Snap (NYSE:SNAP) Earns Neutral Rating from Piper Sandler

Snap (NYSE:SNAP)‘s stock had its “neutral” rating reaffirmed by research analysts at Piper Sandler in a report issued on Wednesday, Benzinga reports. They currently have a $13.00 price objective on the stock, up from their prior price objective of $12.00. Piper Sandler’s price objective would indicate a potential upside of 3.17% from the company’s current price.

Several other analysts have also issued reports on SNAP. Evercore ISI upped their target price on shares of Snap from $12.00 to $15.00 and gave the stock an “in-line” rating in a research note on Wednesday. Wells Fargo & Company reduced their price objective on shares of Snap from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, October 4th. Susquehanna dropped their target price on shares of Snap from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Barclays reduced their target price on Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, Argus upgraded Snap to a “hold” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Snap has an average rating of “Hold” and a consensus price target of $14.19.

Snap Trading Up 15.7 %

Shares of SNAP stock traded up $1.71 during mid-day trading on Wednesday, hitting $12.60. The company’s stock had a trading volume of 58,364,191 shares, compared to its average volume of 27,129,861. The company’s fifty day simple moving average is $9.99 and its 200-day simple moving average is $12.69. Snap has a 52 week low of $8.29 and a 52 week high of $17.90. The company has a market cap of $20.68 billion, a PE ratio of -15.56 and a beta of 1.01. The company has a debt-to-equity ratio of 1.74, a quick ratio of 3.98 and a current ratio of 3.98.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.02. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate 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 expect that Snap will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $10.81, for a total transaction of $194,580.00. Following the transaction, the general counsel now directly owns 489,058 shares of the company’s stock, valued at approximately $5,286,716.98. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CTO Robert C. Murphy sold 1,000,000 shares of the 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 completion of the transaction, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at $508,832,634.97. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $10.81, for a total transaction of $194,580.00. Following the transaction, the general counsel now owns 489,058 shares in the company, valued at $5,286,716.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,490,617 shares of company stock worth $13,183,890. Corporate insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

A number of large investors have recently made changes to their positions in SNAP. Vanguard Group Inc. grew its stake in Snap by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company’s stock valued at $1,103,786,000 after purchasing an additional 830,889 shares during the last quarter. Capital World Investors increased its holdings in Snap by 0.8% in the 1st quarter. Capital World Investors now owns 46,272,273 shares of the company’s stock worth $531,206,000 after buying an additional 385,191 shares during the period. Marshall Wace LLP lifted its stake in Snap by 587.3% during the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after acquiring an additional 12,533,653 shares during the period. Ossiam boosted its position in Snap by 7.1% in the 1st quarter. Ossiam now owns 11,334,804 shares of the company’s stock worth $130,124,000 after purchasing an additional 751,846 shares in the last quarter. Finally, TB Alternative Assets Ltd. increased its holdings in shares of Snap by 105.6% during the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after purchasing an additional 4,098,847 shares in the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

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.