Snap (NYSE:SNAP) Rating Lowered to “Hold” at Wall Street Zen

Snap (NYSE:SNAP) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Sunday.

A number of other brokerages have also issued reports on SNAP. Rosenblatt Securities reissued a “neutral” rating and set a $6.40 price target on shares of Snap in a research note on Thursday, April 16th. Rothschild & Co Redburn upgraded Snap from a “neutral” rating to a “buy” rating and set a $10.00 target price on the stock in a research note on Monday, April 27th. Stifel Nicolaus lifted their target price on Snap from $4.50 to $5.25 and gave the stock a “hold” rating in a research report on Tuesday, April 21st. Cantor Fitzgerald reiterated a “neutral” rating and set a $5.00 target price on shares of Snap in a research report on Monday, July 20th. Finally, Benchmark reissued a “hold” rating on shares of Snap in a research note on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.23.

Snap Price Performance

SNAP stock opened at $4.53 on Friday. The stock has a market cap of $7.64 billion, a PE ratio of -18.85 and a beta of 1.05. Snap has a 12 month low of $3.81 and a 12 month high of $9.90. The company has a 50-day moving average price of $5.04 and a 200 day moving average price of $5.47. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period last year, the company earned ($0.08) earnings per share. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. Equities research analysts anticipate that Snap will post -0.07 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Robert C. Murphy sold 2,000,000 shares of Snap stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $5.44, for a total value of $10,880,000.00. Following the transaction, the chief technology officer directly owned 47,012,324 shares in the company, valued at approximately $255,747,042.56. This trade represents a 4.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Rebecca Morrow sold 16,729 shares of Snap stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.60, for a total value of $93,682.40. Following the completion of the transaction, the chief accounting officer owned 512,811 shares in the company, valued at $2,871,741.60. This represents a 3.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 2,868,059 shares of company stock valued at $15,855,631 over the last ninety days. Company insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP raised its holdings in Snap by 92.3% in the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after purchasing an additional 1,581 shares in the last quarter. Oak Harvest Investment Services bought a new stake in shares of Snap in the 4th quarter valued at about $26,000. Arax Advisory Partners boosted its holdings in shares of Snap by 220.0% in the 4th quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after buying an additional 2,275 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Snap in the 4th quarter worth approximately $29,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Snap by 561.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock worth $29,000 after buying an additional 3,071 shares during the last quarter. Institutional investors own 47.52% of the company’s stock.

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.