Snap (NYSE:SNAP) Shares Gap Up to $14.30

Snap Inc (NYSE:SNAP)’s share price gapped up prior to trading on Friday . The stock had previously closed at $13.70, but opened at $14.30. Snap shares last traded at $14.52, with a volume of 33,577,452 shares changing hands.

SNAP has been the topic of a number of research analyst reports. Wedbush lifted their target price on Snap from $12.25 to $14.75 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Bank of America lifted their target price on Snap from $12.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, July 11th. Citigroup lifted their target price on Snap from $14.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. They noted that the move was a valuation call. SunTrust Banks boosted their price objective on Snap from $11.00 to $17.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Finally, Morgan Stanley upgraded Snap from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $14.00 to $17.00 in a research note on Friday. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $16.37.

The firm has a market capitalization of $21.41 billion, a PE ratio of -14.97 and a beta of 1.11. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.53 and a quick ratio of 4.53. The stock has a 50-day moving average price of $16.00 and a 200-day moving average price of $13.91.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, July 23rd. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.02. Snap had a negative return on equity of 46.46% and a negative net margin of 77.54%. The business had revenue of $388.02 million for the quarter, compared to analyst estimates of $358.16 million. During the same period in the previous year, the company earned ($0.14) earnings per share. The company’s revenue for the quarter was up 48.0% compared to the same quarter last year. As a group, equities research analysts predict that Snap Inc will post -0.71 earnings per share for the current fiscal year.

In other news, Director Michael Lynton sold 130,949 shares of Snap stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $18.00, for a total transaction of $2,357,082.00. Following the sale, the director now directly owns 77,086 shares of the company’s stock, valued at $1,387,548. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeremi Gorman sold 66,661 shares of Snap stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $15.06, for a total value of $1,003,914.66. Following the sale, the insider now directly owns 2,766,851 shares in the company, valued at $41,668,776.06. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,179,453 shares of company stock worth $88,470,896.

A number of institutional investors have recently made changes to their positions in SNAP. Prime Capital Investment Advisors LLC bought a new stake in Snap in the second quarter valued at about $27,000. Atlas Capital Advisors LLC bought a new stake in Snap in the second quarter valued at about $29,000. Catalyst Capital Advisors LLC increased its holdings in Snap by 38.8% in the second quarter. Catalyst Capital Advisors LLC now owns 2,386 shares of the company’s stock valued at $34,000 after buying an additional 667 shares during the last quarter. Valeo Financial Advisors LLC increased its holdings in Snap by 400.0% in the second quarter. Valeo Financial Advisors LLC now owns 2,500 shares of the company’s stock valued at $36,000 after buying an additional 2,000 shares during the last quarter. Finally, AlphaOne Investment Services LLC bought a new stake in Snap in the second quarter valued at about $44,000. 26.88% of the stock is owned by hedge funds and other institutional investors.

About Snap (NYSE:SNAP)

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.

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