Harvey Scott Michael, the Chief Customer Officer of Sprinklr, Inc. (NYSE:CXM), recently sold shares of the company's stock, as reported in a recent SEC filing. The transactions took place on December 16 and 17, 2024, where Michael sold a total of 17,503 shares of Class A Common Stock. The shares were sold at prices ranging between $9.32 and $9.37, amounting to a total value of $163,995. The company, currently valued at $2.3 billion, maintains strong financial health according to InvestingPro data, with a solid balance sheet showing more cash than debt and a healthy current ratio of 1.74.
Following these transactions, Michael holds 559,508 shares of Sprinklr. The sales were conducted to cover statutory tax withholding obligations related to the vesting of restricted stock units, as mandated by the company's equity incentive plans. This means the sales were not discretionary but required to meet tax obligations. InvestingPro analysis suggests the stock is currently undervalued, with analysts setting price targets ranging from $6 to $17. Subscribers can access 12 additional ProTips and comprehensive financial metrics in the Pro Research Report.
In other recent news, Sprinklr Inc has been the subject of several analyst reports. JPMorgan (NYSE:JPM) downgraded the company's stock from Overweight to Neutral, citing potential near-term operational risks despite the company's strong financial health. Meanwhile, KeyBanc Capital Markets maintained its Overweight rating, acknowledging the positive performance of the company under the leadership of new CEO Rory Read.
Oppenheimer also maintained its Perform rating on Sprinklr's shares, noting that depressed multiples limit downside. The company exceeded profit and loss guidance for the third quarter, and new strategies are being implemented to improve operational efficiency. DA Davidson increased its price target for Sprinklr from $8.00 to $9.50, maintaining a Neutral rating. This came after the company exhibited stronger-than-anticipated revenue and a boost in growth.
Lastly, Citi increased its price target for Sprinklr to $10 while maintaining a Neutral rating. Despite challenges and weak billings, the company showed improvements in key metrics, particularly in subscription revenue trends. These developments reflect the ongoing changes and strategic initiatives within Sprinklr, as analysts continue to monitor the company's performance.
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