Snap Inc. (NYSE:SNAP) Receives Average Rating of “Hold” from Brokerages

Snap Inc. (NYSE:SNAP) has earned an average rating of “Hold” from the thirty brokerages that are covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and three have assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $9.8750.

Several brokerages have recently weighed in on SNAP. Weiss Ratings reiterated a “sell (e+)” rating on shares of Snap in a report on Wednesday, October 8th. Truist Financial upped their price target on shares of Snap from $10.00 to $11.00 and gave the stock a “hold” rating in a research report on Friday, November 7th. Morgan Stanley decreased their price target on shares of Snap from $8.50 to $8.00 and set an “equal weight” rating on the stock in a report on Monday, October 20th. Guggenheim lowered their price objective on shares of Snap from $9.00 to $8.50 and set a “neutral” rating for the company in a research note on Friday. Finally, Rosenblatt Securities lifted their target price on Snap from $8.70 to $9.50 and gave the company a “neutral” rating in a report on Thursday, November 6th.

Insider Transactions at Snap

In other Snap news, CFO Derek Andersen sold 62,868 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $8.34, for a total transaction of $524,319.12. Following the completion of the sale, the chief financial officer directly owned 3,030,301 shares in the company, valued at $25,272,710.34. The trade was a 2.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 70,882 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $8.34, for a total transaction of $591,155.88. Following the completion of the transaction, the general counsel directly owned 1,854,982 shares in the company, valued at approximately $15,470,549.88. This represents a 3.68% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,425,016 shares of company stock valued at $11,419,924.

Hedge Funds Weigh In On Snap

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP increased its position in shares of Snap by 92.3% during the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after acquiring an additional 1,581 shares during the last quarter. Signaturefd LLC grew its stake in Snap by 169.9% during the 2nd quarter. Signaturefd LLC now owns 2,942 shares of the company’s stock valued at $26,000 after purchasing an additional 1,852 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Snap during the 3rd quarter worth approximately $33,000. Quarry LP acquired a new position in shares of Snap in the 1st quarter valued at approximately $34,000. Finally, Itau Unibanco Holding S.A. purchased a new position in shares of Snap during the 1st quarter valued at approximately $35,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap Trading Down 0.4%

Shares of Snap stock traded down $0.04 during trading hours on Wednesday, reaching $7.78. 2,699,266 shares of the company’s stock were exchanged, compared to its average volume of 51,430,336. Snap has a 52-week low of $6.90 and a 52-week high of $13.28. The company has a fifty day moving average of $7.85 and a 200-day moving average of $8.13. The company has a current ratio of 3.67, a quick ratio of 3.67 and a debt-to-equity ratio of 1.57. The firm has a market capitalization of $13.37 billion, a price-to-earnings ratio of -26.81 and a beta of 0.85.

Snap (NYSE:SNAP) last released its earnings results on Thursday, November 6th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.12). Snap had a negative net margin of 8.60% and a negative return on equity of 21.61%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the company posted ($0.09) earnings per share. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. Sell-side analysts forecast that Snap will post -0.3 EPS for the current fiscal year.

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.