Snap (NYSE:SNAP) Research Coverage Started at BNP Paribas Exane

BNP Paribas Exane assumed coverage on shares of Snap (NYSE:SNAP) in a report released on Wednesday morning, MarketBeat Ratings reports. The firm issued an underperform rating and a $8.00 price target on the stock.

Several other research analysts also recently weighed in on the stock. Piper Sandler upped their target price on shares of Snap from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Snap in a research report on Wednesday, October 8th. UBS Group boosted their price objective on shares of Snap from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th. The Goldman Sachs Group dropped their price target on Snap from $9.50 to $8.50 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Morgan Stanley raised their price target on Snap from $8.50 to $9.50 and gave the stock an “equal weight” rating in a report on Tuesday. Three investment analysts have rated the stock with a Buy rating, twenty-four have given a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, Snap presently has a consensus rating of “Reduce” and an average target price of $9.86.

Snap Stock Down 3.0%

Shares of NYSE:SNAP opened at $7.53 on Wednesday. The company has a debt-to-equity ratio of 1.57, a quick ratio of 3.67 and a current ratio of 3.67. Snap has a 1 year low of $6.90 and a 1 year high of $11.77. The stock has a 50-day simple moving average of $7.95 and a 200-day simple moving average of $8.10. The stock has a market capitalization of $12.95 billion, a P/E ratio of -25.96 and a beta of 0.81.

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

Insiders Place Their Bets

In related news, General Counsel Michael J. O’sullivan sold 70,882 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $8.34, for a total value of $591,155.88. Following the sale, the general counsel directly owned 1,854,982 shares in the company, valued at $15,470,549.88. This trade represents a 3.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ajit Mohan sold 28,137 shares of Snap stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $7.21, for a total value of $202,867.77. Following the sale, the insider directly owned 5,298,664 shares in the company, valued at $38,203,367.44. The trade was a 0.53% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,396,493 shares of company stock worth $11,195,869. 22.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Allworth Financial LP lifted its holdings in Snap by 92.3% in the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after purchasing an additional 1,581 shares during the period. Signaturefd LLC increased 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 buying an additional 1,852 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Snap during the 3rd quarter worth about $33,000. Banque Cantonale Vaudoise acquired a new stake in shares of Snap in the 3rd quarter worth approximately $39,000. Finally, Grey Fox Wealth Advisors LLC bought a new position in shares of Snap in the third quarter valued at approximately $53,000. 47.52% of the stock is owned by institutional investors and hedge funds.

About Snap

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.