Snap (NYSE:SNAP) Given “Buy” Rating at Guggenheim

Snap (NYSE:SNAP)‘s stock had its “buy” rating reaffirmed by research analysts at Guggenheim in a note issued to investors on Tuesday,Benzinga reports. They presently have a $12.11 price objective on the stock. Guggenheim’s target price would suggest a potential downside of 6.49% from the company’s current price.

SNAP has been the subject of several other research reports. Truist Financial upped their price target on shares of Snap from $13.00 to $14.00 and gave the company a “hold” rating in a research report on Wednesday, October 30th. Argus upgraded Snap to a “hold” rating in a report on Thursday, August 8th. Roth Mkm reissued a “neutral” rating and issued a $14.00 price objective on shares of Snap in a research note on Wednesday, September 18th. B. Riley raised their price target on Snap from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Benchmark reaffirmed a “hold” rating on shares of Snap in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $13.91.

Snap Trading Up 6.9 %

NYSE:SNAP traded up $0.84 on Tuesday, reaching $12.95. 15,576,428 shares of the stock traded hands, compared to its average volume of 27,583,164. Snap has a 1-year low of $8.29 and a 1-year high of $17.90. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 1.63. The company’s 50 day moving average is $11.08 and its 200-day moving average is $12.26. The firm has a market capitalization of $21.72 billion, a price-to-earnings ratio of -22.33 and a beta of 0.97.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The business had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the prior year, the firm posted ($0.21) EPS. The firm’s quarterly revenue was up 15.4% on a year-over-year basis. Equities research analysts anticipate that Snap will post -0.4 EPS for the current fiscal year.

Insider Transactions at Snap

In related news, General Counsel Michael J. O’sullivan sold 59,053 shares of Snap stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction of $548,602.37. Following the completion of the transaction, the general counsel now directly owns 1,258,278 shares in the company, valued at $11,689,402.62. The trade was a 4.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joanna Coles sold 6,434 shares of the business’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total value of $77,208.00. Following the completion of the transaction, the director now owns 54,761 shares in the company, valued at approximately $657,132. This trade represents a 10.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,388,709 shares of company stock worth $16,448,087 in the last ninety days.

Institutional Trading of Snap

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Marshall Wace LLP increased its position in shares of Snap by 587.3% in the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after buying an additional 12,533,653 shares in the last quarter. TB Alternative Assets Ltd. raised its stake in Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after buying an additional 4,098,847 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Snap by 62.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after purchasing an additional 2,386,519 shares during the last quarter. Discovery Capital Management LLC CT acquired a new stake in Snap in the 2nd quarter worth about $22,591,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Snap by 49.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,910,459 shares of the company’s stock worth $41,842,000 after purchasing an additional 1,297,348 shares during the period. Institutional investors own 47.52% of the company’s stock.

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.