Snap (NYSE:SNAP) Lifted to Outperform at JMP Securities

Snap (NYSE:SNAP) was upgraded by investment analysts at JMP Securities from a “market perform” rating to an “outperform” rating in a note issued to investors on Wednesday, FinViz reports. The brokerage presently has a $17.00 target price on the stock. JMP Securities’ target price points to a potential upside of 70.26% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Bank of America lowered their price target on shares of Snap from $16.00 to $13.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. B. Riley assumed coverage on shares of Snap in a research note on Friday, September 20th. They issued a “neutral” rating and a $11.00 price objective on the stock. Wolfe Research assumed coverage on shares of Snap in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. The Goldman Sachs Group reduced their price objective on shares of Snap from $16.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Snap from $13.00 to $11.00 and set an “underweight” rating on the stock in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and eight have issued 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 $13.89.

Snap Stock Performance

NYSE SNAP opened at $9.99 on Wednesday. The firm has a market cap of $16.57 billion, a price-to-earnings ratio of -13.87 and a beta of 1.01. The company has a 50 day moving average of $9.87 and a 200-day moving average of $12.71. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74. Snap has a 1-year low of $8.29 and a 1-year high of $17.90.

Snap (NYSE:SNAP) last issued its quarterly 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. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.25 billion. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. On average, equities analysts forecast that Snap will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $10.81, for a total value of $194,580.00. Following the transaction, the general counsel now directly owns 489,058 shares of the company’s stock, valued at $5,286,716.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $10.81, for a total transaction of $194,580.00. Following the transaction, the general counsel now owns 489,058 shares in the company, valued at $5,286,716.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Rebecca Morrow sold 8,923 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.10, for a total transaction of $81,199.30. Following the transaction, the chief accounting officer now owns 472,405 shares in the company, valued at approximately $4,298,885.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,510,352 shares of company stock valued at $13,446,353 in the last three months. 22.68% of the stock is currently owned by company insiders.

Institutional Trading of Snap

A number of hedge funds have recently added to or reduced their stakes in the stock. GraniteShares Advisors LLC grew its stake in shares of Snap by 2.5% during the second quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock worth $634,000 after buying an additional 941 shares during the last quarter. Charles Schwab Investment Advisory Inc. grew its stake in shares of Snap by 2.7% during the first quarter. Charles Schwab Investment Advisory Inc. now owns 35,807 shares of the company’s stock worth $411,000 after buying an additional 956 shares during the last quarter. Concurrent Investment Advisors LLC grew its stake in shares of Snap by 4.0% during the second quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock worth $448,000 after buying an additional 1,048 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its stake in shares of Snap by 6.7% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 19,640 shares of the company’s stock worth $333,000 after purchasing an additional 1,232 shares during the last quarter. Finally, DMC Group LLC grew its stake in shares of Snap by 10.5% in the second quarter. DMC Group LLC now owns 15,583 shares of the company’s stock worth $259,000 after purchasing an additional 1,477 shares during the last quarter. Institutional investors and hedge funds 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.