Snap Inc. (NYSE:SNAP) Receives $7.79 Average Price Target from Brokerages

Snap Inc. (NYSE:SNAP) has been given an average recommendation of “Hold” by the thirty-five analysts that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, twenty-three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $7.6093.

Several research analysts recently issued reports on the company. Tigress Financial initiated coverage on Snap in a research report on Monday, April 27th. They set a “buy” rating for the company. Sanford C. Bernstein lowered Snap from a “market perform” rating to a “market perform” rating in a research report on Monday, April 27th. Canaccord Genuity Group decreased their target price on Snap from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Tuesday, April 14th. HSBC downgraded Snap from a “hold” rating to a “hold” rating in a report on Monday, April 27th. Finally, Piper Sandler restated a “neutral” rating on shares of Snap in a report on Wednesday, June 17th.

Snap Stock Performance

Shares of Snap stock opened at $4.64 on Friday. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.67. The company has a market cap of $7.85 billion, a PE ratio of -19.35 and a beta of 1.05. The company has a 50 day moving average of $5.39 and a 200-day moving average of $5.80. Snap has a 1-year low of $3.81 and a 1-year high of $10.41.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.14). Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the company earned ($0.08) earnings per share. Snap’s quarterly revenue was up 12.2% compared to the same quarter last year. As a group, equities research analysts forecast that Snap will post -0.07 earnings per share for the current fiscal year.

Insider Activity

In other Snap news, CAO Rebecca Morrow sold 16,729 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.60, for a total transaction of $93,682.40. Following the completion of the sale, the chief accounting officer directly owned 512,811 shares of the company’s stock, valued at approximately $2,871,741.60. The trade was a 3.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Douglas Hott sold 114,702 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $5.67, for a total value of $650,360.34. Following the completion of the sale, the chief financial officer directly owned 2,456,447 shares of the company’s stock, valued at approximately $13,928,054.49. This trade represents a 4.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 2,907,554 shares of company stock valued at $16,093,619.

Institutional Trading of Snap

Hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp lifted its position in shares of Snap by 5.1% during the 3rd quarter. Mackenzie Financial Corp now owns 27,638 shares of the company’s stock valued at $213,000 after buying an additional 1,349 shares during the last quarter. WealthCollab LLC increased its stake in shares of Snap by 1.2% in the fourth quarter. WealthCollab LLC now owns 115,390 shares of the company’s stock worth $931,000 after purchasing an additional 1,369 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Snap by 0.3% in the third quarter. Alliancebernstein L.P. now owns 414,416 shares of the company’s stock valued at $3,195,000 after purchasing an additional 1,396 shares during the period. Orion Porfolio Solutions LLC raised its position in shares of Snap by 8.3% in the second quarter. Orion Porfolio Solutions LLC now owns 18,913 shares of the company’s stock valued at $164,000 after purchasing an additional 1,451 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its stake in shares of Snap by 37.5% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 5,500 shares of the company’s stock valued at $44,000 after buying an additional 1,500 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors.

About Snap

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.