Snap (NYSE:SNAP) Shares Gap Up to $14.78

Snap Inc. (NYSE:SNAP)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $14.78, but opened at $15.16. Snap shares last traded at $15.04, with a volume of 2,847,464 shares.

Analysts Set New Price Targets

Several research firms have weighed in on SNAP. UBS Group cut their target price on Snap from $14.00 to $13.00 and set a “neutral” rating for the company in a research note on Tuesday, April 16th. Canaccord Genuity Group upped their target price on Snap from $14.00 to $15.00 and gave the stock a “hold” rating in a research note on Friday, April 26th. Truist Financial upped their target price on Snap from $12.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, April 26th. Wolfe Research began coverage on Snap in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Finally, TD Cowen upped their target price on Snap from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Friday, April 26th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $14.94.

Snap Stock Performance

The company has a debt-to-equity ratio of 1.55, a quick ratio of 3.76 and a current ratio of 3.76. The stock has a fifty day simple moving average of $15.73 and a two-hundred day simple moving average of $14.06. The stock has a market capitalization of $24.27 billion, a price-to-earnings ratio of -18.23 and a beta of 1.03.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Thursday, April 25th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. Snap had a negative return on equity of 46.62% and a negative net margin of 26.99%. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.12 billion. Analysts forecast that Snap Inc. will post -0.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snap news, CFO Derek Andersen sold 26,682 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $15.72, for a total transaction of $419,441.04. Following the completion of the sale, the chief financial officer now directly owns 2,508,007 shares in the company, valued at approximately $39,425,870.04. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CFO Derek Andersen sold 26,682 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $15.72, for a total value of $419,441.04. Following the completion of the sale, the chief financial officer now directly owns 2,508,007 shares in the company, valued at approximately $39,425,870.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Eric Young sold 115,915 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $15.91, for a total value of $1,844,207.65. Following the completion of the sale, the senior vice president now owns 3,292,657 shares of the company’s stock, valued at $52,386,172.87. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,373,343 shares of company stock worth $19,949,967. Company insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Snap by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company’s stock valued at $1,103,786,000 after buying an additional 830,889 shares during the period. SRS Investment Management LLC boosted its stake in Snap by 23.6% during 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 purchasing an additional 12,452,415 shares during the last quarter. Capital World Investors boosted its stake in Snap by 0.8% during the 1st quarter. Capital World Investors now owns 46,272,273 shares of the company’s stock valued at $531,206,000 after purchasing an additional 385,191 shares during the last quarter. Ossiam boosted its stake in Snap by 7.1% during the 1st quarter. Ossiam now owns 11,334,804 shares of the company’s stock valued at $130,124,000 after purchasing an additional 751,846 shares during the last quarter. Finally, Carmignac Gestion acquired a new position in Snap during the 4th quarter valued at about $110,103,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

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.