Snap (NYSE:SNAP) Upgraded by Zacks Research to Hold Rating

Snap (NYSE:SNAP) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday, Zacks reports.

A number of other equities analysts have also recently commented on SNAP. Freedom Capital raised Snap from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. Piper Sandler reissued a “neutral” rating on shares of Snap in a research note on Tuesday, August 4th. Stifel Nicolaus set a $7.50 target price on shares of Snap in a report on Tuesday, August 4th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $5.00 target price on shares of Snap in a research note on Tuesday, July 21st. Finally, Mizuho upped their price target on shares of Snap from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $7.65.

Snap Stock Performance

NYSE SNAP opened at $5.59 on Tuesday. The company has a 50-day simple moving average of $4.96 and a two-hundred day simple moving average of $5.14. Snap has a 12-month low of $3.81 and a 12-month high of $9.28. The firm has a market cap of $9.45 billion, a price-to-earnings ratio of -31.05 and a beta of 1.05. 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 released its quarterly earnings data on Monday, August 3rd. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.02. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%.The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the business earned ($0.16) earnings per share. The company’s quarterly revenue was up 18.9% on a year-over-year basis. On average, equities analysts forecast that Snap will post -0.02 EPS for the current year.

Insider Buying and Selling at Snap

In other news, insider Ajit Mohan sold 54,608 shares of Snap stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $5.20, for a total value of $283,961.60. Following the sale, the insider directly owned 4,972,097 shares in the company, valued at approximately $25,854,904.40. This trade represents a 1.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Douglas Hott sold 131,884 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $5.20, for a total value of $685,796.80. Following the transaction, the chief financial officer directly owned 2,324,563 shares in the company, valued at $12,087,727.60. This trade represents a 5.37% 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 2,414,795 shares of company stock worth $13,251,460 over the last three months. 22.68% of the stock is owned by corporate insiders.

Institutional Trading of Snap

Large investors have recently added to or reduced their stakes in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Snap during the 2nd quarter valued at $332,000. California State Teachers Retirement System lifted its position in shares of Snap by 268.8% in the 2nd quarter. California State Teachers Retirement System now owns 5,623,318 shares of the company’s stock worth $24,968,000 after purchasing an additional 4,098,404 shares during the period. AlphaGrep UK Ltd purchased a new stake in shares of Snap in the 2nd quarter worth about $69,000. AXQ Capital LP bought a new stake in shares of Snap during the 2nd quarter valued at about $193,000. Finally, Nykredit A S bought a new stake in shares of Snap during the 2nd quarter valued at about $163,000. Institutional investors own 47.52% of the company’s stock.

Snap Company Profile

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.