Snap (NYSE:SNAP – Get Free Report) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.
A number of other equities analysts have also recently weighed in on SNAP. UBS Group lowered their price target on Snap from $7.00 to $5.00 and set a “neutral” rating for the company in a report on Monday, July 13th. Piper Sandler reaffirmed a “neutral” rating on shares of Snap in a research report on Wednesday, June 17th. HSBC lowered shares of Snap from a “hold” rating to a “hold” rating in a research note on Monday, April 27th. BNP Paribas Exane cut shares of Snap to a “neutral” rating in a research report on Monday, April 27th. Finally, KeyCorp raised shares of Snap from a “sector weight” rating to an “overweight” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.48.
View Our Latest Report on SNAP
Snap Stock Up 0.1%
Snap (NYSE:SNAP – Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). The business had revenue of $1.53 billion during 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%. The company’s revenue was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.08) earnings per share. On average, equities research analysts anticipate that Snap will post -0.07 EPS for the current year.
Insider Activity
In other Snap news, CTO Robert C. Murphy sold 2,000,000 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $5.44, for a total transaction of $10,880,000.00. Following the sale, the chief technology officer directly owned 47,012,324 shares in the company, valued at $255,747,042.56. This represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Douglas Hott sold 124,209 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.60, for a total transaction of $695,570.40. Following the sale, the chief financial officer directly owned 2,571,149 shares in the company, valued at $14,398,434.40. This represents a 4.61% 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. Insiders have sold 2,868,059 shares of company stock worth $15,855,631 in the last quarter. Insiders own 22.68% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Allworth Financial LP lifted its holdings in Snap by 92.3% during the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after buying an additional 1,581 shares in the last quarter. Arax Advisory Partners boosted its position in Snap by 220.0% in the 4th quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after buying an additional 2,275 shares during the period. V Square Quantitative Management LLC purchased a new position in Snap in the 4th quarter valued at approximately $29,000. EverSource Wealth Advisors LLC grew its stake in shares of Snap by 561.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock worth $29,000 after acquiring an additional 3,071 shares in the last quarter. Finally, Banque Cantonale Vaudoise acquired a new position in shares of Snap in the third quarter worth $39,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.
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.
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