Trexquant Investment LP Has $1.14 Million Position in Sprout Social, Inc. (NASDAQ:SPT)

Posted by Defense World Staff on Mar 14th, 2023

Trexquant Investment LP lifted its holdings in shares of Sprout Social, Inc. (NASDAQ:SPT – Get Rating) by 82.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,738 shares of the company’s stock after purchasing an additional 8,458 shares during the quarter. Trexquant Investment LP’s holdings in Sprout Social were worth $1,137,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. raised its position in Sprout Social by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 3,957,201 shares of the company’s stock valued at $240,124,000 after buying an additional 33,580 shares during the last quarter. Macquarie Group Ltd. raised its position in Sprout Social by 6.5% in the 3rd quarter. Macquarie Group Ltd. now owns 2,960,497 shares of the company’s stock valued at $179,693,000 after buying an additional 181,300 shares during the last quarter. Invesco Ltd. raised its position in Sprout Social by 2.3% in the 1st quarter. Invesco Ltd. now owns 1,827,992 shares of the company’s stock valued at $146,459,000 after buying an additional 41,061 shares during the last quarter. Clearbridge Investments LLC raised its position in Sprout Social by 13.7% in the 2nd quarter. Clearbridge Investments LLC now owns 1,392,973 shares of the company’s stock valued at $80,890,000 after buying an additional 168,083 shares during the last quarter. Finally, Jennison Associates LLC raised its position in Sprout Social by 18.6% in the 3rd quarter. Jennison Associates LLC now owns 1,262,223 shares of the company’s stock valued at $76,592,000 after buying an additional 198,355 shares during the last quarter. Institutional investors and hedge funds own 86.34% of the company’s stock.

Analysts Set New Price Targets

SPT has been the topic of a number of recent research reports. Canaccord Genuity Group lifted their target price on Sprout Social from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, February 22nd. Cantor Fitzgerald downgraded Sprout Social from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $62.00 to $53.00 in a research note on Monday, February 13th. Morgan Stanley raised their price target on Sprout Social from $60.00 to $63.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 13th. Barclays raised their price target on Sprout Social from $63.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, February 22nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $75.00 price target on shares of Sprout Social in a research note on Wednesday, February 22nd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.67.

Insider Transactions at Sprout Social

In other news, CTO Aaron Edward Frederick Rankin sold 4,500 shares of Sprout Social stock in a transaction that occurred on Wednesday, January 11th. The stock was sold at an average price of $55.00, for a total transaction of $247,500.00. Following the completion of the transaction, the chief technology officer now directly owns 31,115 shares in the company, valued at approximately $1,711,325. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CTO Aaron Edward Frederick Rankin sold 4,500 shares of the business’s stock in a transaction on Wednesday, January 11th. The stock was sold at an average price of $55.00, for a total value of $247,500.00. Following the completion of the sale, the chief technology officer now directly owns 31,115 shares in the company, valued at approximately $1,711,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Preto Joseph Del sold 505 shares of the business’s stock in a transaction on Thursday, January 5th. The shares were sold at an average price of $56.48, for a total value of $28,522.40. Following the completion of the sale, the chief financial officer now owns 119,012 shares of the company’s stock, valued at $6,721,797.76. The disclosure for this sale can be found here. In the last three months, insiders sold 84,641 shares of company stock worth $5,310,524. 13.33% of the stock is owned by company insiders.

Sprout Social Trading Up 1.0 %

Shares of NASDAQ SPT opened at $57.61 on Tuesday. Sprout Social, Inc. has a 12 month low of $38.39 and a 12 month high of $85.99. The stock has a 50 day moving average of $61.25 and a 200-day moving average of $60.04.

Sprout Social Profile

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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. It provides cloud software that brings together social messaging, data, and workflows in a unified system of record, intelligence, and action.