Snap (NYSE:SNAP – Free Report) had its price objective raised by Cantor Fitzgerald from $8.00 to $9.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.
Several other equities research analysts also recently commented on the company. JMP Securities upgraded Snap from a “market perform” rating to an “outperform” rating and set a $17.00 price objective for the company in a report on Wednesday, October 23rd. Susquehanna decreased their price objective on shares of Snap from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Argus upgraded shares of Snap to a “hold” rating in a research report on Thursday, August 8th. Barclays cut their target price on shares of Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Wolfe Research started coverage on Snap in a report on Tuesday, July 16th. They set a “peer perform” rating on the stock. One investment analyst has rated the stock with a sell rating, twenty-two have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $14.25.
Check Out Our Latest Analysis on SNAP
Snap Price Performance
Snap (NYSE:SNAP – Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.25 billion. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. As a group, equities research analysts anticipate that Snap will post -0.47 earnings per share for the current fiscal year.
Insider Transactions at Snap
In related news, SVP Eric Young sold 114,097 shares of Snap stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.11, for a total transaction of $1,039,423.67. Following the sale, the senior vice president now owns 3,041,723 shares of the company’s stock, valued at approximately $27,710,096.53. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the completion of the transaction, the chief technology officer now owns 58,553,813 shares in the company, valued at approximately $508,832,634.97. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Eric Young sold 114,097 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.11, for a total transaction of $1,039,423.67. Following the transaction, the senior vice president now directly owns 3,041,723 shares of the company’s stock, valued at $27,710,096.53. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,490,617 shares of company stock valued at $13,183,890 over the last 90 days. Company insiders own 22.68% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the stock. TB Alternative Assets Ltd. increased its holdings in shares of Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after purchasing an additional 4,098,847 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new position in Snap during the 3rd quarter valued at approximately $832,000. Exchange Traded Concepts LLC increased its stake in Snap by 38.7% in the 3rd quarter. Exchange Traded Concepts LLC now owns 784,982 shares of the company’s stock worth $8,399,000 after acquiring an additional 219,111 shares during the last quarter. APG Asset Management N.V. increased its stake in Snap by 3.9% in the 2nd quarter. APG Asset Management N.V. now owns 2,957,491 shares of the company’s stock worth $45,835,000 after acquiring an additional 112,135 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its holdings in shares of Snap by 17.0% during the 3rd quarter. Vontobel Holding Ltd. now owns 327,705 shares of the company’s stock worth $3,506,000 after acquiring an additional 47,717 shares in the last quarter. Institutional investors own 47.52% of the company’s stock.
About Snap
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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