U.S. stock futures slip lower; Cook’s firing increases Fed independence worries
Ryan Paul Barretto, CEO of Sprout Social, Inc. (NASDAQ:SPT), recently sold 16,800 shares of the company’s Class A Common Stock. The shares were sold at an average price of $30.989, amounting to a total value of $520,615. Following this transaction, Barretto holds 153,375 shares indirectly, as noted in the filing.
The transaction, which took place on December 30, 2024, was conducted under a pre-established 10b5-1 trading plan. This plan was adopted by Barretto on August 31, 2023, allowing for the systematic sale of shares. According to InvestingPro data, the company maintains impressive gross profit margins of 77% and achieved strong revenue growth of 27% in the last twelve months.
Sprout Social, headquartered in Chicago, IL, continues to be a key player in the prepackaged software services industry. With a market capitalization of $1.76 billion, analysts expect the company to achieve profitability this year. Get more insights and access to detailed financial analysis with InvestingPro, which offers additional ProTips and comprehensive research reports for smarter investment decisions.
In other recent news, Sprout Social Inc (NASDAQ:SPT). has achieved a significant financial milestone, surpassing $100 million in Q3 revenue for the first time, marking a 20% increase year-over-year. The company's Remaining Performance Obligations (RPO) also experienced a 31% growth year-over-year, reaching $220.7 million. For Q4 2024, the company's revenue is projected to be between $106.3 million and $107.1 million. However, restructuring in the R&D department is anticipated, which may result in the elimination of approximately 50 roles.
In other developments, Oppenheimer's tenth annual fourth-quarter IT spending survey indicates a constructive outlook for IT budget growth through the end of the year and into 2025. The survey led to positive adjustments for certain stocks, including Agilysys (NASDAQ:AGYS), Inc. and ServiceNow (NYSE:NOW), Inc., which saw their price targets raised by Oppenheimer. However, the survey results were less optimistic for other stocks, like Sprout Social, Inc., which experienced a lower price target and estimates.
Scotiabank (TSX:BNS) initiated coverage on Sprout Social Inc. with a Sector Perform rating and set a price target of $28.00. The analyst believes the company's stock is expected to perform in line with the expectations for the overall sector in the coming year. These are just some of the recent developments in Sprout Social's financial performance and strategic initiatives.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.