Snap Inc. (NYSE:SNAP – Get Free Report) saw unusually large options trading activity on Friday. Stock traders purchased 91,662 call options on the stock. This is an increase of approximately 32% compared to the average daily volume of 69,550 call options.
Analysts Set New Price Targets
A number of research firms have recently issued reports on SNAP. Barclays increased their target price on Snap from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Truist Financial decreased their price target on Snap from $8.00 to $7.00 and set a “hold” rating for the company in a report on Tuesday, August 4th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $8.00 price objective on shares of Snap in a research report on Thursday, September 17th. Piper Sandler reiterated a “neutral” rating on shares of Snap in a research note on Tuesday, August 4th. Finally, Rosenblatt Securities reduced their target price on shares of Snap from $6.40 to $6.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, twenty-four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Snap currently has an average rating of “Hold” and a consensus target price of $7.65.
Get Our Latest Stock Report on SNAP
Snap Trading Up 6.4%
Snap (NYSE:SNAP – Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.02. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.54 billion. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%. Snap’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.16) EPS. As a group, sell-side analysts predict that Snap will post -0.02 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, CTO Robert Murphy sold 2,000,000 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $5.55, for a total value of $11,100,000.00. Following the completion of the sale, the chief technology officer directly owned 41,809,791 shares in the company, valued at approximately $232,044,340.05. This represents a 4.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Douglas Hott sold 131,884 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $5.20, for a total value of $685,796.80. Following the completion of the transaction, the chief financial officer directly owned 2,324,563 shares in the company, valued at $12,087,727.60. This trade represents a 5.37% decrease in their ownership of the stock. 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. In the last 90 days, insiders have sold 2,445,926 shares of company stock worth $13,426,930. 22.68% of the stock is owned by company insiders.
Institutional Investors Weigh In On Snap
Institutional investors have recently modified their holdings of the business. Fifth Third Bancorp grew its stake in Snap by 6,678.0% during the 1st quarter. Fifth Third Bancorp now owns 6,778 shares of the company’s stock worth $31,000 after buying an additional 6,678 shares during the last quarter. NFSG Corp boosted its holdings in shares of Snap by 52.7% in the first quarter. NFSG Corp now owns 8,400 shares of the company’s stock valued at $39,000 after acquiring an additional 2,900 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Snap by 135.6% in the first quarter. EverSource Wealth Advisors LLC now owns 8,525 shares of the company’s stock valued at $39,000 after acquiring an additional 4,907 shares in the last quarter. Dynamic Advisor Solutions LLC acquired a new position in shares of Snap during the second quarter valued at approximately $47,000. Finally, Waverly Advisors LLC bought a new stake in Snap during the second quarter worth approximately $47,000. Institutional investors own 47.52% of the company’s stock.
Snap Company Profile
Snap Inc is a technology and social media company best known for Snapchat, a visual communication platform that enables users to share photos, videos, messages and other content. Snapchat includes features such as Stories, Spotlight for short-form video, Snap Map, augmented reality (AR) Lenses and Bitmoji digital avatars.
The company primarily generates revenue through digital advertising, including advertising formats integrated into Snapchat’s content and communication experiences. Snap also offers subscription services through Snapchat+, develops AR-related products and services, and has introduced hardware products such as Spectacles, smart glasses designed to support augmented reality experiences.
Founded in 2011, the company was initially known as Snapchat Inc and adopted the name Snap Inc in 2016.
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