Snap (NYSE:SNAP) Receives “Market Perform” Rating from JMP Securities

Snap (NYSE:SNAP)‘s stock had its “market perform” rating restated by equities researchers at JMP Securities in a research note issued on Wednesday, Benzinga reports.

Several other analysts have also recently weighed in on the stock. Argus upgraded shares of Snap to a “hold” rating in a research report on Thursday, August 8th. Truist Financial dropped their target price on Snap from $16.00 to $13.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Morgan Stanley upgraded shares of Snap from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $12.00 to $16.00 in a research report on Tuesday, July 23rd. Piper Sandler reaffirmed a “neutral” rating and issued a $12.00 price objective (down previously from $15.00) on shares of Snap in a research note on Friday, August 2nd. Finally, Wolfe Research initiated coverage on shares of Snap in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, twenty-three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Snap currently has an average rating of “Hold” and a consensus price target of $13.87.

Snap Price Performance

Snap stock traded up $0.14 during midday trading on Wednesday, reaching $9.56. 2,894,513 shares of the stock were exchanged, compared to its average volume of 27,280,893. 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 quick ratio of 3.98 and a current ratio of 3.98. The firm has a market cap of $15.69 billion, a PE ratio of -11.80 and a beta of 1.01. The company’s fifty day moving average is $10.97 and its 200-day moving average is $12.85.

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

Insider Buying and Selling at Snap

In other news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the completion of the transaction, the chief technology officer now owns 58,553,813 shares in the company, valued at approximately $508,832,634.97. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total value of $8,690,000.00. Following the sale, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at approximately $508,832,634.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Rebecca Morrow sold 8,923 shares of Snap stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.10, for a total transaction of $81,199.30. Following the transaction, the chief accounting officer now directly owns 472,405 shares of the company’s stock, valued at $4,298,885.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,352,420 shares of company stock valued at $12,091,682. 22.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Gryphon Financial Partners LLC bought a new position in Snap in the 4th quarter worth about $204,000. Dimensional Fund Advisors LP increased its position in shares of Snap by 19.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,184,684 shares of the company’s stock valued at $36,992,000 after acquiring an additional 351,837 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in Snap by 12.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 40,341 shares of the company’s stock worth $683,000 after acquiring an additional 4,307 shares during the last quarter. Aigen Investment Management LP bought a new position in Snap in the 4th quarter valued at approximately $396,000. Finally, TCW Group Inc. purchased a new stake in Snap during the 4th quarter valued at $275,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

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.