Snap (NYSE:SNAP) Stock Rating Reaffirmed by Cantor Fitzgerald

Snap (NYSE:SNAP)‘s stock had its “neutral” rating reiterated by stock analysts at Cantor Fitzgerald in a research note issued on Monday, Benzinga reports. They currently have a $8.00 price objective on the stock. Cantor Fitzgerald’s target price would suggest a potential downside of 20.16% from the stock’s current price.

Several other research analysts also recently issued reports on SNAP. Argus upgraded shares of Snap to a “hold” rating in a research note on Thursday, August 8th. Benchmark reiterated a “hold” rating on shares of Snap in a research note on Tuesday, August 6th. Morgan Stanley upgraded Snap from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $12.00 to $16.00 in a research note on Tuesday, July 23rd. Piper Sandler reaffirmed a “neutral” rating and set a $12.00 price target (down from $15.00) on shares of Snap in a report on Friday, August 2nd. Finally, Barclays reduced their price objective on Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, twenty-four have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.76.

Snap Stock Down 0.3 %

SNAP stock traded down $0.03 on Monday, reaching $10.02. 4,365,004 shares of the company traded hands, compared to its average volume of 27,405,445. The firm has a fifty day simple moving average of $10.58 and a 200-day simple moving average of $12.83. The company has a market cap of $16.44 billion, a P/E ratio of -12.37 and a beta of 1.00. Snap has a one year low of $8.28 and a one year 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.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.25 billion. Research analysts anticipate that Snap will post -0.48 earnings per share for the current year.

Insider Activity at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’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 approximately $7,980,396.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction 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 sale, the general counsel now directly owns 481,908 shares in the company, valued at approximately $7,980,396.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Evan Spiegel sold 150,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $8.85, for a total transaction of $1,327,500.00. Following the transaction, the chief executive officer now directly owns 3,327,844 shares of the company’s stock, valued at approximately $29,451,419.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,511,540 shares of company stock valued at $13,569,906. 22.68% of the stock is owned by company insiders.

Institutional Trading of Snap

Large investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management bought a new position in shares of Snap during the 2nd quarter valued at approximately $33,000. Blue Trust Inc. raised its stake in Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after purchasing an additional 1,682 shares in the last quarter. Rothschild Investment LLC bought a new position in Snap during the second quarter valued at $40,000. J.Safra Asset Management Corp grew its stake in shares of Snap by 534.4% in the 2nd quarter. J.Safra Asset Management Corp now owns 2,766 shares of the company’s stock worth $46,000 after buying an additional 2,330 shares in the last quarter. Finally, JTC Employer Solutions Trustee Ltd bought a new stake in shares of Snap in the 1st quarter worth about $100,000. 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.