Jennison Associates LLC Has $66.69 Million Stake in Sprout Social, Inc. (NASDAQ:SPT)

Jennison Associates LLC raised its position in shares of Sprout Social, Inc. (NASDAQ:SPT) by 0.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,171,567 shares of the company’s stock after purchasing an additional 7,311 shares during the period. Jennison Associates LLC owned 3.78% of Sprout Social worth $66,689,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in shares of Sprout Social by 16.0% during the 3rd quarter. Wellington Management Group LLP now owns 3,762,443 shares of the company’s stock valued at $109,374,000 after acquiring an additional 519,406 shares during the last quarter. ArrowMark Colorado Holdings LLC acquired a new stake in Sprout Social during the third quarter worth about $10,717,000. Millennium Management LLC grew its holdings in shares of Sprout Social by 9,779.5% during the 2nd quarter. Millennium Management LLC now owns 331,260 shares of the company’s stock worth $11,819,000 after purchasing an additional 327,907 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Sprout Social by 324.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 402,947 shares of the company’s stock valued at $11,714,000 after buying an additional 307,906 shares during the period. Finally, Principal Financial Group Inc. raised its position in Sprout Social by 20.0% in the third quarter. Principal Financial Group Inc. now owns 1,199,451 shares of the company’s stock worth $34,868,000 after purchasing an additional 200,190 shares in the last quarter.

Sprout Social Stock Up 1.4 %

SPT stock opened at $33.13 on Tuesday. Sprout Social, Inc. has a twelve month low of $25.05 and a twelve month high of $68.41. The business has a 50 day moving average price of $32.44 and a two-hundred day moving average price of $31.05. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.96 and a current ratio of 0.96.

Sprout Social (NASDAQ:SPT) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.06). Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. The business had revenue of $102.64 million during the quarter, compared to the consensus estimate of $102.04 million. On average, sell-side analysts predict that Sprout Social, Inc. will post -0.99 EPS for the current year.

Insider Buying and Selling at Sprout Social

In other news, insider Justyn Russell Howard sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $31.67, for a total transaction of $1,266,800.00. Following the transaction, the insider now directly owns 27,136 shares of the company’s stock, valued at approximately $859,397.12. This trade represents a 59.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ryan Paul Barretto sold 13,465 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $31.45, for a total value of $423,474.25. Following the sale, the chief executive officer now owns 546,343 shares of the company’s stock, valued at approximately $17,182,487.35. The trade was a 2.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 80,265 shares of company stock valued at $2,533,406 in the last three months. 10.97% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

SPT has been the topic of several recent analyst reports. Morgan Stanley upped their target price on shares of Sprout Social from $36.00 to $37.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Scotiabank assumed coverage on Sprout Social in a research report on Monday, November 18th. They issued a “sector perform” rating and a $28.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $55.00 price target on shares of Sprout Social in a research note on Wednesday, January 15th. Oppenheimer decreased their price objective on shares of Sprout Social from $40.00 to $38.00 and set an “outperform” rating for the company in a report on Tuesday, December 3rd. Finally, Barclays dropped their price target on Sprout Social from $48.00 to $38.00 and set an “overweight” rating on the stock in a research report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $39.58.

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.