Sprout Social (SPT) Receives a Buy from Canaccord Genuity

By Jason Carr

Canaccord Genuity analyst Richard Davis maintained a Buy rating on Sprout Social (SPTResearch Report) yesterday and set a price target of $22.00. The company’s shares closed last Monday at $17.70.

According to TipRanks.com, Davis is a top 25 analyst with an average return of 45.5% and a 86.1% success rate. Davis covers the Technology sector, focusing on stocks such as Bill.com Holdings, Upland Software, and Salesforce.

Sprout Social has an analyst consensus of Strong Buy, with a price target consensus of $23.80.

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Based on Sprout Social’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $5.04 million. In comparison, last year the company had a GAAP net loss of $4.51 million.

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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.