Oppenheimer lowered the firm’s price target on Sprout Social (SPT) to $32 from $38 and keeps an Outperform rating on the shares. The firm notes the company Sprout had a decent first quarter. Positively, the results show record margins and cash generation, and improving predictability. Negatively, the business growth continues to decelerate noticeably as the Q1 billings metrics display only mid-single-digit growth. Further, management took a prudent approach to guidance by not fully flowing through the upside in Q1.
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