Snap (NYSE:SNAP) Lowered to Hold Rating by Wall Street Zen

by · The Markets Daily

Wall Street Zen cut shares of Snap (NYSE:SNAP – Free Report) from a buy rating to a hold rating in a report published on Saturday morning,Wall Street Zen reports.

Other analysts have also issued reports about the company. UBS Group set a $6.00 price target on Snap in a report on Tuesday, August 4th. Citigroup lifted their target price on Snap from $6.50 to $6.75 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $6.50 price target on shares of Snap in a research report on Tuesday, August 4th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Snap in a research note on Friday, July 17th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Snap in a report on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $7.65.

Check Out Our Latest Stock Analysis on SNAP

Snap Trading Up 2.6%

Shares of NYSE:SNAP opened at $5.67 on Friday. Snap has a 12 month low of $3.81 and a 12 month high of $9.28. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 1.75. The company’s fifty day simple moving average is $5.10 and its 200 day simple moving average is $5.17. The firm has a market cap of $9.58 billion, a price-to-earnings ratio of -31.47 and a beta of 1.05.

Snap (NYSE:SNAP – Get Free Report) last announced its earnings results on Monday, August 3rd. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.54 billion. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The company’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.16) EPS. As a group, research analysts forecast that Snap will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling at Snap

In related news, CAO Rebecca Morrow sold 20,000 shares of the company’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $5.35, for a total transaction of $107,000.00. Following the sale, the chief accounting officer owned 578,105 shares in the company, valued at approximately $3,092,861.75. This represents a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Douglas Hott sold 131,884 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 $685,796.80. Following the transaction, the chief financial officer directly owned 2,324,563 shares of the company’s stock, valued at $12,087,727.60. This trade represents a 5.37% decrease in their ownership of the stock. 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 have sold a total of 2,446,052 shares of company stock valued at $13,426,002 in the last ninety days. Insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Several large investors have recently made changes to their positions in the stock. Allworth Financial LP raised its position in Snap by 92.3% during the third quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after acquiring an additional 1,581 shares in the last quarter. Arax Advisory Partners lifted its stake in Snap by 220.0% in the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after acquiring an additional 2,275 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of 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 acquiring an additional 3,071 shares during the period. Banque Cantonale Vaudoise bought a new position in shares of Snap in the 3rd quarter valued at about $39,000. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Snap during the 4th quarter worth about $41,000. Institutional investors and hedge funds own 47.52% of the company’s stock.

Snap Company Profile

(Get Free Report)

Snap Inc is a technology and social media company best known for Snapchat, a visual messaging and social networking application. Snapchat enables users to communicate through photos, videos, text messages and augmented reality experiences, including Lenses and filters. The platform also offers Stories, Spotlight for short-form video, Snap Map and other tools for discovering and sharing content.

Snap generates most of its business through digital advertising, including advertising displayed across Snapchat’s content and communication features.

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