Cantor Fitzgerald Reiterates Neutral Rating for Snap (NYSE:SNAP)

by · The Markets Daily

Snap (NYSE:SNAP – Get Free Report)‘s stock had its “neutral” rating reiterated by investment analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They presently have a $8.00 target price on the stock. Cantor Fitzgerald’s target price would indicate a potential downside of 23.15% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. cut their target price on Snap from $13.00 to $11.00 and set an “underweight” rating on the stock in a research report on Friday, August 2nd. Piper Sandler reissued a “neutral” rating and set a $12.00 target price (down previously from $15.00) on shares of Snap in a research report on Friday, August 2nd. Truist Financial cut their target price on Snap from $16.00 to $13.00 and set a “hold” rating on the stock in a research report on Friday, August 2nd. Hsbc Global Res downgraded Snap from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Finally, B. Riley assumed coverage on Snap in a research report on Friday, September 20th. They set a “neutral” rating and a $11.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, twenty-four have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Snap has an average rating of “Hold” and a consensus target price of $14.00.

View Our Latest Analysis on SNAP

Snap Stock Performance

NYSE:SNAP opened at $10.41 on Monday. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. Snap has a 1 year low of $8.29 and a 1 year high of $17.90. The stock’s 50 day simple moving average is $10.03 and its two-hundred day simple moving average is $12.77. The company has a market cap of $17.08 billion, a price-to-earnings ratio of -12.85 and a beta of 1.00.

Snap (NYSE:SNAP – Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.25 billion. As a group, equities analysts anticipate that Snap will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the sale, the chief technology officer now owns 58,553,813 shares in the company, valued at $508,832,634.97. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Derek Andersen sold 97,608 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $9.29, for a total value of $906,778.32. Following the sale, the chief financial officer now owns 2,287,970 shares in the company, valued at $21,255,241.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total value of $8,690,000.00. Following the transaction, the chief technology officer now owns 58,553,813 shares of the company’s stock, valued at $508,832,634.97. The disclosure for this sale can be found here. Insiders sold 1,493,540 shares of company stock worth $13,271,826 in the last 90 days. Insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Large investors have recently made changes to their positions in the company. Marshall Wace LLP raised its holdings in Snap by 587.3% in the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock worth $243,629,000 after purchasing an additional 12,533,653 shares during the period. SRS Investment Management LLC lifted its position in shares of Snap by 23.6% during the 4th quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after buying an additional 12,452,415 shares in the last quarter. Carmignac Gestion acquired a new stake in Snap in the 4th quarter valued at $110,103,000. Vanguard Group Inc. increased its holdings in Snap by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock worth $1,613,729,000 after acquiring an additional 3,503,230 shares in the last quarter. Finally, TB Alternative Assets Ltd. raised its position in Snap by 144.5% during the first quarter. TB Alternative Assets Ltd. now owns 5,094,800 shares of the company’s stock worth $58,488,000 after acquiring an additional 3,011,400 shares during the period. 47.52% of the stock is currently owned by institutional investors and hedge funds.

About Snap

(Get Free Report)

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.

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