Royal Bank Of Canada Reaffirms Sector Perform Rating for Snap (NYSE:SNAP)

Snap (NYSE:SNAP)‘s stock had its “sector perform” rating reissued by research analysts at Royal Bank Of Canada in a research report issued on Thursday, Benzinga reports. They presently have a $8.00 price objective on the stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 35.43% from the company’s current price.

Other research analysts have also recently issued research reports about the company. The Goldman Sachs Group reiterated a “neutral” rating and issued a $6.50 target price on shares of Snap in a report on Tuesday, August 4th. Susquehanna reissued a “neutral” rating on shares of Snap in a research note on Tuesday, August 4th. Freedom Capital upgraded shares of Snap from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $5.00 price target on shares of Snap in a report on Tuesday, July 21st. Finally, Barclays raised their price objective on Snap from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Snap has a consensus rating of “Hold” and an average target price of $7.65.

Snap Stock Performance

Snap stock opened at $5.91 on Thursday. The company has a debt-to-equity ratio of 1.75, a quick ratio of 2.94 and a current ratio of 2.94. Snap has a fifty-two week low of $3.81 and a fifty-two week high of $9.28. The stock has a fifty day moving average of $5.16 and a two-hundred day moving average of $5.19. The company has a market capitalization of $9.99 billion, a price-to-earnings ratio of -32.55 and a beta of 1.05.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Monday, August 3rd. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.60 billion during 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 business’s revenue for the quarter was up 18.9% on a year-over-year basis. On average, analysts anticipate that Snap will post -0.02 EPS for the current fiscal year.

Insider Activity at Snap

In related news, CFO Douglas Hott sold 131,884 shares of the firm’s 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 $685,796.80. Following the sale, the chief financial officer owned 2,324,563 shares of the company’s stock, valued at approximately $12,087,727.60. This trade represents a 5.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Zachary M. Briers sold 136,504 shares of the company’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 $709,820.80. Following the transaction, the general counsel owned 2,424,331 shares of the company’s stock, valued at approximately $12,606,521.20. The trade was a 5.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 2,439,129 shares of company stock worth $13,387,372 over the last quarter. 22.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Sequoia Financial Advisors LLC grew its holdings in Snap by 104.1% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 26,588 shares of the company’s stock worth $118,000 after buying an additional 13,558 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Snap in the second quarter worth about $93,000. NewEdge Advisors LLC lifted its holdings in Snap by 37.8% in the 2nd quarter. NewEdge Advisors LLC now owns 66,568 shares of the company’s stock valued at $296,000 after acquiring an additional 18,265 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Snap by 4.9% during the 2nd quarter. Arizona State Retirement System now owns 306,826 shares of the company’s stock valued at $1,362,000 after purchasing an additional 14,246 shares in the last quarter. Finally, Waverly Advisors LLC acquired a new position in shares of Snap in the 2nd quarter worth approximately $47,000. Institutional investors own 47.52% of the company’s stock.

About Snap

Snap Inc is a technology and social media company best known for Snapchat, a visual messaging and social networking application. Snapchat enables users to communicate through photos, videos, text messages and augmented reality experiences, including Lenses and filters. The platform also offers Stories, Spotlight for short-form video, Snap Map and other tools for discovering and sharing content.

Snap generates most of its business through digital advertising, including advertising displayed across Snapchat’s content and communication features.