JMP Securities Reaffirms Market Outperform Rating for Snap (NYSE:SNAP)

JMP Securities restated their market outperform rating on shares of Snap (NYSE:SNAP) in a research note released on Friday morning,Benzinga reports. The brokerage currently has a $16.00 target price on the stock.

Several other research firms have also weighed in on SNAP. Cantor Fitzgerald boosted their price target on Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Evercore ISI raised their target price on shares of Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Benchmark restated a “hold” rating on shares of Snap in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $14.00 price target on shares of Snap in a research note on Wednesday, September 18th. Finally, B. Riley lifted their price objective on shares of Snap from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Snap currently has a consensus rating of “Hold” and a consensus price target of $37.10.

Snap Stock Performance

Shares of SNAP stock opened at $11.97 on Friday. The firm has a market cap of $20.08 billion, a PE ratio of -20.64 and a beta of 0.98. Snap has a 12 month low of $8.29 and a 12 month high of $17.75. The company’s fifty day simple moving average is $11.54 and its 200-day simple moving average is $11.63. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.36 billion. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The company’s quarterly revenue was up 15.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.21) EPS. Equities research analysts expect that Snap will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Michael J. O’sullivan sold 12,315 shares of Snap stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.54, for a total transaction of $129,800.10. Following the completion of the transaction, the general counsel now owns 1,195,567 shares of the company’s stock, valued at $12,601,276.18. This trade represents a 1.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joanna Coles sold 6,434 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $12.00, for a total value of $77,208.00. Following the completion of the transaction, the director now directly owns 54,761 shares in the company, valued at $657,132. This represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,451,618 shares of company stock valued at $17,560,157 in the last three months. Insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNAP. Charles Schwab Investment Management Inc. grew its stake in Snap by 62.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after acquiring an additional 2,386,519 shares during the period. TB Alternative Assets Ltd. raised its holdings in Snap by 105.6% during the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after buying an additional 4,098,847 shares during the last quarter. Aigen Investment Management LP bought a new position in shares of Snap in the third quarter valued at $1,345,000. Invenomic Capital Management LP acquired a new position in shares of Snap during the third quarter valued at about $2,349,000. Finally, Dynamic Advisor Solutions LLC bought a new stake in shares of Snap during the third quarter worth about $832,000. 47.52% of the stock is owned by institutional investors.

Snap Company Profile

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.