Snap Inc. (NYSE:SNAP) Receives $7.79 Average Price Target from Analysts

Snap Inc. (NYSE:SNAP) has earned an average rating of “Hold” from the thirty-six brokerages that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, twenty-four have issued a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $7.4804.

SNAP has been the topic of several recent analyst reports. Benchmark restated a “hold” rating on shares of Snap in a research report on Wednesday, June 17th. The Goldman Sachs Group reduced their price target on shares of Snap from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday. Barclays raised Snap from an “overweight” rating to an “overweight” rating in a research note on Monday, April 27th. TD Cowen initiated coverage on Snap in a report on Monday, April 27th. They issued a “buy” rating on the stock. Finally, UBS Group set a $5.00 price objective on Snap in a research note on Tuesday.

Snap Price Performance

Snap stock opened at $4.68 on Friday. The company has a market cap of $7.91 billion, a P/E ratio of -19.52 and a beta of 1.05. Snap has a one year low of $3.81 and a one year high of $10.41. The business has a fifty day moving average of $5.34 and a two-hundred day moving average of $5.76. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.53 and a current ratio of 3.53.

Snap (NYSE:SNAP) last posted its quarterly earnings results 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). The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.53 billion. Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period last year, the company earned ($0.08) earnings per share. As a group, analysts predict that Snap will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Ajit Mohan sold 6,923 shares of Snap stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $5.58, for a total transaction of $38,630.34. Following the completion of the transaction, the insider owned 5,050,968 shares of the company’s stock, valued at $28,184,401.44. The trade was a 0.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Zachary M. Briers sold 11,958 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $6.00, for a total transaction of $71,748.00. Following the completion of the sale, the general counsel owned 2,560,835 shares in the company, valued at $15,365,010. This represents a 0.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,907,554 shares of company stock valued at $16,093,619 in the last three months. 22.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Snap

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

About Snap

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.