Snap (NYSE:SNAP) Receives New Coverage from Analysts at B. Riley

B. Riley started coverage on shares of Snap (NYSE:SNAP) in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. The brokerage set a “neutral” rating and a $11.00 price target on the stock. B. Riley’s target price would indicate a potential upside of 9.45% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on SNAP. JMP Securities reiterated a “market perform” rating on shares of Snap in a research report on Wednesday. Wolfe Research initiated coverage on shares of Snap in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Barclays dropped their price objective on shares of Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Susquehanna dropped 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. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $13.76.

Snap Price Performance

Shares of SNAP opened at $10.05 on Friday. Snap has a 1-year low of $8.28 and a 1-year high of $17.90. The stock has a market cap of $16.68 billion, a PE ratio of -12.41 and a beta of 1.00. The firm has a 50-day simple moving average of $10.58 and a two-hundred day simple moving average of $12.82. 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 (NYSE:SNAP) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.25 billion. As a group, analysts forecast that Snap will post -0.48 EPS for the current year.

Insider Transactions at Snap

In other news, CAO Rebecca Morrow sold 8,923 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.10, for a total transaction of $81,199.30. Following the completion of the sale, the chief accounting officer now owns 472,405 shares in the company, valued at approximately $4,298,885.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Rebecca Morrow sold 8,923 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.10, for a total transaction of $81,199.30. Following the completion of the sale, the chief accounting officer now owns 472,405 shares in the company, valued at approximately $4,298,885.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Elizabeth Jenkins sold 9,965 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.19, for a total transaction of $91,578.35. Following the sale, the director now owns 40,406 shares of the company’s stock, valued at approximately $371,331.14. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,511,540 shares of company stock worth $13,569,906. 22.68% of the stock is currently owned by insiders.

Institutional Trading of Snap

Several institutional investors and hedge funds have recently bought and sold shares of SNAP. Marshall Wace LLP raised its position in Snap by 587.3% in the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after purchasing an additional 12,533,653 shares during the last quarter. SRS Investment Management LLC increased its stake in Snap by 23.6% in 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 during the period. Carmignac Gestion acquired a new position in Snap in the 4th quarter valued at $110,103,000. Contrarius Investment Management Ltd acquired a new position in Snap in the 4th quarter valued at $80,644,000. Finally, Vanguard Group Inc. increased its stake in Snap by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock valued at $1,613,729,000 after buying an additional 3,503,230 shares during the period. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Company Profile

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.