Snap (NYSE:SNAP – Get Free Report)‘s stock had its “market outperform” rating restated by investment analysts at JMP Securities in a report released on Monday,Benzinga reports. They presently have a $16.00 target price on the stock. JMP Securities’ price target indicates a potential upside of 43.07% from the stock’s previous close.
SNAP has been the topic of a number of other reports. The Goldman Sachs Group raised their price objective on shares of Snap from $12.00 to $13.50 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Bank of America increased their price objective on Snap from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Loop Capital upped their target price on Snap from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Royal Bank of Canada reissued a “sector perform” rating and set a $16.00 price objective on shares of Snap in a report on Wednesday, October 30th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $13.00 target price (up from $12.00) on shares of Snap in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $36.99.
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Snap Stock Performance
Snap (NYSE:SNAP – Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.03. The company had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The firm’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.21) earnings per share. Sell-side analysts predict that Snap will post -0.39 earnings per share for the current year.
Insider Activity
In other news, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $12.50, for a total transaction of $12,500,000.00. Following the sale, the chief technology officer now owns 57,210,989 shares in the company, valued at approximately $715,137,362.50. The trade was a 1.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Eric Young sold 112,020 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.55, for a total transaction of $1,181,811.00. Following the completion of the sale, the senior vice president now directly owns 2,791,048 shares in the company, valued at $29,445,556.40. This represents a 3.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,445,184 shares of company stock valued at $17,482,949. Corporate insiders own 22.68% of the company’s stock.
Hedge Funds Weigh In On Snap
Several large investors have recently made changes to their positions in the business. V Square Quantitative Management LLC bought a new position in Snap in the 3rd quarter worth about $29,000. Paladin Wealth LLC bought a new position in shares of Snap in the third quarter worth approximately $30,000. Advisors Asset Management Inc. grew its holdings in shares of Snap by 141.9% during 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 during the last quarter. Brooklyn Investment Group bought a new stake in shares of Snap during the third quarter valued at approximately $41,000. Finally, Blue Trust Inc. raised its holdings in Snap by 136.3% in the 4th quarter. Blue Trust Inc. now owns 4,529 shares of the company’s stock worth $48,000 after acquiring an additional 2,612 shares during the last quarter. 47.52% of the stock is currently 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.
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