Snap (NYSE:SNAP) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Snap (NYSE:SNAP) from a hold rating to a buy rating in a report released on Saturday.

Other equities research analysts have also recently issued research reports about the stock. UBS Group reduced their target price on shares of Snap from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Monday, July 13th. HSBC lowered Snap from a “hold” rating to a “hold” rating in a research note on Monday, April 27th. The Goldman Sachs Group cut their price target on Snap from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, July 8th. Barclays upgraded Snap from an “overweight” rating to an “overweight” rating in a research report on Monday, April 27th. Finally, DA Davidson initiated coverage on Snap in a report on Wednesday, July 8th. They set a “neutral” rating and a $5.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Snap presently has an average rating of “Hold” and a consensus price target of $7.41.

Snap Trading Up 0.8%

Shares of SNAP stock opened at $4.57 on Friday. Snap has a 1 year low of $3.81 and a 1 year high of $10.41. The firm’s fifty day simple moving average is $5.15 and its 200 day simple moving average is $5.60. The firm has a market capitalization of $7.71 billion, a P/E ratio of -19.02 and a beta of 1.05. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67.

Snap (NYSE:SNAP) last released its earnings results on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.14). The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.53 billion. Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. Snap’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.08) earnings per share. As a group, sell-side analysts predict that Snap will post -0.07 EPS for the current year.

Insider Activity

In other news, insider Ajit Mohan sold 44,785 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.60, for a total value of $250,796.00. Following the completion of the transaction, the insider directly owned 5,057,891 shares of the company’s stock, valued at approximately $28,324,189.60. This represents a 0.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Rebecca Morrow sold 16,729 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.60, for a total value of $93,682.40. Following the transaction, the chief accounting officer owned 512,811 shares of the company’s stock, valued at $2,871,741.60. This trade represents a 3.16% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 2,868,059 shares of company stock valued at $15,855,631.

Institutional Trading of Snap

Large investors have recently bought and sold shares of the stock. Handelsbanken Fonder AB lifted its holdings in shares of Snap by 21.2% during the second quarter. Handelsbanken Fonder AB now owns 352,900 shares of the company’s stock valued at $1,567,000 after acquiring an additional 61,700 shares during the period. Gradient Investments LLC grew its holdings in shares of Snap by 7.1% in the 2nd quarter. Gradient Investments LLC now owns 188,827 shares of the company’s stock worth $838,000 after purchasing an additional 12,492 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Snap by 1,191.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 3,903,141 shares of the company’s stock worth $17,330,000 after purchasing an additional 3,601,002 shares in the last quarter. Fermata Advisors LLC acquired a new stake in shares of Snap during the 2nd quarter worth about $75,000. Finally, Dynamic Advisor Solutions LLC bought a new position in Snap during the 2nd quarter valued at about $47,000. 47.52% of the stock is currently owned by institutional investors.

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.