Snap (NYSE:SNAP – Free Report) had its price objective upped by Citigroup from $6.50 to $6.75 in a report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.
A number of other equities analysts have also recently issued reports on SNAP. Stifel Nicolaus upped their price objective on Snap from $4.50 to $5.25 and gave the stock a “hold” rating in a report on Tuesday, April 21st. Wells Fargo & Company raised their price objective on Snap from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Tuesday. Rothschild & Co Redburn upgraded Snap from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Monday, April 27th. Evercore set a $8.00 target price on Snap in a research note on Tuesday. Finally, Cantor Fitzgerald increased their price target on shares of Snap from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-four have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $7.65.
Read Our Latest Stock Analysis on Snap
Snap Stock Performance
Snap (NYSE:SNAP – Get Free Report) last released its earnings results on Monday, August 3rd. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The business had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%.During the same quarter in the prior year, the firm earned ($0.16) earnings per share. The firm’s revenue was up 18.9% on a year-over-year basis. As a group, equities research analysts predict that Snap will post -0.07 EPS for the current fiscal year.
Insider Buying and Selling at Snap
In other news, CTO Robert C. Murphy sold 343,945 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $5.88, for a total transaction of $2,022,396.60. Following the transaction, the chief technology officer directly owned 4,963,581 shares of the company’s stock, valued at approximately $29,185,856.28. This trade represents a 6.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Rebecca Morrow sold 16,729 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.60, for a total value of $93,682.40. Following the transaction, the chief accounting officer directly owned 512,811 shares in the company, valued at $2,871,741.60. This trade represents a 3.16% 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. Over the last quarter, insiders sold 2,868,059 shares of company stock valued at $15,855,631. 22.68% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Snap
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Alyeska Investment Group L.P. purchased a new position in shares of Snap in the third quarter valued at about $176,697,000. AQR Capital Management LLC boosted its holdings in shares of Snap by 874.3% during the fourth quarter. AQR Capital Management LLC now owns 10,066,852 shares of the company’s stock worth $81,239,000 after purchasing an additional 9,033,644 shares during the period. Empyrean Capital Partners LP purchased a new stake in shares of Snap during the first quarter worth about $25,300,000. Assenagon Asset Management S.A. boosted its holdings in shares of Snap by 1,191.8% during the second 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 during the period. Finally, Voloridge Investment Management LLC grew its stake in shares of Snap by 53.3% in the third quarter. Voloridge Investment Management LLC now owns 10,300,911 shares of the company’s stock worth $79,420,000 after purchasing an additional 3,582,223 shares during the last quarter. 47.52% of the stock is currently owned by institutional investors.
Snap News Roundup
Here are the key news stories impacting Snap this week:
- Positive Sentiment: Better-than-expected Q2 results support turnaround hopes. Snap reported adjusted EPS of $(0.10), ahead of the $(0.12) consensus estimate, while revenue of $1.60 billion exceeded forecasts and increased 18.9% year over year. The results have strengthened the case that advertising and user-growth improvements could support a recovery. Snap: Strong Q2 Earnings Bolster Hopes Of A Turnaround
- Positive Sentiment: Several analysts see upside. Cantor Fitzgerald issued a bullish forecast, Wells Fargo said the stock is expected to rise, and Citigroup raised its price target to $6.75. Heavy trading in Snap call options also indicates increased speculative interest following the earnings report. Cantor Fitzgerald Forecasts Strong Price Appreciation Wells Fargo Analyst Forecast Citigroup Raises Price Target
- Neutral Sentiment: Analyst views remain divided. Citizens JMP reiterated a Market Perform rating, suggesting the earnings improvement may already be reflected in the stock. A speculative article about a possible future acquisition of Snap offers no confirmed transaction or takeover discussions. Citizens JMP Reiterates Market Perform Who Might Buy Snap If Its Founders Ever Decide to Sell
- Negative Sentiment: Bearish ratings are limiting enthusiasm. Rosenblatt Securities issued a pessimistic forecast, while Zacks Research downgraded Snap to “Strong Sell.” Snap also remains unprofitable, with analysts expecting a loss for the full year, and its shares are near the 200-day moving average after retreating from the post-earnings surge. Rosenblatt Pessimistic Forecast Zacks Downgrade
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.
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