B. Riley upgraded shares of Snap (NYSE:SNAP – Free Report) to a hold rating in a research note released on Thursday, Zacks.com reports.
Several other equities research analysts have also issued reports on the company. Argus raised Snap to a hold rating in a research note on Thursday, August 8th. Cantor Fitzgerald began coverage on Snap in a research note on Thursday, September 5th. They set a neutral rating and a $8.00 price target for the company. Benchmark reissued a hold rating on shares of Snap in a research note on Tuesday, August 6th. Truist Financial decreased their price target on Snap from $16.00 to $13.00 and set a hold rating for the company in a research note on Friday, August 2nd. Finally, Susquehanna decreased their price target on Snap from $15.00 to $12.00 and set a neutral rating for the company in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, twenty-four have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Snap currently has an average rating of Hold and a consensus price target of $13.76.
Read Our Latest Research Report on SNAP
Snap Stock Performance
Snap (NYSE:SNAP – Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.02. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.25 billion. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. On average, research analysts predict that Snap will post -0.48 EPS for the current fiscal year.
Insider Transactions at Snap
In other Snap news, General Counsel Michael J. O’sullivan sold 59,053 shares of Snap stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $9.29, for a total value of $548,602.37. Following the sale, the general counsel now owns 1,258,278 shares of the company’s stock, valued at approximately $11,689,402.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Snap news, General Counsel Michael J. O’sullivan sold 59,053 shares of Snap stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $9.29, for a total value of $548,602.37. Following the sale, the general counsel now owns 1,258,278 shares of the company’s stock, valued at approximately $11,689,402.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Derek Andersen sold 97,608 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $9.29, for a total value of $906,778.32. Following the sale, the chief financial officer now directly owns 2,287,970 shares in the company, valued at approximately $21,255,241.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,511,540 shares of company stock worth $13,569,906. Corporate insiders own 22.68% of the company’s stock.
Institutional Investors Weigh In On Snap
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Snap by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company’s stock valued at $1,103,786,000 after buying an additional 830,889 shares in the last quarter. SRS Investment Management LLC lifted its stake in Snap by 23.6% in the 4th quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after buying an additional 12,452,415 shares in the last quarter. Capital World Investors lifted its stake in Snap by 0.8% in the 1st quarter. Capital World Investors now owns 46,272,273 shares of the company’s stock valued at $531,206,000 after buying an additional 385,191 shares in the last quarter. Marshall Wace LLP lifted its stake in 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 buying an additional 12,533,653 shares in the last quarter. Finally, Ossiam lifted its stake in Snap by 7.1% in the 1st quarter. Ossiam now owns 11,334,804 shares of the company’s stock valued at $130,124,000 after buying an additional 751,846 shares in the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.
Snap Company Profile
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.
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