Snap (NYSE:SNAP) Shares Gap Up to $11.16

Shares of Snap Inc. (NYSE:SNAP - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $11.16, but opened at $11.53. Snap shares last traded at $11.05, with a volume of 9,458,310 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SNAP shares. The Goldman Sachs Group dropped their price target on shares of Snap from $15.00 to $13.50 and set a "neutral" rating on the stock in a research note on Thursday, February 8th. Piper Sandler upped their price target on shares of Snap from $12.00 to $17.00 and gave the company a "neutral" rating in a research note on Wednesday, January 17th. Truist Financial increased their target price on shares of Snap from $11.00 to $12.00 and gave the stock a "hold" rating in a research note on Wednesday, February 7th. UBS Group lowered their target price on shares of Snap from $14.00 to $13.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 16th. Finally, Roth Mkm increased their target price on shares of Snap from $10.00 to $14.00 and gave the stock a "neutral" rating in a research note on Friday, January 26th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given 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 $13.86.

Snap Stock Performance

The company's 50-day moving average price is $11.21 and its two-hundred day moving average price is $12.78. The company has a debt-to-equity ratio of 1.55, a quick ratio of 4.39 and a current ratio of 4.39. The stock has a market cap of $18.38 billion, a PE ratio of -13.42 and a beta of 1.13.

Snap (NYSE:SNAP - Get Free Report) last released its earnings results on Tuesday, February 6th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.04. Snap had a negative net margin of 28.71% and a negative return on equity of 47.47%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.39 billion. On average, equities research analysts forecast that Snap Inc. will post -0.58 EPS for the current year.

Insider Activity at Snap

In related news, General Counsel Michael J. O'sullivan sold 13,000 shares of the stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total transaction of $210,080.00. Following the transaction, the general counsel now owns 461,005 shares of the company's stock, valued at approximately $7,449,840.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Snap news, CEO Evan Spiegel sold 150,000 shares of the firm's stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $11.11, for a total value of $1,666,500.00. Following the sale, the chief executive officer now owns 3,627,844 shares of the company's stock, valued at approximately $40,305,346.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Michael J. O'sullivan sold 13,000 shares of the firm's stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total transaction of $210,080.00. Following the completion of the sale, the general counsel now directly owns 461,005 shares in the company, valued at approximately $7,449,840.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 470,482 shares of company stock valued at $5,284,091.

Institutional Investors Weigh In On Snap

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Snap by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company's stock valued at $1,613,729,000 after acquiring an additional 3,503,230 shares during the period. SRS Investment Management LLC raised its holdings in Snap by 23.6% in the fourth quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company's stock worth $1,102,392,000 after buying an additional 12,452,415 shares during the last quarter. Capital World Investors grew its stake in shares of Snap by 0.6% in the fourth quarter. Capital World Investors now owns 45,887,082 shares of the company's stock worth $776,868,000 after acquiring an additional 274,176 shares during the period. Artisan Partners Limited Partnership grew its stake in shares of Snap by 4.1% in the third quarter. Artisan Partners Limited Partnership now owns 8,267,765 shares of the company's stock worth $73,666,000 after acquiring an additional 327,038 shares during the period. Finally, Carmignac Gestion bought a new stake in shares of Snap in the fourth quarter worth approximately $110,103,000. Institutional investors own 47.52% of the company's stock.

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.