Snap (NYSE:SNAP) Receives “Buy” Rating from Guggenheim

Guggenheim reaffirmed their buy rating on shares of Snap (NYSE:SNAP) in a report issued on Tuesday,Benzinga reports. They currently have a $12.11 target price on the stock.

SNAP has been the topic of a number of other research reports. Canaccord Genuity Group boosted their price objective on Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Argus raised Snap to a “hold” rating in a research note on Thursday, August 8th. The Goldman Sachs Group boosted their price objective on Snap from $12.00 to $13.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Loop Capital upped their price target on Snap from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $16.00 price target on shares of Snap in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Snap currently has a consensus rating of “Hold” and a consensus price target of $37.10.

Snap Stock Down 3.7 %

Shares of SNAP opened at $12.16 on Tuesday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 4.04 and a current ratio of 4.04. Snap has a one year low of $8.29 and a one year high of $17.90. The stock has a market capitalization of $20.39 billion, a price-to-earnings ratio of -20.96 and a beta of 0.97. The stock has a 50 day moving average price of $11.20 and a 200 day moving average price of $12.24.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.05 by $0.03. The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.21) earnings per share. Equities research analysts forecast that Snap will post -0.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Eric Young sold 112,020 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.55, for a total value of $1,181,811.00. Following the completion of the sale, the senior vice president now directly owns 2,791,048 shares of the company’s stock, valued at $29,445,556.40. This trade represents a 3.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $12.50, for a total value of $12,500,000.00. Following the completion of the sale, the chief technology officer now directly owns 57,210,989 shares of the company’s stock, valued at $715,137,362.50. This represents a 1.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,406,709 shares of company stock valued at $16,662,107. 22.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Snap

Hedge funds have recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new position in Snap in the 3rd quarter valued at approximately $29,000. Paladin Wealth LLC purchased a new position in Snap in the 3rd quarter valued at approximately $30,000. Advisors Asset Management Inc. increased its stake in Snap by 141.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock valued at $30,000 after purchasing an additional 1,632 shares in the last quarter. Hollencrest Capital Management purchased a new position in Snap in the 2nd quarter valued at approximately $33,000. Finally, Blue Trust Inc. increased its stake in Snap by 354.1% in the 2nd quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after purchasing an additional 1,682 shares in the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

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.