Snap (NYSE:SNAP) Upgraded at Arete Research

Arete Research upgraded shares of Snap (NYSE:SNAP) from a hold rating to a buy rating in a research note published on Tuesday, MarketBeat Ratings reports. They currently have $7.30 price target on the stock.

Several other research firms have also recently commented on SNAP. B.Riley Securit raised Snap from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 5th. Guggenheim restated a “neutral” rating and set a $6.50 price target on shares of Snap in a report on Thursday, February 5th. Wells Fargo & Company lowered their price objective on shares of Snap from $10.00 to $8.00 and set an “equal weight” rating for the company in a research note on Thursday, February 5th. Citizens Jmp reiterated a “market perform” rating on shares of Snap in a research report on Thursday, February 5th. Finally, Citigroup raised their price target on shares of Snap from $8.50 to $10.00 and gave the stock a “neutral” rating in a report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-two have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.48.

Snap Trading Down 3.6%

NYSE:SNAP opened at $4.81 on Tuesday. The firm’s fifty day moving average is $7.37 and its 200-day moving average is $7.70. The company has a debt-to-equity ratio of 1.53, a quick ratio of 3.56 and a current ratio of 3.56. Snap has a 52 week low of $4.72 and a 52 week high of $11.26. The firm has a market cap of $8.27 billion, a P/E ratio of -17.81 and a beta of 0.83.

Snap (NYSE:SNAP) last released its earnings results on Wednesday, February 4th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.12). Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the previous year, the firm earned $0.01 EPS. Snap’s quarterly revenue was up 10.2% on a year-over-year basis. Equities analysts expect that Snap will post -0.3 earnings per share for the current year.

Insider Activity

In related news, CFO Derek Andersen sold 62,868 shares of the company’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $8.34, for a total value of $524,319.12. Following the sale, the chief financial officer owned 3,030,301 shares in the company, valued at $25,272,710.34. This represents a 2.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ajit Mohan sold 109,372 shares of Snap stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $8.34, for a total value of $912,162.48. Following the transaction, the insider owned 5,326,801 shares of the company’s stock, valued at $44,425,520.34. This trade represents a 2.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 2,376,929 shares of company stock valued at $13,661,349. 22.68% of the stock is currently owned by insiders.

Institutional Trading of Snap

Several institutional investors and hedge funds have recently modified their holdings of SNAP. Federation des caisses Desjardins du Quebec boosted its position in shares of Snap by 13.2% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 49,459 shares of the company’s stock valued at $399,000 after buying an additional 5,764 shares during the last quarter. Cibc World Markets Corp bought a new position in Snap during the 4th quarter valued at $302,000. State Board of Administration of Florida Retirement System lifted its stake in Snap by 5.0% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 50,617 shares of the company’s stock valued at $408,000 after acquiring an additional 2,410 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Snap by 10.0% during the 4th quarter. Renaissance Technologies LLC now owns 5,117,400 shares of the company’s stock worth $41,297,000 after acquiring an additional 467,100 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ boosted its holdings in Snap by 8.3% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 251,762 shares of the company’s stock worth $2,030,000 after acquiring an additional 19,356 shares during the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap Company Profile

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.