Stock traders buy large volume of Sprout social put options (NASDAQ: SPT)

Sprout Social, Inc. (NASDAQ:SPT) was the recipient of some unusual options trades on Friday. Stock traders bought 5,804 put options on the stock. This is an increase of approximately 1,316% from the typical daily volume of 410 puts.

SPT has been the subject of a number of recent analyst reports. Piper Sandler cut its price target on Sprout Social from $155.00 to $125.00 and set an “overweight” rating on the stock in a Wednesday, January 12 research report. Barclays lowered its target price on Sprout Social from $162.00 to $92.00 in a Wednesday, January 12 research note. Finally, Morgan Stanley lowered its target price on Sprout Social from $146.00 to $110.00 and set an “equal weight” rating for the company in a Thursday, Dec. 16 research note. Two equity research analysts gave the stock a hold rating and nine gave the stock a buy rating. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $126.80.

Shares of SPT were down $5.55 during Friday trading hours, hitting $52.70. The stock had a trading volume of 1,641,381 shares, compared to an average volume of 769,271. Sprout Social has a 12-month low of $49.45 and a 12-month high of $145.42. The company has a market capitalization of $2.84 billion, a PE ratio of -118.48 and a beta of 0.99. The stock has a fifty-day moving average price of $76.26 and a 200-day moving average price of $104.22.

In related news, the President Ryan-Paul Barretto sold 5,600 shares of the company in a transaction that took place on Wednesday, December 1. The stock was sold at an average price of $100.74, for a total transaction of $564,144.00. The transaction was disclosed in a document filed with the SEC, accessible via this hyperlink. Also, CMO Jamie Cannon Gilpin sold 408 shares of the company in a transaction that took place on Thursday, December 2. The stock was sold at an average price of $99.66, for a total value of $40,661.28. Disclosure of this sale can be found here. In the past ninety days, insiders have sold 155,772 shares of the company worth $13,677,353. Insiders own 14.86% of the shares of the company.

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Several institutional investors and hedge funds have recently changed their stock holdings. Nisa Investment Advisors LLC increased its holdings of Sprout Social shares by 7.5% in the third quarter. Nisa Investment Advisors LLC now owns 1,430 shares of the company worth $174,000 after acquiring an additional 100 shares during the period. The Arizona State Retirement System increased its holdings of Sprout Social shares 1.1% in the third quarter. Arizona State Retirement System now owns 10,306 shares of the company worth $1,257,000 after acquiring 112 additional shares during the period. PNC Financial Services Group Inc. increased its holdings of Sprout Social shares by 76.3% in the third quarter. PNC Financial Services Group Inc. now owns 305 shares of the company worth $37,000 after acquiring an additional 132 shares during the period. Captrust Financial Advisors increased its stake in Sprout Social by 19.9% ​​during the third quarter. Captrust Financial Advisors now owns 862 shares of the company valued at $105,000 after purchasing an additional 143 shares during the period. Finally, Level Four Advisory Services LLC increased its stake in Sprout Social by 3.6% during the third quarter. Level Four Advisory Services LLC now owns 4,141 shares of the company valued at $505,000 after purchasing an additional 145 shares during the period. 76.30% of the shares are held by institutional investors.

Sprout Social Enterprise Profile

Sprout Social, Inc designs, develops and operates a web-based social media management tool in the Americas, EMEA and Asia-Pacific. The company offers cloud-based software that brings together social messaging, data, and workflows into a unified system of record, intelligence, and action. It provides various integrated tools across a range of functions including social engagement/response, publishing, reporting and analysis, social listening and business intelligence, reputation management, employee advocacy, automation and workflows.

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