Snap Inc. (NYSE:SNAP – Get Rating)’s stock price shot up 3.8% during trading on Thursday after Barclays raised their price target on the stock from $15.00 to $21.00. Barclays currently has an overweight rating on the stock. Snap traded as high as $11.85 and last traded at $11.63. 328,892 shares were traded during trading, a decline of 99% from the average session volume of 35,334,188 shares. The stock had previously closed at $11.20.
SNAP has been the topic of several other reports. JMP Securities cut their target price on shares of Snap from $42.00 to $24.00 and set a “market outperform” rating on the stock in a research note on Friday, July 22nd. Piper Sandler upped their price target on shares of Snap from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Tuesday, September 27th. Rosenblatt Securities increased their target price on shares of Snap from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, September 9th. Benchmark dropped their price target on shares of Snap from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Wednesday, August 31st. Finally, Stifel Nicolaus lowered shares of Snap from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $20.00 to $14.00 in a report on Friday, July 22nd. Three investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $21.14.
Insider Transactions at Snap
In other Snap news, insider Jeremi Gorman sold 36,816 shares of the company’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $11.34, for a total transaction of $417,493.44. Following the completion of the sale, the insider now directly owns 1,343,344 shares in the company, valued at $15,233,520.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CTO Robert C. Murphy sold 900,000 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $9.80, for a total value of $8,820,000.00. Following the completion of the sale, the chief technology officer now owns 73,869,215 shares of the company’s stock, valued at $723,918,307. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jeremi Gorman sold 36,816 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $11.34, for a total transaction of $417,493.44. Following the completion of the sale, the insider now directly owns 1,343,344 shares of the company’s stock, valued at approximately $15,233,520.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,197,414 shares of company stock valued at $12,434,463.
Institutional Investors Weigh In On Snap
Institutional investors have recently added to or reduced their stakes in the stock. Blue Zone Wealth Advisors LLC lifted its holdings in shares of Snap by 0.4% during the 1st quarter. Blue Zone Wealth Advisors LLC now owns 100,380 shares of the company’s stock worth $3,613,000 after acquiring an additional 363 shares during the period. Joel Isaacson & Co. LLC grew its stake in shares of Snap by 3.7% in the 1st quarter. Joel Isaacson & Co. LLC now owns 10,976 shares of the company’s stock valued at $358,000 after buying an additional 387 shares during the period. UMB Bank N A MO boosted its stake in Snap by 54.1% during the 1st quarter. UMB Bank N A MO now owns 1,156 shares of the company’s stock valued at $41,000 after purchasing an additional 406 shares during the last quarter. Altfest L J & Co. Inc. boosted its stake in shares of Snap by 5.3% in the 1st quarter. Altfest L J & Co. Inc. now owns 8,093 shares of the company’s stock worth $291,000 after buying an additional 407 shares during the last quarter. Finally, AdvisorNet Financial Inc raised its holdings in shares of Snap by 198.7% in the 1st quarter. AdvisorNet Financial Inc now owns 708 shares of the company’s stock worth $25,000 after purchasing an additional 471 shares during the period. 51.41% of the stock is owned by institutional investors.
Snap Price Performance
The firm has a market cap of $18.96 billion, a P/E ratio of -22.37 and a beta of 0.98. The business’s fifty day simple moving average is $10.97 and its 200-day simple moving average is $18.20. The company has a current ratio of 5.65, a quick ratio of 5.65 and a debt-to-equity ratio of 1.09.
Snap (NYSE:SNAP – Get Rating) last issued its quarterly earnings data on Thursday, July 21st. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.04). Snap had a negative net margin of 18.31% and a negative return on equity of 21.55%. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.14 billion. As a group, analysts forecast that Snap Inc. will post -0.71 EPS for the current fiscal year.
About Snap
Snap Inc operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images.