. And Wellington Management Co. LLP has lifted its position by 27.52% or 0.85 million shares – to 3.95 million shares.
With over 0.46 million Sprout Social Inc (SPT) shares trading Friday and a closing price of $59.73 on the day, the dollar volume was approximately $27.19 million. The shares have shown a positive half year performance of 7.34% and its price on 01/12/24 gained nearly 1.79%. Currently, there are 47.56M common shares owned by the public and among those 47.32M shares have been available to trade.
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Insiders at the company have transacted a total of 105 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 22 of these insider trades were purchases, accounting for 623,591 shares. Insider sales of the common stock occurred on 83 occasions, with total insider shares sold totaling 427,600 shares.
The top 3 mutual fund holders in Sprout Social Inc are Vanguard Explorer Fund, ClearBridge Small Cap Growth Fund, and Vanguard Total Stock Market ETF. Vanguard Explorer Fund owns 1.73 million shares of the company’s stock, all valued at over $106.27 million. The company bought an additional 0.43 million shares recently to bring their total holdings to about 3.55% of the shares outstanding. ClearBridge Small Cap Growth Fund sold 6006.0 shares to see its total holdings shrink to 1.49 million shares valued at over $91.78 million and representing 3.06% of the shares outstanding. Vanguard Total Stock Market ETF bought 2214.0 shares to bring its total holdings to over 1.43 million shares at a value of $88.01 million. Vanguard Total Stock Market ETF now owns shares totaling to 2.94% of the shares outstanding.
Shares of Sprout Social Inc (NASDAQ: SPT) opened at $60.27, up $1.59 from a prior closing price of $58.68. However, the script later moved the day high at 61.03, up 1.79%. The company’s stock has a 5-day price change of 7.14% and 18.30% over the past three months. SPT shares are trading -2.78% year to date (YTD), with the 12-month market performance up to 0.40% higher. It has a 12-month low price of $37.00 and touched a high of $74.07 over the same period. SPT has an average intraday trading volume of 632.90K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.11%, 7.18%, and 17.95% respectively.
Institutional ownership of Sprout Social Inc (NASDAQ: SPT) shares accounts for 105.58% of the company’s 47.56M shares outstanding. Mutual fund holders own 51.38%, while other institutional holders and individual stakeholders account for 70.24% and 14.80% respectively.
It has a market capitalization of $3.34B and a beta (3y monthly) value of 1.08. The earnings-per-share (ttm) stands at -$1.05. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.37% over the week and 4.65% over the month.
Analysts forecast that Sprout Social Inc (SPT) will achieve an EPS of $0 for the current quarter, $0.03 for the next quarter and $0.19 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.01 while analysts give the company a high EPS estimate of $0.01. Comparatively, EPS for the current quarter was $0.03 a year ago. Earnings per share for the fiscal year are expected to increase by 346.57%, and 72.09% 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 1.33. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 1 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 Overweight rating for the stock in a research note on January 02, 2024, with the firm’s price target at $48-$74.
