Snap (NYSE:SNAP) Coverage Initiated at B. Riley

Research analysts at B. Riley initiated coverage on shares of Snap (NYSE:SNAP) in a research report issued on Friday, Marketbeat Ratings reports. The firm set a “neutral” rating and a $11.00 price target on the stock. B. Riley’s price target points to a potential upside of 9.45% from the company’s previous close.

A number of other research firms have also recently issued reports on SNAP. Truist Financial decreased their price target on shares of Snap from $16.00 to $13.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Cantor Fitzgerald began coverage on shares of Snap in a report on Thursday, September 5th. They issued a “neutral” rating and a $8.00 price target for the company. Roth Mkm reaffirmed a “neutral” rating and issued a $14.00 price target on shares of Snap in a report on Wednesday. The Goldman Sachs Group decreased their price target on shares of Snap from $16.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Finally, Barclays decreased their price target 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. One equities research analyst has rated the stock with a sell rating, twenty-four have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $13.76.

Snap Trading Down 0.2 %

NYSE:SNAP opened at $10.05 on Friday. Snap has a 52 week low of $8.28 and a 52 week high of $17.90. The firm has a 50 day moving average of $10.58 and a 200 day moving average of $12.82. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.74. The stock has a market capitalization of $16.68 billion, a price-to-earnings ratio of -12.41 and a beta of 1.00.

Snap (NYSE:SNAP) last posted its earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. As a group, sell-side analysts anticipate that Snap will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Snap

In other Snap news, SVP Eric Young sold 114,097 shares of the 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $16.56, for a total value of $298,080.00. Following the transaction, the general counsel now directly owns 481,908 shares of the company’s stock, valued at $7,980,396.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Eric Young sold 114,097 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the senior vice president now directly owns 3,041,723 shares in the company, valued at $27,710,096.53. The disclosure for this sale can be found here. Insiders have sold a total of 1,511,540 shares of company stock valued at $13,569,906 over the last ninety days. Corporate insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Snap by 0.9% during the first quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company’s stock worth $1,103,786,000 after purchasing an additional 830,889 shares during the period. SRS Investment Management LLC raised its stake in Snap by 23.6% during the fourth quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock worth $1,102,392,000 after purchasing an additional 12,452,415 shares during the period. Capital World Investors raised its stake in Snap by 0.8% during the first quarter. Capital World Investors now owns 46,272,273 shares of the company’s stock worth $531,206,000 after purchasing an additional 385,191 shares during the period. Marshall Wace LLP raised its stake in Snap by 587.3% during the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock worth $243,629,000 after purchasing an additional 12,533,653 shares during the period. Finally, Ossiam raised its stake in Snap by 7.1% during the first quarter. Ossiam now owns 11,334,804 shares of the company’s stock worth $130,124,000 after purchasing an additional 751,846 shares during the period. 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.