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The transaction was carried out under a pre-established 10b5-1 trading plan, which was adopted on September 13, 2024. This plan allows insiders to set up a trading schedule in advance to sell stocks at predetermined times, thereby avoiding potential accusations of insider trading. While the company is not currently profitable, InvestingPro data shows analysts expect profitability this year. Get access to detailed financial analysis and 6 additional ProTips for Sprout Social through InvestingPro's comprehensive research reports. While the company is not currently profitable, InvestingPro data shows analysts expect profitability this year. Get access to detailed financial analysis and 6 additional ProTips for Sprout Social through InvestingPro's comprehensive research reports.
The transaction was carried out under a pre-established 10b5-1 trading plan, which was adopted on September 13, 2024. This plan allows insiders to set up a trading schedule in advance to sell stocks at predetermined times, thereby avoiding potential accusations of insider trading.
In other recent news, Oppenheimer's tenth annual fourth-quarter IT spending survey has indicated a constructive outlook for IT budget growth through 2025. As a result, price targets for Agilysys (NASDAQ:AGYS), Inc. and ServiceNow (NYSE:NOW), Inc. have been raised, reflecting a favorable outlook for these companies. However, the survey results were less optimistic for other stocks, such as Sprout Social, Inc., which experienced a lower price target and estimates.
Meanwhile, Scotiabank (TSX:BNS) initiated coverage on Sprout Social Inc (NASDAQ:SPT). with a Sector Perform rating and set a price target of $28.00. The company recently surpassed $100 million in Q3 revenue for the first time and secured a $1.8 million multi-year contract with a global electronics brand. However, restructuring in the R&D department is anticipated, which may result in the elimination of approximately 50 roles.
In its Q3 2024 earnings call, Sprout Social reported a 20% year-over-year increase in revenue, reaching $102.6 million. The company's Remaining Performance Obligations (RPO) grew 31% to $220.7 million and it expects to recognize 71% of its RPO as revenue in the next 12 months. The full-year revenue forecast for 2024 is between $405.1 million and $405.9 million.
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