Snap (NYSE:SNAP) Shares Up 3.6% - Here's What Happened

Shares of Snap Inc. (NYSE:SNAP - Get Free Report) shot up 3.6% on Monday . The company traded as high as $8.94 and last traded at $8.85. 13,952,229 shares changed hands during trading, a decline of 55% from the average session volume of 30,679,498 shares. The stock had previously closed at $8.54.

Analysts Set New Price Targets

Several research firms have commented on SNAP. JPMorgan Chase & Co. dropped their target price on Snap from $10.00 to $8.00 and set an "underweight" rating for the company in a research report on Tuesday, April 8th. Barclays reissued an "overweight" rating on shares of Snap in a report on Wednesday, February 5th. BMO Capital Markets reiterated an "outperform" rating and set a $16.00 price target (down previously from $18.00) on shares of Snap in a report on Wednesday, January 15th. Piper Sandler reduced their price objective on shares of Snap from $13.00 to $10.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Finally, Guggenheim reaffirmed a "neutral" rating on shares of Snap in a research report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Snap has an average rating of "Hold" and a consensus price target of $38.09.

Snap Stock Performance

The business's 50-day moving average is $8.90 and its 200-day moving average is $10.48. The company has a market capitalization of $15.12 billion, a PE ratio of -21.23 and a beta of 0.92. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95.

Snap (NYSE:SNAP - Get Free Report) last released its earnings results on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. On average, research analysts anticipate that Snap Inc. will post -0.3 earnings per share for the current year.

Insider Activity at Snap

In other news, General Counsel Michael J. O'sullivan sold 18,000 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $11.49, for a total transaction of $206,820.00. Following the transaction, the general counsel now directly owns 480,498 shares of the company's stock, valued at $5,520,922.02. This represents a 3.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Eric Young sold 102,152 shares of Snap stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total value of $1,107,327.68. Following the completion of the sale, the senior vice president now directly owns 3,443,419 shares of the company's stock, valued at $37,326,661.96. The trade was a 2.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,356,523 shares of company stock valued at $12,710,077. 22.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Snap

A number of large investors have recently made changes to their positions in SNAP. Capital World Investors boosted its holdings in shares of Snap by 38.9% in the fourth quarter. Capital World Investors now owns 84,137,317 shares of the company's stock worth $906,161,000 after buying an additional 23,569,522 shares during the last quarter. SRS Investment Management LLC increased its stake in shares of Snap by 1.4% in the 4th quarter. SRS Investment Management LLC now owns 73,723,115 shares of the company's stock worth $793,998,000 after purchasing an additional 1,001,632 shares in the last quarter. Capital International Investors bought a new position in Snap in the 4th quarter worth $422,049,000. Geode Capital Management LLC increased its holdings in Snap by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company's stock worth $127,078,000 after acquiring an additional 134,017 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Snap by 13.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,075,318 shares of the company's stock valued at $76,201,000 after purchasing an additional 828,285 shares during the period. 47.52% of the stock is currently owned by 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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