Stifel analyst J. Parker Lane lowered the firm’s price target on Sprout Social (SPT) to $30 from $34 and keeps a Buy rating on the shares. The firm notes Sprout delivered a solid start to the year, driven upmarket execution that was reflected in the over $50k cohort and ACV growth. Management maintained a positive view on the durability of industry tailwinds, while remaining measured on the near-term growth outlook for the business as the company continues to make investments in sales capacity and operates in a more uncertain macro/buying environment. Encouragingly, Sprout Social continues to become a more efficient business, with record margins delivered in the quarter. Stifel remains a believer in the inherent value of social data/interactions for businesses, and Sprout’s ability to capture share of mid/up-market opportunity.
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Read More on SPT:
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