Snap (NYSE:SNAP) Downgraded by Freedom Capital to Hold

Freedom Capital lowered shares of Snap (NYSE:SNAP) from a strong-buy rating to a hold rating in a research note released on Tuesday morning,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Roth Mkm set a $7.00 price target on shares of Snap in a report on Thursday, February 5th. Bank of America raised shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a report on Thursday, February 5th. TD Cowen initiated coverage on shares of Snap in a report on Monday, April 27th. They set a “buy” rating for the company. Mizuho reduced their price target on shares of Snap from $9.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, February 5th. Finally, BMO Capital Markets upped their price objective on shares of Snap from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, twenty-two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Snap currently has an average rating of “Hold” and a consensus price target of $7.91.

Snap Stock Performance

Shares of SNAP opened at $5.61 on Tuesday. Snap has a 1 year low of $3.81 and a 1 year high of $10.41. The company has a market cap of $9.47 billion, a price-to-earnings ratio of -23.35 and a beta of 1.05. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.56 and a current ratio of 3.53. The firm has a fifty day moving average of $5.18 and a 200-day moving average of $6.52.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.14). Snap had a negative net margin of 6.72% and a negative return on equity of 18.92%. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the firm posted ($0.08) EPS. The business’s revenue was up 12.2% compared to the same quarter last year. As a group, equities analysts anticipate that Snap will post -0.12 earnings per share for the current year.

Insider Activity at Snap

In related news, insider Ajit Mohan sold 28,058 shares of the company’s stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $6.02, for a total value of $168,909.16. Following the completion of the sale, the insider owned 5,102,676 shares of the company’s stock, valued at $30,718,109.52. This represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Derek Andersen sold 92,956 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $4.59, for a total transaction of $426,668.04. Following the completion of the sale, the chief financial officer directly owned 3,799,661 shares of the company’s stock, valued at $17,440,443.99. The trade was a 2.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 565,573 shares of company stock worth $2,699,781. 22.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Snap

Institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp raised its position in Snap by 5.1% in the third 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 Snap by 1.2% in the fourth 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 Snap by 0.3% in the third 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 Snap by 8.3% in the second 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 Snap by 37.5% in the fourth 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. Institutional investors and hedge funds 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.