Keeping an Eye on Sprout Social Inc (SPT) After Insider Trading Activity

Sprout Social Inc’s recently made public that its Chairman and CEO Howard Justyn Russell unloaded Company’s shares for reported $2.33 million on Mar 07 ’24. In the deal valued at $58.36 per share,40,000 shares were sold. As a result of this transaction, Howard Justyn Russell now holds 0 shares worth roughly $0.0.

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Then, Howard Justyn Russell sold 20,000 shares, generating $1,184,288 in total proceeds. Upon selling the shares at $59.21, the Chairman and CEO now owns 0 shares.

Before that, Barretto Ryan Paul sold 28,755 shares. Sprout Social Inc shares valued at $1,840,981 were divested by the President at a price of $64.02 per share. As a result of the transaction, Barretto Ryan Paul now holds 430,163 shares, worth roughly $24.17 million.

Jefferies initiated its Sprout Social Inc [SPT] rating to a Buy in a research note published on February 07, 2024; the price target was $76. A number of analysts have revised their coverage, including Cantor Fitzgerald’s analysts, who increased its forecast for the stock in early January from “a Neutral” to “an Overweight”. Stephens began covering SPT with “an Overweight” recommendation on October 11, 2023. Goldman started covering the stock on July 06, 2023. It rated SPT as “a Buy”.

Price Performance Review of SPT

On Tuesday, Sprout Social Inc [NASDAQ:SPT] saw its stock fall -3.00% to $56.19. Over the last five days, the stock has lost -3.90%. Sprout Social Inc shares have fallen nearly -8.54% since the year began. Nevertheless, the stocks have fallen -1.47% over the past one year. While a 52-week high of $68.41 was reached on 02/12/24, a 52-week low of $37.00 was recorded on 01/05/24. SMA at 50 days reached $61.41, while 200 days put it at $53.28. A total of 0.53 million shares were traded, compared to the trading of 0.32 million shares in the previous session.

Levels Of Support And Resistance For SPT Stock

The 24-hour chart illustrates a support level at 55.24, which if violated will result in even more drops to 54.29. On the upside, there is a resistance level at 57.75. A further resistance level may holdings at 59.31. The Relative Strength Index (RSI) on the 14-day chart is 37.95, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -3.19, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 96.49%. Stochastics %K at 7.41% indicates the stock is a buying.

How much short interest is there in Sprout Social Inc?

A steep rise in short interest was recorded in Sprout Social Inc stocks on Feb 29, 2024, dropping by -0.41 million shares to a total of 8.69 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 9.1 million shares. There was a decline of -4.72%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 17.86% of the overall stock float, the days-to-cover ratio (short ratio) fell to 13.04.

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