Snap (NYSE:SNAP) Given Outperform Rating at Raymond James

Snap (NYSE:SNAP)‘s stock had its “outperform” rating reissued by analysts at Raymond James in a research note issued on Friday, Benzinga reports. They presently have a $16.00 price objective on the stock, up from their previous price objective of $15.00. Raymond James’ price objective points to a potential upside of 9.59% from the stock’s previous close.

Several other research firms also recently commented on SNAP. Barclays upped their price target on shares of Snap from $15.00 to $17.00 and gave the company an “overweight” rating in a research report on Friday. Roth Mkm reiterated a “neutral” rating and issued a $14.00 price target on shares of Snap in a research report on Tuesday. Stifel Nicolaus boosted their price objective on shares of Snap from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Friday. Susquehanna boosted their price objective on shares of Snap from $9.50 to $12.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. Finally, Piper Sandler boosted their price objective on shares of Snap from $12.00 to $17.00 and gave the company a “neutral” rating in a research note on Wednesday, January 17th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $14.67.

Snap Stock Up 28.1 %

Shares of NYSE:SNAP traded up $3.20 during trading on Friday, hitting $14.60. 109,326,296 shares of the company were exchanged, compared to its average volume of 31,199,594. The stock has a market capitalization of $24.10 billion, a P/E ratio of -17.55 and a beta of 1.13. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.39 and a quick ratio of 4.39. Snap has a 12-month low of $7.86 and a 12-month high of $17.90. The firm’s 50 day moving average price is $11.19 and its 200-day moving average price is $12.79.

Snap (NYSE:SNAP) last released its quarterly earnings results on Thursday, April 25th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.10. Snap had a negative net margin of 28.71% and a negative return on equity of 47.47%. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.12 billion. On average, research analysts predict that Snap will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Evan Spiegel sold 150,000 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $11.11, for a total value of $1,666,500.00. Following the sale, the chief executive officer now directly owns 3,627,844 shares in the company, valued at approximately $40,305,346.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Snap news, General Counsel Michael J. O’sullivan sold 13,000 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total value of $210,080.00. Following the transaction, the general counsel now directly owns 461,005 shares in the company, valued at approximately $7,449,840.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Evan Spiegel sold 150,000 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $11.11, for a total transaction of $1,666,500.00. Following the completion of the transaction, the chief executive officer now owns 3,627,844 shares in the company, valued at $40,305,346.84. The disclosure for this sale can be found here. Insiders have sold 470,482 shares of company stock worth $5,284,091 in the last three months. Corporate insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Snap by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 91,814,471 shares of the company’s stock worth $818,067,000 after acquiring an additional 1,352,655 shares during the period. Jump Financial LLC lifted its holdings in shares of Snap by 565.4% during the 3rd quarter. Jump Financial LLC now owns 262,952 shares of the company’s stock worth $2,343,000 after acquiring an additional 223,432 shares during the period. Allworth Financial LP lifted its holdings in shares of Snap by 161.6% during the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after acquiring an additional 1,708 shares during the period. Illinois Municipal Retirement Fund purchased a new position in shares of Snap during the 3rd quarter worth about $423,000. Finally, Korea Investment CORP lifted its holdings in shares of Snap by 191.7% during the 3rd quarter. Korea Investment CORP now owns 415,635 shares of the company’s stock worth $3,703,000 after acquiring an additional 273,156 shares during the period. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

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.