Snap (NYSE:SNAP – Get Free Report) had its target price dropped by investment analysts at Cantor Fitzgerald from $6.00 to $5.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Cantor Fitzgerald‘s target price suggests a potential downside of 15.47% from the stock’s previous close.
SNAP has been the subject of a number of other reports. UBS Group reaffirmed a “buy” rating on shares of Snap in a research report on Thursday. Weiss Ratings restated a “sell (e+)” rating on shares of Snap in a research note on Thursday, October 15th. Wall Street Zen lowered Snap from a “buy” rating to a “hold” rating in a research note on Saturday, September 12th. Royal Bank Of Canada restated a “sector perform” rating and issued a $8.00 price objective on shares of Snap in a report on Thursday, September 17th. Finally, Piper Sandler reaffirmed a “neutral” rating on shares of Snap in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, twenty-two have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $7.68.
Read Our Latest Stock Analysis on Snap
Snap Stock Performance
Shares of NYSE:SNAP opened at $5.92 on Thursday. The firm has a market cap of $10.00 billion, a PE ratio of -32.86 and a beta of 1.23. The firm’s 50 day simple moving average is $5.76 and its 200-day simple moving average is $5.42. Snap has a one year low of $3.81 and a one year high of $9.13. The company has a debt-to-equity ratio of 1.75, a quick ratio of 2.94 and a current ratio of 2.94.
Snap (NYSE:SNAP – Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.03 earnings per share (EPS) for the quarter. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the previous year, the business earned ($0.06) earnings per share. Snap’s quarterly revenue was up 14.3% on a year-over-year basis. As a group, equities analysts predict that Snap will post -0.03 EPS for the current year.
Insider Buying and Selling
In related news, General Counsel Zachary M. Briers sold 11,257 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $6.00, for a total transaction of $67,542.00. Following the sale, the general counsel owned 2,345,534 shares of the company’s stock, valued at $14,073,204. This trade represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Rebecca Morrow sold 20,000 shares of Snap stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $5.35, for a total value of $107,000.00. Following the completion of the transaction, the chief accounting officer owned 578,105 shares in the company, valued at $3,092,861.75. This trade represents a 3.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 445,926 shares of company stock worth $2,326,930 over the last quarter. Insiders own 22.68% of the company’s stock.
Institutional Trading of Snap
Hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. boosted its holdings in shares of Snap by 278.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 14,771,533 shares of the company’s stock valued at $79,766,000 after buying an additional 10,868,392 shares in the last quarter. Empyrean Capital Partners LP purchased a new position in shares of Snap in the 1st quarter worth approximately $25,300,000. Saba Capital Management L.P. grew its position in shares of Snap by 232.5% in the 1st quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock worth $21,748,000 after buying an additional 3,306,024 shares during the last quarter. Swiss National Bank raised its stake in shares of Snap by 7.1% during the 1st quarter. Swiss National Bank now owns 3,160,100 shares of the company’s stock worth $14,536,000 after acquiring an additional 209,900 shares in the last quarter. Finally, Riposte Capital LLC bought a new position in shares of Snap during the 1st quarter worth approximately $5,520,000. 47.52% of the stock is owned by hedge funds and other institutional investors.
Snap News Roundup
Here are the key news stories impacting Snap this week:
- Positive Sentiment: Snapchat+ surpassed 30 million paid subscribers, up 5 million since February, adding to the company’s subscription monetization opportunity. Snapchat surpasses 30M paid subscribers
- Positive Sentiment: Third-quarter revenue rose 14.3% year over year to $1.72 billion, while earnings improved from the year-ago period, indicating continued growth despite the quarterly miss. Snap quarterly earnings results
- Neutral Sentiment: Snap forecast fourth-quarter revenue of $1.95 billion to $1.99 billion. Investors will look for evidence that growth can improve as the company works to monetize its audience. Snap shares fall over 10% on third-quarter earnings miss
- Neutral Sentiment: Trading in Snap call options was unusually active, but the increase in call buying alone does not establish a clear outlook for the shares.
- Negative Sentiment: Snap missed analysts’ revenue estimate, reporting $1.72 billion versus about $1.73 billion expected, and daily active users also came in below expectations. Adjusted earnings were reported at $0.15 per share versus a $0.16 consensus estimate. Shares declined following the results. Snap lags Q3 earnings and revenue estimates
- Negative Sentiment: Commentary on the quarter highlighted continued weakness in advertising and concerns that stock-based compensation dilutes the quality of reported profitability, tempering optimism about subscriber growth. Snap Q3: The Potential Is There – The Conviction Isn’t
Snap Company Profile
Snap Inc is a technology and social media company best known for Snapchat, a visual messaging and social networking application. Snapchat enables users to communicate through photos, videos, messages and Stories, while offering creative tools such as augmented reality (AR) Lenses and filters. The platform also includes features such as Snap Map, Spotlight and content from publishers and creators.
Snap generates most of its revenue from digital advertising, including video, augmented reality and other advertising formats delivered across Snapchat.
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