Snap's (SNAP) "Market Perform" Rating Reiterated at Citizens Jmp

Key Points

• Investment analysts at Citizens Jmp have downgraded Snap from an "outperform" rating to a "market perform" rating.
• Snap's stock has seen price target adjustments from various analysts, with Canaccord Genuity lowering their estimate from $10.00 to $9.00 and others issuing hold or neutral ratings.
• As of Wednesday, Snap's stock opened at $9.40, with a 12-month low of $7.08 and a high of $13.28.

Snap (NYSE:SNAP - Get Free Report)'s stock had its "market perform" rating restated by Citizens Jmp in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports.

Several other equities research analysts have also recently weighed in on the company. JPMorgan Chase & Co. dropped their price objective on Snap from $10.00 to $8.00 and set an "underweight" rating for the company in a report on Tuesday, April 8th. Bank of America reduced their price objective on shares of Snap from $14.50 to $10.50 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Truist Financial cut their target price on shares of Snap from $14.00 to $11.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. B. Riley decreased their price target on shares of Snap from $12.00 to $10.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. Finally, Wells Fargo & Company lifted their price objective on Snap from $8.00 to $11.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Two investment analysts have rated the stock with a sell rating, twenty-three have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $34.16.

Snap Stock Performance

NYSE SNAP traded down $0.11 on Wednesday, hitting $7.43. 49,673,172 shares of the stock traded hands, compared to its average volume of 49,837,988. The company has a debt-to-equity ratio of 1.73, a quick ratio of 4.30 and a current ratio of 3.88. The firm has a market capitalization of $12.42 billion, a price-to-earnings ratio of -23.22 and a beta of 0.62. Snap has a 12 month low of $7.08 and a 12 month high of $13.28. The business's fifty day moving average is $8.89 and its two-hundred day moving average is $9.11.

Snap (NYSE:SNAP - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.16). Snap had a negative net margin of 9.69% and a negative return on equity of 23.32%. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the prior year, the firm posted ($0.15) earnings per share. The company's revenue for the quarter was up 8.7% on a year-over-year basis. As a group, equities analysts anticipate that Snap will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling

In other Snap news, CFO Derek Andersen sold 208,525 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $9.03, for a total value of $1,882,980.75. Following the sale, the chief financial officer directly owned 3,299,372 shares in the company, valued at $29,793,329.16. This trade represents a 5.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Eric Young sold 117,592 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $8.59, for a total transaction of $1,010,115.28. Following the sale, the senior vice president directly owned 3,348,290 shares in the company, valued at approximately $28,761,811.10. The trade was a 3.39% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 667,802 shares of company stock valued at $5,813,801. Corporate insiders own 22.68% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SNAP. Capital International Investors purchased a new position in shares of Snap during the 4th quarter worth approximately $422,049,000. Capital World Investors boosted its position in shares of Snap by 38.9% during the 4th quarter. Capital World Investors now owns 84,137,317 shares of the company's stock worth $906,161,000 after purchasing an additional 23,569,522 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Snap by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 109,483,491 shares of the company's stock worth $953,601,000 after purchasing an additional 6,921,841 shares during the period. AQR Capital Management LLC increased its holdings in shares of Snap by 110.4% in the 1st quarter. AQR Capital Management LLC now owns 11,300,874 shares of the company's stock valued at $95,549,000 after purchasing an additional 5,930,766 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Snap by 121.9% in the first quarter. Assenagon Asset Management S.A. now owns 6,848,370 shares of the company's stock valued at $59,649,000 after purchasing an additional 3,761,629 shares during the period. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

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.