Snap (NYSE:SNAP) Coverage Initiated by Analysts at B. Riley

Equities researchers at B. Riley assumed coverage on shares of Snap (NYSE:SNAP) in a note issued to investors on Friday, Briefing.com reports. The brokerage set a “neutral” rating and a $11.00 price target on the stock. B. Riley’s price target would indicate a potential upside of 9.13% from the stock’s current price.

A number of other equities analysts have also commented on SNAP. JPMorgan Chase & Co. cut their price objective on shares of Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a research report on Friday, August 2nd. Hsbc Global Res lowered Snap from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Roth Mkm reaffirmed a “neutral” rating and set a $14.00 target price on shares of Snap in a report on Wednesday. The Goldman Sachs Group cut their price target on shares of Snap from $16.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, Wolfe Research initiated coverage on Snap in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. One analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Snap has an average rating of “Hold” and an average target price of $13.76.

Snap Stock Performance

NYSE SNAP opened at $10.08 on Friday. The company has a market capitalization of $16.73 billion, a PE ratio of -12.44 and a beta of 1.00. The company has a debt-to-equity ratio of 1.74, a quick ratio of 3.98 and a current ratio of 3.98. Snap has a 52-week low of $8.28 and a 52-week high of $17.90. The company has a 50-day simple moving average of $10.70 and a 200 day simple moving average of $12.81.

Snap (NYSE:SNAP) last released its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.25 billion. On average, research analysts predict that Snap will post -0.48 EPS for the current year.

Insider Buying and Selling at Snap

In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $16.56, for a total value of $298,080.00. Following the completion of the transaction, the general counsel now owns 481,908 shares in the company, valued at $7,980,396.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $16.56, for a total transaction of $298,080.00. Following the completion of the transaction, the general counsel now directly owns 481,908 shares of the company’s stock, valued at $7,980,396.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the completion of the sale, the chief technology officer now owns 58,553,813 shares in the company, valued at approximately $508,832,634.97. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,511,540 shares of company stock worth $13,569,906. Insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

A number of hedge funds have recently bought and sold shares of SNAP. Carmignac Gestion purchased a new stake in Snap in the 4th quarter worth approximately $110,103,000. TCW Group Inc. bought a new stake in shares of Snap during the 4th quarter valued at $275,000. V Square Quantitative Management LLC lifted its stake in shares of Snap by 72.7% during the 4th quarter. V Square Quantitative Management LLC now owns 11,119 shares of the company’s stock valued at $188,000 after buying an additional 4,679 shares in the last quarter. Alta Park Capital LP bought a new position in Snap in the 4th quarter worth $13,845,000. Finally, Contrarius Investment Management Ltd bought a new stake in Snap during the fourth quarter valued at about $80,644,000. Hedge funds and other institutional investors 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.