Should You Hold Sprout Social (SPT)?

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 2000 Growth Index and returned 2.50% (net), and the index return was 7.05%. Consumer Staples, Health Care, Industrials, and Information Technology showed relative weakness. However, Communication Services and Materials showed strength, partially offsetting the weakness. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare U.S. Small Cap Growth Strategy highlighted stocks like Sprout Social, Inc. (NASDAQ:SPT) in the second quarter 2023 investor letter. Headquartered in Chicago, Illinois, Sprout Social, Inc. (NASDAQ:SPT) provides online social media management tools for businesses. On September 22, 2023, Sprout Social, Inc. (NASDAQ:SPT) stock closed at $49.60 per share. One-month return of Sprout Social, Inc. (NASDAQ:SPT) was 2.90%, and its shares lost 15.39% of their value over the last 52 weeks. Sprout Social, Inc. (NASDAQ:SPT) has a market capitalization of $2.764 billion.

TimesSquare U.S. Small Cap Growth Strategy made the following comment about Sprout Social, Inc. (NASDAQ:SPT) in its Q2 2023 investor letter:

“Sprout Social, Inc. (NASDAQ:SPT), a web-based social media management platform operator for public relations and customer engagement, tumbled -24%. While first quarter revenues were in line with the consensus, annual recurring revenues missed due to non-core customer churn. In contrast, their larger customers continue to grow at a solid rate.”

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Sprout Social, Inc. (NASDAQ:SPT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Sprout Social, Inc. (NASDAQ:SPT) at the end of second quarter which was 26 in the previous quarter.

We discussed Sprout Social, Inc. (NASDAQ:SPT) in another article and shared Artisan Partners’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.