Snap’s (SNAP) Outperform Rating Reiterated at BMO Capital Markets

Snap (NYSE:SNAP)‘s stock had its “outperform” rating reiterated by equities research analysts at BMO Capital Markets in a note issued to investors on Wednesday,Benzinga reports. They presently have a $16.00 price objective on the stock, down from their prior price objective of $18.00. BMO Capital Markets’ price target would indicate a potential upside of 30.83% from the company’s previous close.

Several other equities research analysts also recently issued reports on the company. JMP Securities reaffirmed a “market outperform” rating and issued a $16.00 price target on shares of Snap in a research report on Friday, January 3rd. Roth Mkm restated a “neutral” rating and set a $14.00 target price on shares of Snap in a research note on Wednesday, September 18th. Cantor Fitzgerald upped their price target on Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Benchmark reissued a “hold” rating on shares of Snap in a research report on Friday, October 25th. Finally, Loop Capital boosted their target price on shares of Snap from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Snap presently has an average rating of “Hold” and a consensus target price of $36.99.

Snap Stock Performance

SNAP traded up $0.89 on Wednesday, hitting $12.23. The company had a trading volume of 13,608,164 shares, compared to its average volume of 27,463,961. The stock has a market cap of $20.51 billion, a price-to-earnings ratio of -21.09 and a beta of 0.98. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 4.04. The company’s fifty day moving average price is $11.57 and its 200 day moving average price is $11.40. Snap has a 1-year low of $8.29 and a 1-year high of $17.50.

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

Insider Activity at Snap

In other Snap news, SVP Eric Young sold 112,020 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.55, for a total transaction of $1,181,811.00. Following the completion of the sale, the senior vice president now owns 2,791,048 shares in the company, valued at approximately $29,445,556.40. The trade was a 3.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $12.50, for a total value of $12,500,000.00. Following the sale, the chief technology officer now directly owns 57,210,989 shares of the company’s stock, valued at approximately $715,137,362.50. This trade represents a 1.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,451,618 shares of company stock valued at $17,560,157 in the last three months. Corporate insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP increased its stake in shares of Snap by 587.3% in 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 last quarter. TB Alternative Assets Ltd. boosted its position in shares of Snap by 105.6% during the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after purchasing an additional 4,098,847 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Snap by 62.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after buying an additional 2,386,519 shares during the period. Discovery Capital Management LLC CT bought a new stake in shares of Snap in the 2nd quarter valued at $22,591,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Snap by 49.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,910,459 shares of the company’s stock worth $41,842,000 after acquiring an additional 1,297,348 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

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.