Snap (NYSE:SNAP) Shares Gap Down to $42.73

Snap Inc. (NYSE:SNAP)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $42.73, but opened at $41.17. Snap shares last traded at $41.12, with a volume of 194,288 shares changing hands.

SNAP has been the subject of a number of research reports. KeyCorp dropped their target price on Snap from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Friday, October 22nd. Oppenheimer dropped their price target on Snap from $88.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, October 22nd. Wells Fargo & Company lowered their target price on Snap from $95.00 to $75.00 and set an “overweight” rating for the company in a research note on Friday, October 22nd. Piper Sandler lowered their target price on Snap from $75.00 to $72.00 and set an “overweight” rating for the company in a research note on Friday, December 10th. They noted that the move was a valuation call. Finally, JMP Securities lowered their target price on Snap from $94.00 to $82.00 and set an “outperform” rating for the company in a research note on Friday, October 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $72.55.

The company has a fifty day moving average of $48.11 and a 200 day moving average of $62.66. The firm has a market capitalization of $61.24 billion, a P/E ratio of -90.57 and a beta of 1.07. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.53 and a quick ratio of 5.53.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, October 21st. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.06. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Snap had a negative return on equity of 23.65% and a negative net margin of 16.72%. During the same period in the prior year, the business earned ($0.14) EPS. On average, sell-side analysts forecast that Snap Inc. will post -0.42 EPS for the current year.

In other Snap news, General Counsel Michael J. O’sullivan sold 6,000 shares of the stock in a transaction that occurred on Wednesday, January 5th. The stock was sold at an average price of $42.80, for a total transaction of $256,800.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Robert C. Murphy sold 950,000 shares of the company’s stock in a transaction that occurred on Monday, October 25th. The stock was sold at an average price of $54.73, for a total value of $51,993,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,459,277 shares of company stock worth $80,718,365 over the last 90 days.

Several large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in shares of Snap by 9.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 141,249,369 shares of the company’s stock worth $9,624,732,000 after purchasing an additional 12,004,573 shares during the period. Vanguard Group Inc. raised its position in Snap by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 60,392,107 shares of the company’s stock valued at $4,115,117,000 after buying an additional 454,511 shares during the last quarter. Edgewood Management LLC grew its stake in Snap by 9.5% in the 2nd quarter. Edgewood Management LLC now owns 55,234,421 shares of the company’s stock valued at $3,763,673,000 after purchasing an additional 4,784,751 shares during the period. Jennison Associates LLC grew its stake in Snap by 9.3% in the 3rd quarter. Jennison Associates LLC now owns 45,038,008 shares of the company’s stock valued at $3,326,958,000 after purchasing an additional 3,833,307 shares during the period. Finally, Wellington Management Group LLP grew its stake in Snap by 3.9% in the 3rd quarter. Wellington Management Group LLP now owns 15,070,978 shares of the company’s stock valued at $1,113,293,000 after purchasing an additional 563,111 shares during the period. 54.65% of the stock is currently owned by institutional investors.

Snap Company Profile (NYSE:SNAP)

Snap, Inc engages in the operation of its camera platform. Its products include Snapchat, using the camera and editing tools to take and share Snaps, Friends Page, which lets users create and use Stories, Groups, Video and Chat, Discover for searching and surfacing relevant Stories, Snap Map, which shows friends, Stories and Snaps near the user, Memories, for saving personal collections, and Spectacles, wearable sunglasses capable of taking Snaps and interacting directly with the Snapchat application.

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