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Joseph Del Preto, the Chief Financial Officer and Treasurer of Sprout Social, Inc. (NASDAQ:SPT), a $1.89 billion market cap company currently trading at $32.60, recently sold 1,500 shares of the company’s Class A Common Stock. According to InvestingPro analysis, while the company maintains impressive gross profit margins of 77%, it’s currently trading below its Fair Value. The shares were sold at a price of $33.64 each, totaling approximately $50,460. Following this transaction, Del Preto retains ownership of 150,073 shares, which includes a variety of restricted stock units (RSUs) that are scheduled to vest over the coming quarters. This transaction was conducted under a 10b5-1 plan, which Del Preto adopted on August 20, 2024. While the company isn’t currently profitable, analysts tracked by InvestingPro forecast earnings of $0.46 per share for FY2024, with additional valuable insights available in the Pro Research Report.
In other recent news, Oppenheimer’s annual fourth-quarter IT spending survey revealed a positive outlook for IT budget growth, leading to raised price targets for Agilysys (NASDAQ:AGYS), Inc. and ServiceNow (NYSE:NOW), Inc. The survey findings suggest a normalization of IT spending, with unutilized budgets expected to be deployed in the fourth quarter. Meanwhile, Sprout Social, Inc. received a Sector Perform rating from Scotiabank (TSX:BNS), which initiated coverage on the company with a price target of $28.00. The rating is based on an estimated $5.2 billion market opportunity for Sprout Social’s offerings.
In a significant financial milestone, Sprout Social announced during its Q3 2024 earnings call that it had surpassed $100 million in quarterly revenue for the first time, reporting $102.6 million with a year-over-year increase of 20%. The company also revealed a 31% year-over-year growth in Remaining Performance Obligations to $220.7 million. Despite broader macroeconomic challenges, Sprout Social remains optimistic about its growth trajectory, emphasizing its focus on enterprise growth, product innovation, and strategic partnerships. These are the recent developments in the companies.
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