Snap Inc. (NYSE:SNAP) Receives $7.23 Consensus PT from Analysts

Snap Inc. (NYSE:SNAP) has received a consensus recommendation of “Hold” from the thirty-six ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $7.2304.

A number of research firms have issued reports on SNAP. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $5.00 target price on shares of Snap in a report on Tuesday, July 21st. DA Davidson began coverage on Snap in a report on Wednesday, July 8th. They set a “neutral” rating and a $5.00 price target for the company. The Goldman Sachs Group reduced their price objective on Snap from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday, July 8th. Tigress Financial initiated coverage on shares of Snap in a research note on Monday, April 27th. They issued a “buy” rating on the stock. Finally, JPMorgan Chase & Co. dropped their target price on shares of Snap from $7.00 to $6.00 and set an “underweight” rating on the stock in a research report on Thursday, May 7th.

Insider Buying and Selling

In other news, General Counsel Zachary M. Briers sold 11,958 shares of the business’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $6.00, for a total transaction of $71,748.00. Following the transaction, the general counsel owned 2,560,835 shares in the company, valued at approximately $15,365,010. The trade was a 0.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Rebecca Morrow sold 16,729 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.60, for a total transaction of $93,682.40. Following the transaction, the chief accounting officer owned 512,811 shares in the company, valued at approximately $2,871,741.60. The trade was a 3.16% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 2,868,059 shares of company stock worth $15,855,631. 22.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snap

Several large investors have recently added to or reduced their stakes in the company. Saba Capital Management L.P. raised its stake in shares of Snap by 232.5% in the first quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock valued at $21,748,000 after purchasing an additional 3,306,024 shares in the last quarter. Empyrean Capital Partners LP acquired a new stake in Snap during the first quarter worth $25,300,000. Leonteq Securities AG acquired a new stake in Snap during the fourth quarter worth $1,620,000. Eurizon Capital SGR S.p.A. bought a new stake in Snap in the 4th quarter valued at $1,629,000. Finally, Marsico Capital Management LLC bought a new stake in Snap in the 4th quarter valued at $5,620,000. Institutional investors and hedge funds own 47.52% of the company’s stock.

Snap Trading Up 0.5%

Shares of NYSE:SNAP opened at $4.71 on Thursday. The company has a market cap of $7.96 billion, a P/E ratio of -19.65 and a beta of 1.05. The stock’s 50-day moving average is $4.97 and its 200-day moving average is $5.38. Snap has a 52-week low of $3.81 and a 52-week high of $9.77. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.53 and a current ratio of 3.53.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. Equities research analysts predict that Snap will post -0.07 earnings per share for the current year.

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.