Goldman Sachs Initiates Coverage of Sprout Social With Buy Recommendation

Fintel reports that on July 6, 2023, Goldman Sachs initiated coverage of Sprout Social Inc (NASDAQ:SPT) with a Buy recommendation.

Analyst Price Forecast Suggests 35.76% Upside

As of July 6, 2023, the average one-year price target for Sprout Social Inc is 63.33. The forecasts range from a low of 46.46 to a high of $81.90. The average price target represents an increase of 35.76% from its latest reported closing price of 46.65.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Sprout Social Inc is 332MM, an increase of 22.25%. The projected annual non-GAAP EPS is -0.02.

What is the Fund Sentiment?

There are 614 funds or institutions reporting positions in Sprout Social Inc. This is an increase of 19 owner(s) or 3.19% in the last quarter. Average portfolio weight of all funds dedicated to SPT is 0.33%, a decrease of 13.61%. Total shares owned by institutions increased in the last three months by 1.30% to 67,780K shares. The put/call ratio of SPT is 2.34, indicating a bearish outlook.

What are Other Shareholders Doing?

Invesco holds 2,404K shares representing 4.34% ownership of the company. In it’s prior filing, the firm reported owning 2,110K shares, representing an increase of 12.23%. The firm decreased its portfolio allocation in SPT by 89.17% over the last quarter.

Clearbridge Investments holds 1,858K shares representing 3.35% ownership of the company. In it’s prior filing, the firm reported owning 1,509K shares, representing an increase of 18.76%. The firm increased its portfolio allocation in SPT by 28.42% over the last quarter.

Macquarie Group holds 1,531K shares representing 2.76% ownership of the company. In it’s prior filing, the firm reported owning 2,409K shares, representing a decrease of 57.42%. The firm decreased its portfolio allocation in SPT by 31.10% over the last quarter.

Jennison Associates holds 1,439K shares representing 2.60% ownership of the company. In it’s prior filing, the firm reported owning 1,241K shares, representing an increase of 13.75%. The firm decreased its portfolio allocation in SPT by 39.46% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 1,406K shares representing 2.54% ownership of the company. In it’s prior filing, the firm reported owning 1,438K shares, representing a decrease of 2.32%. The firm decreased its portfolio allocation in SPT by 2.69% over the last quarter.

Sprout Social Background Information
(This description is provided by the company.)

Sprout Social offers deep social media listening and analytics, social management, customer care and advocacy solutions to more than 25,000 brands and agencies worldwide. Sprout’s unified platform integrates the power of social throughout every aspect of a business and enables social leaders at every level to extract valuable data and insights that drive their business forward. Headquartered in Chicago, Sprout operates across major social media networks, including Twitter, Facebook, Instagram, Pinterest, YouTube and LinkedIn.

Additional reading:

• Sprout Social Announces First Quarter 2023 Financial Results Above Guidance Range CHICAGO, May 2, 2023 – Sprout Social, Inc. (“Sprout Social”, the “Company”) (Nasdaq: SPT), an industry-leading provider of cloud-based social media management software,
• 2021 Investor Day 2023 Investor Presentation Disclaimers Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
• Page 9 of 13
• Page 13 of 13
• Form of Notice of Grant of Restricted Stock Units and Restricted Stock Unit Agreement pursuant to the Sprout Social, Inc. 2019 Incentive Award Plan, approved February 15, 2023

This article originally appeared on Fintel