Snap (NYSE:SNAP) Given Neutral Rating at Cantor Fitzgerald

Cantor Fitzgerald reiterated their neutral rating on shares of Snap (NYSE:SNAP) in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a $8.00 price target on the stock.

Other analysts have also recently issued reports about the stock. Piper Sandler reaffirmed a neutral rating and issued a $12.00 price objective (down from $15.00) on shares of Snap in a report on Friday, August 2nd. Bank of America cut their price target on Snap from $16.00 to $13.00 and set a neutral rating on the stock in a research report on Friday, August 2nd. HSBC cut Snap from a buy rating to a hold rating in a report on Friday, August 2nd. Wolfe Research assumed coverage on Snap in a report on Tuesday, July 16th. They set a peer perform rating on the stock. Finally, Argus raised Snap to a hold rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, twenty-four have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Snap currently has an average rating of Hold and a consensus price target of $13.76.

Snap Price Performance

NYSE SNAP opened at $10.59 on Monday. Snap has a 12-month low of $8.28 and a 12-month high of $17.90. The firm’s fifty day simple moving average is $10.26 and its two-hundred day simple moving average is $12.79. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74. 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 released its earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. Analysts forecast that Snap will post -0.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $16.56, for a total transaction of $298,080.00. Following the transaction, the general counsel now owns 481,908 shares of the company’s stock, valued at approximately $7,980,396.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Derek Andersen sold 97,608 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction of $906,778.32. Following the completion of the sale, the chief financial officer now owns 2,287,970 shares in the company, valued at approximately $21,255,241.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction 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 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 quarter, insiders sold 1,511,540 shares of company stock worth $13,569,906. 22.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Snap

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Snap by 0.9% during the first quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company’s stock valued at $1,103,786,000 after buying an additional 830,889 shares in the last quarter. SRS Investment Management LLC lifted its position in shares of Snap by 23.6% in the 4th quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after acquiring an additional 12,452,415 shares in the last quarter. Capital World Investors boosted its stake in Snap by 0.8% in the 1st quarter. Capital World Investors now owns 46,272,273 shares of the company’s stock worth $531,206,000 after purchasing an additional 385,191 shares during the period. Marshall Wace LLP grew its position in Snap by 587.3% during the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock worth $243,629,000 after purchasing an additional 12,533,653 shares in the last quarter. Finally, Ossiam raised its stake in Snap by 7.1% during the 1st quarter. Ossiam now owns 11,334,804 shares of the company’s stock valued at $130,124,000 after purchasing an additional 751,846 shares during the period. Institutional investors and hedge funds 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.