Cantor Fitzgerald Reaffirms “Neutral” Rating for Snap (NYSE:SNAP)

Cantor Fitzgerald restated their neutral rating on shares of Snap (NYSE:SNAP) in a report published on Monday morning, Benzinga reports. Cantor Fitzgerald currently has a $8.00 target price on the stock.

A number of other research analysts have also recently issued reports on the company. JMP Securities reissued a market perform rating on shares of Snap in a research note on Wednesday, September 18th. Deutsche Bank Aktiengesellschaft reissued a buy rating and set a $14.00 target price on shares of Snap in a research note on Wednesday, September 18th. Citigroup cut their price target on shares of Snap from $16.00 to $11.00 and set a neutral rating on the stock in a research note on Monday, August 12th. The Goldman Sachs Group reduced their price target on shares of Snap from $16.00 to $12.00 and set a neutral rating for the company in a report on Friday, August 2nd. Finally, Hsbc Global Res lowered shares of Snap from a strong-buy rating to a hold rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $13.76.

Snap Stock Performance

Snap stock opened at $10.59 on Monday. Snap has a 52-week low of $8.28 and a 52-week high of $17.90. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. The stock has a fifty day moving average price of $10.26 and a two-hundred day moving average price of $12.79. The firm has a market capitalization of $17.57 billion, a P/E ratio of -13.07 and a beta of 1.00.

Snap (NYSE:SNAP) last announced its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.25 billion. As a group, analysts anticipate that Snap will post -0.48 EPS for the current fiscal year.

Insider Buying and Selling at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $16.56, for a total value of $298,080.00. Following the transaction, the general counsel now directly owns 481,908 shares in the company, valued at $7,980,396.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Snap news, SVP Eric Young sold 114,097 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.11, for a total transaction of $1,039,423.67. Following the sale, the senior vice president now directly owns 3,041,723 shares of the company’s stock, valued at $27,710,096.53. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $16.56, for a total value of $298,080.00. Following the completion of the transaction, the general counsel now directly owns 481,908 shares in the company, valued at $7,980,396.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,511,540 shares of company stock worth $13,569,906. Insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new position in shares of Snap during the 2nd quarter worth about $158,000. Sanctuary Advisors LLC bought a new position in shares of Snap during the second quarter valued at approximately $994,000. Brown Financial Advisors bought a new position in shares of Snap during the second quarter valued at approximately $370,000. Cetera Investment Advisers raised its holdings in shares of Snap by 23.7% in the second quarter. Cetera Investment Advisers now owns 104,470 shares of the company’s stock worth $1,735,000 after buying an additional 20,038 shares during the period. Finally, EP Wealth Advisors LLC lifted its stake in shares of Snap by 8.5% during the 2nd quarter. EP Wealth Advisors LLC now owns 42,300 shares of the company’s stock worth $703,000 after acquiring an additional 3,327 shares during the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

About Snap

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.