Brokerages Set Snap Inc. (NYSE:SNAP) PT at $8.17
by Danessa Lincoln · The Markets DailyShares of Snap Inc. (NYSE:SNAP – Get Free Report) have earned an average rating of “Hold” from the twenty-nine analysts that are covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $8.1667.
Several equities analysts have recently issued reports on SNAP shares. 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 research note on Thursday, February 5th. Arete Research set a $7.30 price objective on Snap and gave the company a “buy” rating in a report on Tuesday, February 10th. Wells Fargo & Company lowered their target price on Snap from $10.00 to $8.00 and set an “equal weight” rating for the company in a research report on Thursday, February 5th. B. Riley Financial raised Snap from a “neutral” rating to a “buy” rating and set a $10.00 target price on the stock in a report on Thursday, February 5th. Finally, Morgan Stanley reduced their price target on Snap from $9.50 to $6.50 and set an “equal weight” rating on the stock in a research report on Sunday, February 22nd.
Check Out Our Latest Stock Analysis on SNAP
Insider Buying and Selling
In related news, insider Ajit Mohan sold 119,339 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $4.70, for a total value of $560,893.30. Following the sale, the insider directly owned 5,158,477 shares in the company, valued at $24,244,841.90. This represents a 2.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Zachary M. Briers sold 134,705 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $4.70, for a total transaction of $633,113.50. Following the sale, the general counsel directly owned 2,854,088 shares of the company’s stock, valued at $13,414,213.60. This represents a 4.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 2,570,641 shares of company stock valued at $13,436,343 in the last ninety days. Insiders own 22.68% of the company’s stock.
Hedge Funds Weigh In On Snap
A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Snap by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 101,251,557 shares of the company’s stock valued at $817,100,000 after acquiring an additional 641,271 shares during the last quarter. Capital World Investors raised its position in shares of Snap by 1.4% in the 4th quarter. Capital World Investors now owns 88,452,006 shares of the company’s stock worth $713,808,000 after acquiring an additional 1,179,543 shares in the last quarter. Capital International Investors raised its position in shares of Snap by 0.3% in the 3rd quarter. Capital International Investors now owns 37,780,205 shares of the company’s stock worth $291,285,000 after acquiring an additional 95,989 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Snap in the 3rd quarter valued at about $176,697,000. Finally, Geode Capital Management LLC lifted its stake in shares of Snap by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 13,525,119 shares of the company’s stock valued at $108,711,000 after purchasing an additional 469,795 shares during the period. Institutional investors own 47.52% of the company’s stock.
Snap Trading Up 0.1%
Shares of NYSE:SNAP traded up $0.01 during midday trading on Friday, hitting $4.64. 62,190,520 shares of the stock were exchanged, compared to its average volume of 50,281,104. The business’s 50-day moving average price is $5.23 and its 200 day moving average price is $7.00. Snap has a 12 month low of $3.81 and a 12 month high of $10.41. The company has a debt-to-equity ratio of 1.53, a quick ratio of 3.56 and a current ratio of 3.56. The stock has a market capitalization of $7.83 billion, a price-to-earnings ratio of -17.17 and a beta of 0.91.
Snap (NYSE:SNAP – Get Free Report) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.12). Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter last year, the business earned $0.01 EPS. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. Analysts predict that Snap will post -0.3 earnings per share for the current year.
About Snap
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.