Snap (NYSE:SNAP) was downgraded by equities researchers at Stifel Nicolaus from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, July 23rd, Stock Target Advisor reports.
Several other research firms have also recently issued reports on SNAP. Barclays lowered their price objective on shares of Waters from $218.00 to $210.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 24th. Rosenblatt Securities assumed coverage on shares of Twitter in a research report on Tuesday, July 23rd. They issued a “neutral” rating and a $38.00 price objective for the company. BTIG Research boosted their price objective on shares of Snap from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Credit Suisse Group raised shares of Laredo Petroleum from an “underperform” rating to a “neutral” rating and set a $2.83 price target for the company in a research report on Tuesday, July 9th. They noted that the move was a valuation call. Finally, Canaccord Genuity set a C$16.50 price target on shares of Detour Gold and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Three analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the stock. Snap has an average rating of “Hold” and an average target price of $14.88.
SNAP traded up $0.22 on Tuesday, hitting $17.15. The company had a trading volume of 406,148 shares, compared to its average volume of 34,963,756. Snap has a 52-week low of $4.82 and a 52-week high of $18.36. The business has a fifty day simple moving average of $15.03. The firm has a market cap of $24.23 billion, a price-to-earnings ratio of -17.66 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.53 and a quick ratio of 4.53.
Snap (NYSE:SNAP) last announced its earnings results on Tuesday, July 23rd. The company reported ($0.19) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.02. The business had revenue of $388.02 million during the quarter, compared to the consensus estimate of $358.16 million. Snap had a negative net margin of 77.54% and a negative return on equity of 46.46%. The business’s revenue for the quarter was up 48.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.14) earnings per share. On average, analysts anticipate that Snap will post -0.71 earnings per share for the current year.
In other news, insider Jeremi Gorman sold 31,108 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $11.33, for a total transaction of $352,453.64. Following the completion of the sale, the insider now owns 2,902,488 shares in the company, valued at approximately $32,885,189.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Evan Spiegel sold 2,780,306 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $18.01, for a total transaction of $50,073,311.06. Following the sale, the chief executive officer now owns 69,958,498 shares of the company’s stock, valued at approximately $1,259,952,548.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,628,552 shares of company stock valued at $86,833,634.
Several institutional investors have recently made changes to their positions in SNAP. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Snap in the 2nd quarter valued at $36,518,000. Miracle Mile Advisors LLC increased its holdings in shares of Snap by 1,687.3% in the 1st quarter. Miracle Mile Advisors LLC now owns 1,429,858 shares of the company’s stock valued at $15,757,000 after acquiring an additional 1,349,858 shares during the period. KCL Capital L.P. acquired a new position in shares of Snap in the 1st quarter valued at $12,122,000. Marshall Wace North America L.P. acquired a new position in Snap in the 1st quarter valued at $8,059,000. Finally, FMR LLC increased its stake in Snap by 2.8% in the 4th quarter. FMR LLC now owns 22,150,589 shares of the company’s stock valued at $122,050,000 after buying an additional 606,983 shares during the period. 25.87% of the stock is currently owned by institutional investors and hedge funds.
Snap Company Profile
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.
