William Blair Believes Sprout Social (NASDAQ: SPT) Still Has Room to Grow

William Blair analyst Arjun Bhatia reiterated a Buy rating on Sprout Social (SPTResearch Report) yesterday. The company’s shares closed last Tuesday at $89.31, close to its 52-week high of $95.75.

According to TipRanks.com, Bhatia is a 4-star analyst with an average return of 28.5% and a 64.3% success rate. Bhatia covers the Technology sector, focusing on stocks such as Zeta Global Holdings Corp, DoubleVerify Holdings, and ServiceNow.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Sprout Social with a $94.75 average price target, a 6.8% upside from current levels. In a report issued on July 23, Barclays also maintained a Buy rating on the stock with a $106.00 price target.

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Based on Sprout Social’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $40.82 million and GAAP net loss of $6.37 million. In comparison, last year the company earned revenue of $30.54 million and had a GAAP net loss of $10.48 million.

Based on the recent corporate insider activity of 124 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SPT in relation to earlier this year.

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Sprout Social, Inc. provides online social media management tools for businesses. It offers communication tools, contact management, lead generation, and analytics services. The company offers solutions for enterprises, agencies, small businesses, customer service, social media marketing, and employee advocacy sectors. Sprout Social was founded by Justyn Howard, Aaron Rankin and Gilbert Lara in 2010 and is headquartered in Chicago, IL.