Sprout Social Inc - SPT STOCK NEWS

Sprout Social (Nasdaq: SPT) has successfully closed its follow-on public offering of 6,900,000 shares of Class A common stock at a price of $27.50 per share, which includes the full exercise of the underwriters’ option for 900,000 additional shares. The company sold 1,612,500 shares, while selling stockholders offered 5,287,500 shares. Importantly, Sprout Social did not receive proceeds from the selling stockholders. Leading managers included Morgan Stanley and Goldman Sachs, among others.

Sprout Social's recent survey reveals shifts in social media usage amid the pandemic. Key findings show that 62% of consumers increased social interaction for personal connections, while 48% seek entertainment. Additionally, 55% use social to stay informed on news, and 36% for educational purposes. A significant 58% of consumers prefer brands sharing their values, but missteps can lead to consequences, with 42% ready to switch brands if companies fail to meet social expectations. The survey, conducted from July 17-20, 2020, included 1,001 U.S. consumers.

Sprout Social (Nasdaq: SPT) announced a follow-on public offering of 6,000,000 shares of Class A common stock at $27.50 each. The offering includes 1,500,000 shares from the company and 4,500,000 from selling stockholders, with an additional 900,000 shares available to underwriters. The company will not receive proceeds from stockholder sales. Closing is anticipated around August 17, 2020. Leading managers include Morgan Stanley and Goldman Sachs. The offering is subject to standard closing conditions.

Sprout Social, Inc. (Nasdaq: SPT) announced a cancellation of its presentation at the Canaccord Genuity 40th Annual Growth Conference due to changes in management schedules linked to its follow-on public offering. CEO Justyn Howard, CFO Joe Del Preto, and SVP of Global Sales Ryan Barretto will present at the KeyBanc Capital Markets’ Future of Technology Series on August 18, 2020. A registration statement for the offering has been filed with the SEC but is not yet effective. A prospectus will be available through various financial institutions and online via the SEC's website.

Sprout Social (Nasdaq: SPT) announced a follow-on public offering of its Class A common stock. The offering aims to sell up to 1.5 million shares by the Company and 4.5 million shares by selling stockholders. Additionally, underwriters may purchase up to 900,000 extra shares within 30 days. The Company will not receive proceeds from the selling stockholders' shares. Morgan Stanley, Goldman Sachs, and Barclays are the lead managers for the offering. A registration statement has been filed with the SEC but is not yet effective.

Sprout Social, a leader in cloud-based social media management software, has announced two upcoming virtual investor conference presentations. CEO Justyn Howard, CFO Joe Del Preto, and SVP Ryan Barretto will present at the Canaccord Genuity 40th Annual Growth Conference on August 12, 2020, at 2:30 p.m. ET, and at KeyBanc Capital Markets’ Future of Technology Series on August 18, 2020, at 3:20 p.m. ET. Live webcasts of these presentations will be accessible on Sprout Social's investor relations website.

Sprout Social reported a strong second quarter for 2020 with total revenue of $31.4 million, a 27% increase year-over-year. The company has raised its full-year revenue guidance to between $128 million and $130.5 million, reflecting a projected growth of 26% at midpoint. The number of customers rose to 24,356, and those contributing over $10,000 in ARR increased by 54%. However, GAAP net loss was ($8.3 million), and cash reserves decreased to $129.5 million.

Sprout Social (Nasdaq: SPT) announced it will disclose its financial results for Q2 2020 after market closure on August 5, 2020. The company will host a conference call at 4:00 p.m. CT (5:00 p.m. ET) to discuss the results and business highlights. Callers from the U.S. can dial (877) 658-9099, while international participants can use (602) 563-8734 with conference ID 2484995. A replay will be available until August 12, 2020. Sprout Social provides social media management solutions to over 24,000 brands and agencies globally.

Sprout Social (Nasdaq: SPT) announced upcoming virtual presentations by its executives at notable investor conferences. CEO Justyn Howard, CFO Joe Del Preto, and SVP of Global Sales Ryan Barretto will present at the Stifel Virtual Cross Sector Insight Conference on June 9 at 11:20 a.m. ET and at the William Blair 40th Annual Growth Stock Conference on June 10 at 8:00 a.m. CT. Live webcasts will be accessible on Sprout's investor relations website, with archived replays available post-event. Sprout Social provides comprehensive social media management solutions for over 24,000 brands globally.