Guggenheim Reaffirms “Buy” Rating for Snap (NYSE:SNAP)

Snap (NYSE:SNAP)‘s stock had its “buy” rating reiterated by research analysts at Guggenheim in a report released on Tuesday,Benzinga reports. They presently have a $12.11 target price on the stock. Guggenheim’s target price would suggest a potential downside of 4.12% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. B. Riley increased their price objective on shares of Snap from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Bank of America raised their target price on shares of Snap from $13.00 to $14.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. The Goldman Sachs Group raised their target price on shares of Snap from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Wells Fargo & Company lowered their target price on shares of Snap from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, October 4th. Finally, Cantor Fitzgerald raised their target price on shares of Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Snap has a consensus rating of “Hold” and an average target price of $13.91.

Snap Price Performance

SNAP stock opened at $12.63 on Tuesday. Snap has a 52 week low of $8.29 and a 52 week high of $17.90. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63. The company has a fifty day simple moving average of $11.17 and a two-hundred day simple moving average of $12.24. The firm has a market capitalization of $21.18 billion, a P/E ratio of -21.78 and a beta of 0.97.

Snap (NYSE:SNAP) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $1.36 billion. During the same quarter last year, the business earned ($0.21) earnings per share. Snap’s quarterly revenue was up 15.4% compared to the same quarter last year. Analysts anticipate that Snap will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Snap

In other news, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $12.50, for a total value of $12,500,000.00. Following the transaction, the chief technology officer now owns 57,210,989 shares of the company’s stock, valued at $715,137,362.50. The trade was a 1.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $12.31, for a total transaction of $221,580.00. Following the completion of the transaction, the general counsel now directly owns 471,058 shares in the company, valued at approximately $5,798,723.98. The trade was a 3.68 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,406,709 shares of company stock valued at $16,662,107. Company insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Hollencrest Capital Management purchased a new position in shares of Snap in the 2nd quarter worth approximately $33,000. Blue Trust Inc. boosted its stake in Snap by 354.1% in the 2nd quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after purchasing an additional 1,682 shares in the last quarter. Rothschild Investment LLC acquired a new stake in Snap in the 2nd quarter worth approximately $40,000. V Square Quantitative Management LLC acquired a new stake in Snap in the 3rd quarter worth approximately $29,000. Finally, Paladin Wealth LLC acquired a new stake in Snap in the 3rd quarter worth approximately $30,000. 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.