Snap’s (SNAP) “Market Perform” Rating Reaffirmed at JMP Securities

Snap (NYSE:SNAP)‘s stock had its “market perform” rating reissued by equities researchers at JMP Securities in a research note issued on Wednesday, Benzinga reports.

Several other research firms have also issued reports on SNAP. Barclays lowered their price target on shares of Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Citigroup cut their price target on shares of Snap from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Roth Mkm reissued a “neutral” rating and issued a $14.00 price objective on shares of Snap in a research report on Wednesday. Hsbc Global Res lowered Snap from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Finally, Truist Financial lowered their target price on Snap from $16.00 to $13.00 and set a “hold” rating for the company in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $13.87.

Snap Trading Up 1.5 %

NYSE SNAP traded up $0.14 during trading hours on Wednesday, reaching $9.56. The company’s stock had a trading volume of 2,894,513 shares, compared to its average volume of 27,280,893. The firm has a fifty day simple moving average of $10.97 and a 200-day simple moving average of $12.85. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. Snap has a 52 week low of $8.28 and a 52 week high of $17.90. The stock has a market cap of $15.69 billion, a P/E ratio of -11.80 and a beta of 1.01.

Snap (NYSE:SNAP) last posted its quarterly earnings data 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 the consensus estimate of $1.25 billion. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. Equities analysts forecast that Snap will post -0.48 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction on Friday, June 28th. The stock was sold at an average price of $16.56, for a total transaction of $298,080.00. Following the sale, the general counsel now directly owns 481,908 shares in the company, valued at approximately $7,980,396.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Snap news, Director Elizabeth Jenkins sold 9,965 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.19, for a total value of $91,578.35. Following the completion of the sale, the director now directly owns 40,406 shares of the company’s stock, valued at $371,331.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the 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 transaction, the general counsel now owns 481,908 shares of the company’s stock, valued at approximately $7,980,396.48. The disclosure for this sale can be found here. Insiders sold a total of 1,352,420 shares of company stock valued at $12,091,682 over the last three months. Corporate insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNAP. Steward Partners Investment Advisory LLC increased its stake in shares of Snap by 2.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 41,245 shares of the company’s stock worth $698,000 after purchasing an additional 891 shares in the last quarter. GraniteShares Advisors LLC raised its holdings in Snap by 2.5% during the 2nd quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock valued at $634,000 after acquiring an additional 941 shares during the period. Charles Schwab Investment Advisory Inc. lifted its position 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 acquiring an additional 956 shares in the last quarter. Concurrent Investment Advisors LLC boosted its holdings in shares of Snap by 4.0% in the second quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock worth $448,000 after acquiring an additional 1,048 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its position 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 valued at $333,000 after purchasing an additional 1,232 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors.

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.