M&T Bank Corp Invests $1.07 Million in Sprout Social, Inc. (NASDAQ:SPT)

M&T Bank Corp bought a new stake in Sprout Social, Inc. (NASDAQ:SPT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 36,944 shares of the company’s stock, valued at approximately $1,074,000.

A number of other institutional investors also recently added to or reduced their stakes in SPT. Quarry LP raised its holdings in shares of Sprout Social by 2,346.9% in the 2nd quarter. Quarry LP now owns 783 shares of the company’s stock valued at $28,000 after purchasing an additional 751 shares in the last quarter. nVerses Capital LLC increased its holdings in Sprout Social by 76.5% in the second quarter. nVerses Capital LLC now owns 3,000 shares of the company’s stock valued at $107,000 after buying an additional 1,300 shares during the last quarter. Assetmark Inc. raised its stake in Sprout Social by 27.5% in the third quarter. Assetmark Inc. now owns 3,717 shares of the company’s stock valued at $108,000 after buying an additional 801 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in Sprout Social during the 2nd quarter worth about $218,000. Finally, Entropy Technologies LP acquired a new position in shares of Sprout Social during the 3rd quarter worth about $265,000.

Wall Street Analyst Weigh In

SPT has been the subject of several recent analyst reports. KeyCorp cut Sprout Social from a “sector weight” rating to an “underweight” rating and set a $28.00 target price for the company. in a research note on Thursday, August 22nd. Oppenheimer lowered their target price 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. Barclays cut their price target on shares of Sprout Social from $48.00 to $38.00 and set an “overweight” rating on the stock in a research note on Friday, October 11th. Piper Sandler decreased their price objective on shares of Sprout Social from $40.00 to $29.00 and set a “neutral” rating for the company in a research note on Monday, November 11th. Finally, Scotiabank started coverage on Sprout Social in a research report on Monday, November 18th. They set a “sector perform” rating and a $28.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $45.46.

Sprout Social Stock Performance

NASDAQ:SPT opened at $33.93 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of -28.27 and a beta of 1.03. The firm’s fifty day moving average price is $29.65 and its 200 day moving average price is $31.60. Sprout Social, Inc. has a 1-year low of $25.05 and a 1-year high of $68.41.

Sprout Social (NASDAQ:SPT) last issued its earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.06). The firm had revenue of $102.64 million during the quarter, compared to analysts’ expectations of $102.04 million. Sprout Social had a negative net margin of 17.24% and a negative return on equity of 40.94%. On average, sell-side analysts expect that Sprout Social, Inc. will post -0.98 EPS for the current year.

Insiders Place Their Bets

In other news, insider Justyn Russell Howard sold 20,000 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $28.23, for a total value of $564,600.00. Following the completion of the transaction, the insider now owns 7,417 shares in the company, valued at $209,381.91. This trade represents a 72.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ryan Paul Barretto sold 13,465 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $31.45, for a total transaction of $423,474.25. Following the sale, the chief executive officer now directly owns 546,343 shares in the company, valued at approximately $17,182,487.35. This represents a 2.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,765 shares of company stock worth $1,505,079. Company insiders own 10.97% of the company’s stock.

Sprout Social Company Profile

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.