Sprout Social on Dec. 28 announced the promotion of Ryan Barretto to President, effective immediately. Shares of the social media software company fell 3.5% at the close on Monday.
Barretto, previously served as SVP of Global Sales at Sprout Social (SPT) and will continue to report to CEO, Justyn Howard.
Barretto joined Sprout Social in 2016 as SVP of Global Sales & Success. He has helped the company boost annual recurring revenue (ARR) from $30 million to over $140 million and was instrumental to the company’s Dec. 2019 IPO.
“Ryan is a remarkable leader,” said Sprout Social CEO, Justyn Howard, “He elevates the entire team and we would not be where we are without his leadership and commitment to our success.” (See SPT stock analysis on TipRanks)
Morgan Stanley analyst Stan Zlotsky raised the price target on the stock from $51 to $53 and reiterated a Hold rating on Dec. 17. The new price target implies 9.7% upside potential.
From the rest of the Street, the stock scores an analyst consensus of a Strong Buy based on 7 Buys and 1 Hold. The average analyst price target of $54.75 implies upside potential of 13.4% to current levels. Shares have gained 201% year-to-date.
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