Hi David,
Let me start with one note, Stick Textures works only on polygonal objects, not on Nurbs.
The projection methods that you have set up (e.g spherical) have their origin where the Yellow “mesh” from the texture tool is. This is not moving with the text-objects. In this way you “drag” practically the objects trough the texture projection.
I would suggest two ways to get it done—with this project, as you animated the circles and not the “Spline Wrap”.
a)
Make the ExtrudeNURBS editable, and animate the extrude effect via PLA (Point Level Animation), before you use the Spline Wrap. In this way you get UV(W) coordinates and even Stick Texture would work.
b)
As you have animated the Circles you can take that information and animate the Texture Tag (see attached file). In this way the projection moves with the circle and at least the caps (Roundings) stay.
Little tip, all of that might works best with the “Spline Wrap>Object>>Spline:“Fix Bounding Box” set to on.
All the best
Sassi