Envestnet Asset Management Inc. Grows Stock Holdings in Sprout Social, Inc. (NASDAQ:SPT)

Envestnet Asset Management Inc. is a financial services company that provides investment management solutions to institutional and individual clients. The company has recently announced that it raised its stake in Sprout Social, Inc., a social media management platform for small businesses, by 24.2% in the third quarter of 2021.

According to Envestnet's most recent filing with the Securities and Exchange Commission (SEC), the company owned 104,059 shares of Sprout Social's stock after buying an additional 20,247 shares during the period. This represents a significant increase in Envestnet's ownership of Sprout Social's stock, indicating that the company sees potential for growth and success in the social media management platform.

Sprout Social, Inc. is a publicly traded company listed on the NASDAQ Global Select Market under the ticker symbol NASDAQSPT. The company provides a range of social media management tools to help small businesses manage their online presence across various social media platforms such as Facebook, Twitter, Instagram, and LinkedIn.

Envestnet's investment in Sprout Social is likely driven by its belief in the potential for growth and success of the social media management platform. By increasing its ownership stake in the company, Envestnet may be looking to leverage its resources and expertise to help Sprout Social achieve its full potential. Additionally, Envestnet may see opportunities to cross-promote Sprout Social's services to its existing client base, further driving growth for both companies.