Snap (NYSE:SNAP – Get Free Report) had its target price reduced by equities researchers at UBS Group from $7.00 to $6.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group‘s price target would suggest a potential upside of 18.27% from the stock’s previous close.
Several other analysts also recently issued reports on SNAP. Zacks Research upgraded Snap from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 1st. Susquehanna restated a “neutral” rating on shares of Snap in a research note on Tuesday, August 4th. Barclays reduced their price objective on Snap from $16.00 to $8.00 and set an “overweight” rating on the stock in a research note on Thursday. Truist Financial lowered their target price on Snap from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Tuesday, August 4th. Finally, Wall Street Zen lowered Snap from a “buy” rating to a “hold” rating in a research note on Saturday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, twenty-three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.33.
Get Our Latest Stock Report on SNAP
Snap Stock Down 14.3%
SNAP opened at $5.07 on Thursday. The company has a current ratio of 2.94, a quick ratio of 2.94 and a debt-to-equity ratio of 1.75. Snap has a 52-week low of $3.81 and a 52-week high of $9.13. The company has a 50 day moving average of $5.75 and a two-hundred day moving average of $5.41.
Snap (NYSE:SNAP – Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.03 earnings per share (EPS) for the quarter. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. Snap had a negative net margin of 2.30% and a negative return on equity of 7.21%. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.06) earnings per share. On average, sell-side analysts predict that Snap will post -0.03 EPS for the current fiscal year.
Insider Activity
In related news, CFO Douglas Hott sold 131,884 shares of Snap stock in a transaction on Monday, August 17th. The shares were sold at an average price of $5.20, for a total transaction of $685,796.80. Following the sale, the chief financial officer owned 2,324,563 shares of the company’s stock, valued at $12,087,727.60. The trade was a 5.37% decrease in their position. The transaction 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, insider Ajit Mohan sold 54,608 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $5.20, for a total transaction of $283,961.60. Following the completion of the transaction, the insider owned 4,972,097 shares in the company, valued at $25,854,904.40. This represents a 1.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 445,926 shares of company stock valued at $2,326,930 over the last ninety days. 22.68% of the stock is owned by company insiders.
Institutional Trading of Snap
Several large investors have recently modified their holdings of SNAP. Assenagon Asset Management S.A. boosted its stake in Snap by 278.5% during 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 acquiring an additional 10,868,392 shares during the last quarter. Empyrean Capital Partners LP acquired a new position in Snap during the 1st quarter worth $25,300,000. Saba Capital Management L.P. grew its holdings in Snap by 232.5% during the 1st quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock worth $21,748,000 after acquiring an additional 3,306,024 shares in the last quarter. Swiss National Bank increased its position in shares of Snap by 7.1% in the 1st quarter. Swiss National Bank now owns 3,160,100 shares of the company’s stock worth $14,536,000 after purchasing an additional 209,900 shares during the last quarter. Finally, Riposte Capital LLC bought a new stake in shares of Snap in the 1st quarter worth about $5,520,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.
Snap News Summary
Here are the key news stories impacting Snap this week:
- Positive Sentiment: Snapchat+ surpassed 30 million paid subscribers, up 5 million since February, adding evidence of growing subscription revenue beyond advertising. Snapchat surpasses 30M paid subscribers
- Positive Sentiment: Snap returned to net profitability, and some reports said adjusted earnings beat expectations. Fourth-quarter revenue guidance was $1.95 billion to $1.99 billion. Snap shares fall over 10% on third-quarter earnings miss
- Neutral Sentiment: Call-option trading was unusually active, with volume about 51% above typical levels. This may indicate bullish positioning, but options activity alone does not establish the market’s direction. Traders Purchase High Volume of Call Options on Snap
- Neutral Sentiment: Barclays cut its price target from $16 to $8 but kept an “overweight” rating, signaling a more cautious outlook while still seeing potential upside. Barclays recommendations
- Negative Sentiment: Third-quarter revenue of $1.72 billion missed estimates, and daily active users also fell short of forecasts. The results raised concerns about the pace of advertising recovery; revenue was up 14% year over year but the shortfall drove the selloff. Snap shares fall as revenue and daily users miss estimates
- Negative Sentiment: JPMorgan lowered its target from $6 to $5 and assigned an “underweight” rating; Cantor Fitzgerald also cut its target to $5, with a “neutral” rating. Snap price target lowered
About Snap
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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