Snap Inc. (NYSE:SNAP) Receives $7.65 Average PT from Brokerages

Shares of Snap Inc. (NYSE:SNAP) have earned an average rating of “Hold” from the thirty-six brokerages that are covering the stock, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation, twenty-three have assigned a hold recommendation, eight have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $7.6483.

SNAP has been the subject of several research reports. Susquehanna reiterated a “neutral” rating on shares of Snap in a research note on Tuesday, August 4th. Wells Fargo & Company boosted their price objective on shares of Snap from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 4th. Citigroup upped their price objective on shares of Snap from $6.50 to $6.75 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Stifel Nicolaus set a $7.50 target price on shares of Snap in a research note on Tuesday, August 4th. Finally, UBS Group set a $6.00 target price on shares of Snap in a report on Tuesday, August 4th.

Snap Price Performance

Shares of SNAP stock opened at $5.41 on Monday. The stock has a market cap of $9.15 billion, a price-to-earnings ratio of -30.05 and a beta of 1.03. The business’s fifty day moving average is $4.88 and its 200 day moving average is $5.13. Snap has a twelve month low of $3.81 and a twelve month high of $9.28. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 1.75.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Monday, August 3rd. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.02. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.54 billion. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%.The company’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.16) earnings per share. Research analysts expect that Snap will post -0.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Snap news, CFO Douglas Hott sold 131,884 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 value of $685,796.80. Following the sale, the chief financial officer directly owned 2,324,563 shares of the company’s stock, valued at approximately $12,087,727.60. The trade was a 5.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Rebecca Morrow sold 17,336 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $5.20, for a total value of $90,147.20. Following the completion of the sale, the chief accounting officer directly owned 598,105 shares in the company, valued at approximately $3,110,146. This represents a 2.82% 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 have sold a total of 2,770,698 shares of company stock worth $15,345,605 over the last three months. Corporate insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Hedge funds have recently bought and sold shares of the company. Saba Capital Management L.P. raised its holdings in Snap by 232.5% in the first 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. Empyrean Capital Partners LP purchased a new stake in shares of Snap during the first quarter valued at approximately $25,300,000. Assenagon Asset Management S.A. increased its position 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 valued at $17,330,000 after acquiring an additional 3,601,002 shares in the last quarter. Leonteq Securities AG bought a new stake in shares of Snap during the fourth quarter valued at approximately $1,620,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Snap in the 4th quarter worth approximately $1,629,000. Institutional investors own 47.52% of the company’s stock.

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.