Snap (NYSE:SNAP) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Snap (NYSE:SNAP) from a strong sell rating to a hold rating in a report published on Tuesday morning,Zacks reports.

A number of other analysts also recently commented on SNAP. JPMorgan Chase & Co. cut their price objective on shares of Snap from $7.00 to $6.00 and set an “underweight” rating for the company in a report on Thursday, May 7th. Rosenblatt Securities lowered their target price on Snap from $6.40 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. Citizens Jmp restated a “market perform” rating on shares of Snap in a research report on Tuesday, August 4th. Susquehanna reaffirmed a “neutral” rating on shares of Snap in a report on Tuesday, August 4th. Finally, Mizuho lifted their price objective on Snap from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $7.65.

Snap Stock Up 4.5%

NYSE SNAP opened at $5.59 on Tuesday. The business has a fifty day moving average price of $4.96 and a 200 day moving average price of $5.14. Snap has a one year low of $3.81 and a one year high of $9.28. The company has a debt-to-equity ratio of 1.75, a quick ratio of 2.94 and a current ratio of 2.94. The company has a market cap of $9.45 billion, a P/E ratio of -31.05 and a beta of 1.05.

Snap (NYSE:SNAP) last announced its earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.02. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.16) EPS. Research analysts anticipate that Snap will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Zachary M. Briers sold 136,504 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $5.20, for a total value of $709,820.80. Following the completion of the sale, the general counsel owned 2,424,331 shares of the company’s stock, valued at $12,606,521.20. This represents a 5.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Rebecca Morrow sold 17,336 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $5.20, for a total transaction of $90,147.20. Following the sale, the chief accounting officer owned 598,105 shares of the company’s stock, valued at $3,110,146. This represents a 2.82% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 2,414,795 shares of company stock worth $13,251,460 over the last ninety days. 22.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snap

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP grew its holdings in shares of Snap by 92.3% during the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after purchasing an additional 1,581 shares during the period. Arax Advisory Partners raised its holdings in Snap by 220.0% in the 4th quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after buying an additional 2,275 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Snap by 561.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock valued at $29,000 after buying an additional 3,071 shares during the period. Fifth Third Bancorp lifted its position in Snap by 6,678.0% in the first quarter. Fifth Third Bancorp now owns 6,778 shares of the company’s stock valued at $31,000 after buying an additional 6,678 shares during the last quarter. Finally, NFSG Corp lifted its position in Snap by 52.7% in the first quarter. NFSG Corp now owns 8,400 shares of the company’s stock valued at $39,000 after buying an additional 2,900 shares during the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

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.