BNP Paribas Exane Initiates Coverage on Snap (NYSE:SNAP)

Stock analysts at BNP Paribas Exane assumed coverage on shares of Snap (NYSE:SNAP) in a research note issued on Wednesday. The brokerage set an “underperform” rating and a $8.00 price target on the stock. BNP Paribas Exane’s target price points to a potential upside of 0.44% from the company’s current price.

A number of other research firms have also weighed in on SNAP. Weiss Ratings reissued a “sell (e+)” rating on shares of Snap in a report on Wednesday, October 8th. Truist Financial increased their price target on Snap from $10.00 to $11.00 and gave the stock a “hold” rating in a report on Friday, November 7th. Cantor Fitzgerald raised their price target on Snap from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Guggenheim cut their price objective on Snap from $9.00 to $8.50 and set a “neutral” rating on the stock in a research report on Friday, December 19th. Finally, The Goldman Sachs Group lowered their target price on shares of Snap from $9.50 to $8.50 and set a “neutral” rating for the company in a research note on Tuesday. Three research analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $9.86.

Snap Stock Performance

Shares of SNAP stock traded down $0.03 during mid-day trading on Wednesday, reaching $7.97. 5,237,497 shares of the company’s stock traded hands, compared to its average volume of 41,666,395. The company has a debt-to-equity ratio of 1.57, a quick ratio of 3.67 and a current ratio of 3.67. The firm has a market capitalization of $13.69 billion, a PE ratio of -27.46 and a beta of 0.81. Snap has a 12 month low of $6.90 and a 12 month high of $12.35. The firm has a 50 day moving average price of $7.96 and a two-hundred day moving average price of $8.12.

Snap (NYSE:SNAP) last released its earnings results on Thursday, November 6th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.12). The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Snap had a negative net margin of 8.60% and a negative return on equity of 21.61%. Snap’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) earnings per share. On average, research analysts forecast that Snap will post -0.3 EPS for the current year.

Insider Buying and Selling

In other Snap news, CAO Rebecca Morrow sold 12,699 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $8.34, for a total transaction of $105,909.66. Following the sale, the chief accounting officer owned 466,603 shares of the company’s stock, valued at approximately $3,891,469.02. This trade represents a 2.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $8.00, for a total value of $8,000,000.00. Following the sale, the chief technology officer directly owned 51,911,126 shares in the company, valued at approximately $415,289,008. The trade was a 1.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,401,016 shares of company stock valued at $11,231,284 over the last ninety days.

Hedge Funds Weigh In On Snap

Several institutional investors and hedge funds have recently bought and sold shares of the company. Allworth Financial LP boosted its position in shares of Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after purchasing an additional 1,581 shares in the last quarter. Signaturefd LLC raised its stake in Snap by 169.9% in the second quarter. Signaturefd LLC now owns 2,942 shares of the company’s stock valued at $26,000 after buying an additional 1,852 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Snap in the third quarter worth about $33,000. Banque Cantonale Vaudoise purchased a new stake in shares of Snap during the third quarter worth about $39,000. Finally, Grey Fox Wealth Advisors LLC purchased a new position in Snap in the 3rd quarter worth $53,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

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.