5 Best Fast Growth Stocks to Buy Now

3. Sprout Social, Inc. (NASDAQ:SPT)

Number of Hedge Fund Holders: 29    

Sprout Social, Inc. (NASDAQ:SPT) provides social media management tools. The company beat market estimates on earnings for the third quarter recently and has also announced that it would be integrating WhatsApp into the application suite for business clients. The integration will help enterprises who use Sprout expand their reach by millions. 

Piper Sandler analyst Clarke Jeffries recently maintained an Overweight rating on Sprout Social, Inc. (NASDAQ:SPT) stock and raised the price target to $155 from $104, backing the firm to deliver double digits growth till 2025. 

Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Zevenbergen Capital Investments is a leading shareholder in Sprout Social, Inc. (NASDAQ:SPT) with 1.2 million shares worth more than $153 million. 

In its Q2 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Sprout Social, Inc. (NASDAQ:SPT) was one of them. Here is what the fund said:

“Sprout Social (is one of the) companies that have become go-to platforms for small and medium size businesses (SMBs) engaged in e-commerce and social media marketing, rebounded strongly in the quarter after being caught in the selloff among high-multiple growth names since Vaccine Monday. These and the portfolio’s other disruptors had thrived through the first part of the pandemic, leading us to trim positions into strength and reallocate cash into more attractively priced evolving opportunities and steady compounders that had been overly punished by lockdowns and a drop in economic activity.”