Sprout Social price target lowered to $38 from $48 at Barclays

Barclays lowered the firm’s price target on Sprout Social to $38 from $48 and keeps an Overweight rating on the shares as part of an on-cycle software Q3 earnings preview. Th firm’s supplier checks “ticked down which makes it difficult to get overly excited on software for the Q3 earnings season.” It likes the set-up for Dynatrace (DT), with potential for a beat and raise quarter, and also notes weaker Microsoft (MSFT) checks, but thinks this could be priced in. Barclays also sees a tougher set-up limiting upside for DoubleVerify (DV).