Snap (NYSE:SNAP – Get Free Report) had its price objective decreased by JPMorgan Chase & Co. from $6.00 to $5.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 0.58% from the stock’s previous close.
A number of other research analysts have also weighed in on SNAP. DA Davidson raised their price target on shares of Snap from $5.00 to $5.25 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Susquehanna reiterated a “neutral” rating on shares of Snap in a research note on Tuesday, August 4th. Sanford C. Bernstein reissued a “market perform” rating and set a $5.00 target price on shares of Snap in a report on Tuesday, July 21st. UBS Group restated a “buy” rating on shares of Snap in a research report on Thursday. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $6.50 price target on shares of Snap in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, twenty-three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $7.31.
Check Out Our Latest Research Report on SNAP
Snap Price Performance
Snap (NYSE:SNAP – Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported $0.03 earnings per share (EPS) for the quarter. The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.06) earnings per share. On average, sell-side analysts anticipate that Snap will post -0.03 earnings per share for the current fiscal year.
Insider Buying and Selling at Snap
In other Snap news, CAO Rebecca Morrow sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $5.35, for a total value of $107,000.00. Following the transaction, the chief accounting officer directly owned 578,105 shares of the company’s stock, valued at $3,092,861.75. This trade represents a 3.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Zachary M. Briers sold 136,504 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $5.20, for a total value of $709,820.80. Following the transaction, the general counsel owned 2,424,331 shares in the company, valued at approximately $12,606,521.20. This represents a 5.33% 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. Over the last ninety days, insiders have sold 445,926 shares of company stock valued at $2,326,930. Insiders own 22.68% of the company’s stock.
Hedge Funds Weigh In On Snap
A number of institutional investors have recently added to or reduced their stakes in SNAP. Assenagon Asset Management S.A. grew its holdings in Snap by 278.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 14,771,533 shares of the company’s stock valued at $79,766,000 after buying an additional 10,868,392 shares in the last quarter. Empyrean Capital Partners LP purchased a new position in shares of Snap during the 1st quarter worth $25,300,000. Saba Capital Management L.P. boosted its position in shares of Snap by 232.5% during the 1st quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock valued at $21,748,000 after acquiring an additional 3,306,024 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Snap by 9.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,228,614 shares of the company’s stock valued at $22,765,000 after acquiring an additional 375,301 shares during the last quarter. Finally, Swiss National Bank boosted its position in shares of Snap by 7.1% during the 1st quarter. Swiss National Bank now owns 3,160,100 shares of the company’s stock valued at $14,536,000 after acquiring an additional 209,900 shares during the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.
Key Snap News
Here are the key news stories impacting Snap this week:
- Positive Sentiment: Snap returned to net profitability and beat adjusted earnings expectations. Its 30 million paid subscribers also point to growing subscription revenue and a potential complement to advertising. Article: Snap Shares Fall More Than 10% as Revenue and User Growth Miss Forecasts Despite Higher Earnings Article: Snap Q3: The Potential Is There – The Conviction Isn’t
- Neutral Sentiment: Traders bought a high volume of Snap call options, suggesting some are positioning for a rebound; options activity is not a reliable indication of future performance. Article: Traders Purchase High Volume of Call Options on Snap
- Negative Sentiment: Third-quarter revenue rose 14% year over year to $1.72 billion but missed estimates, while daily active users also came in below expectations. The shortfalls raised concerns about the pace of Snap’s advertising recovery and overshadowed its earnings improvement. Article: Snap shares fall 13% as revenue and daily users miss estimates
- Negative Sentiment: Several analysts cut price targets, reinforcing a more cautious outlook: Citigroup and UBS lowered targets to $6 and kept neutral ratings; JPMorgan cut its target to $5 and maintained an underweight rating; Cantor Fitzgerald lowered its target to $5 and stayed neutral. Barclays also halved its target to $8, though it retained an overweight rating. Citigroup ratings UBS ratings JPMorgan ratings
- Negative Sentiment: Snap also announced a change in how it measures user engagement, which may complicate comparisons with prior periods as investors assess user trends. Article: Snap tumbles on revenue, user growth miss; announces metric shift
Snap Company Profile
Snap Inc is a technology and social media company best known for Snapchat, a visual messaging and social networking application. Snapchat enables users to communicate through photos, videos, messages and Stories, while offering creative tools such as augmented reality (AR) Lenses and filters. The platform also includes features such as Snap Map, Spotlight and content from publishers and creators.
Snap generates most of its revenue from digital advertising, including video, augmented reality and other advertising formats delivered across Snapchat.
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