Snap Inc. (NYSE:SNAP) Receives $7.91 Average Price Target from Brokerages

Snap Inc. (NYSE:SNAP) has earned a consensus recommendation of “Hold” from the thirty-five analysts that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, twenty-two have assigned a hold recommendation, ten have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $7.9056.

SNAP has been the subject of a number of research analyst reports. Sanford C. Bernstein lowered Snap from a “market perform” rating to a “market perform” rating in a research report on Monday, April 27th. TD Cowen initiated coverage on Snap in a research report on Monday, April 27th. They set a “buy” rating for the company. Canaccord Genuity Group decreased their target price on Snap from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Tuesday, April 14th. Loop Capital set a $8.00 target price on Snap in a research report on Monday, February 23rd. Finally, HSBC lowered Snap from a “hold” rating to a “hold” rating in a research report on Monday, April 27th.

Snap Price Performance

Shares of SNAP stock opened at $5.25 on Wednesday. Snap has a 52-week low of $3.81 and a 52-week high of $10.41. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.53 and a current ratio of 3.53. The firm has a market capitalization of $8.87 billion, a P/E ratio of -21.88 and a beta of 1.03. The stock has a 50 day moving average price of $5.61 and a 200 day moving average price of $6.16.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.53 billion. Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.Snap’s revenue was up 12.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.08) earnings per share. As a group, sell-side analysts predict that Snap will post -0.06 earnings per share for the current year.

Insider Buying and Selling at Snap

In other Snap news, CTO Robert C. Murphy sold 343,945 shares of Snap stock in a transaction on 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 completion of the sale, the chief technology officer directly owned 4,963,581 shares of the company’s stock, valued at $29,185,856.28. The trade was a 6.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Douglas Hott sold 114,702 shares of Snap stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $5.67, for a total value of $650,360.34. Following the sale, the chief financial officer directly owned 2,456,447 shares of the company’s stock, valued at approximately $13,928,054.49. This trade represents a 4.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 3,021,330 shares of company stock worth $16,608,998 over the last quarter. Insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Mackenzie Financial Corp raised its position in shares of Snap by 5.1% in the 3rd quarter. Mackenzie Financial Corp now owns 27,638 shares of the company’s stock worth $213,000 after acquiring an additional 1,349 shares in the last quarter. WealthCollab LLC raised its position in shares of Snap by 1.2% in the 4th quarter. WealthCollab LLC now owns 115,390 shares of the company’s stock worth $931,000 after acquiring an additional 1,369 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Snap by 0.3% in the 3rd quarter. Alliancebernstein L.P. now owns 414,416 shares of the company’s stock worth $3,195,000 after acquiring an additional 1,396 shares in the last quarter. Orion Porfolio Solutions LLC raised its position in shares of Snap by 8.3% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 18,913 shares of the company’s stock worth $164,000 after acquiring an additional 1,451 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. raised its position in shares of Snap by 37.5% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 5,500 shares of the company’s stock worth $44,000 after acquiring an additional 1,500 shares in the last quarter. 47.52% of the stock is owned by institutional investors.

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.