Snap’s (SNAP) Outperform Rating Reiterated at BMO Capital Markets

BMO Capital Markets reissued their outperform rating on shares of Snap (NYSE:SNAP) in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a $16.00 target price on the stock, down from their prior target price of $18.00.

A number of other research firms have also recently commented on SNAP. Truist Financial raised their target price on Snap from $13.00 to $14.00 and gave the company a “hold” rating in a research report on Wednesday, October 30th. Roth Mkm reaffirmed a “neutral” rating and issued a $14.00 price target on shares of Snap in a research note on Wednesday, September 18th. Cantor Fitzgerald raised their price target on shares of Snap from $8.00 to $9.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $640.00 price target on shares of Snap in a research note on Thursday, December 5th. Finally, Citigroup raised their target price on shares of Snap from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Snap has an average rating of “Hold” and an average target price of $36.99.

Snap Price Performance

NYSE SNAP opened at $11.37 on Wednesday. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 4.04. The stock’s fifty day moving average price is $11.58 and its 200 day moving average price is $11.40. Snap has a 1 year low of $8.29 and a 1 year high of $17.50. The company has a market cap of $19.07 billion, a price-to-earnings ratio of -19.60 and a beta of 0.98.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the prior year, the firm earned ($0.21) EPS. The firm’s revenue was up 15.4% on a year-over-year basis. As a group, equities research analysts forecast that Snap will post -0.39 earnings per share for the current year.

Insider Activity at Snap

In related news, SVP Eric Young sold 112,020 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.55, for a total value of $1,181,811.00. Following the completion of the sale, the senior vice president now directly owns 2,791,048 shares of the company’s stock, valued at $29,445,556.40. The trade was a 3.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Derek Andersen sold 94,164 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $11.44, for a total transaction of $1,077,236.16. Following the completion of the sale, the chief financial officer now directly owns 2,193,806 shares of the company’s stock, valued at $25,097,140.64. The trade was a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,451,618 shares of company stock valued at $17,560,157 over the last ninety days.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SNAP. V Square Quantitative Management LLC purchased a new position in Snap in the third quarter valued at about $29,000. Paladin Wealth LLC purchased a new position in Snap in the third quarter valued at about $30,000. Advisors Asset Management Inc. increased its holdings in Snap by 141.9% in the third quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock valued at $30,000 after buying an additional 1,632 shares in the last quarter. Hollencrest Capital Management purchased a new position in Snap in the second quarter valued at about $33,000. Finally, Brooklyn Investment Group purchased a new position in Snap in the third quarter valued at about $41,000. 47.52% of the stock is 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.