Snap (NYSE:SNAP) Shares Up 7.1% - Still a Buy?

Snap Inc. (NYSE:SNAP - Get Free Report)'s share price traded up 7.1% on Friday . The stock traded as high as $8.94 and last traded at $8.72. 21,110,057 shares traded hands during trading, a decline of 30% from the average session volume of 29,960,154 shares. The stock had previously closed at $8.14.

Analyst Upgrades and Downgrades

Several brokerages have commented on SNAP. Bank of America decreased their price objective on shares of Snap from $14.50 to $10.50 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Truist Financial dropped their price target on shares of Snap from $14.00 to $11.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Piper Sandler reduced their price target on Snap from $13.00 to $10.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Canaccord Genuity Group dropped their price objective on Snap from $10.00 to $9.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Finally, Rosenblatt Securities reduced their target price on Snap from $12.00 to $9.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $35.62.

Snap Price Performance

The firm has a market cap of $14.43 billion, a price-to-earnings ratio of -27.89 and a beta of 0.59. The stock's fifty day moving average price is $8.34 and its 200-day moving average price is $9.58. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.55.

Snap (NYSE:SNAP - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.12). The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Snap had a negative net margin of 9.63% and a negative return on equity of 21.53%. Snap's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.03 EPS. As a group, equities research analysts forecast that Snap Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Activity at Snap

In other news, CAO Rebecca Morrow sold 9,202 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $8.59, for a total transaction of $79,045.18. Following the sale, the chief accounting officer now owns 448,881 shares of the company's stock, valued at approximately $3,855,887.79. This represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Michael J. O'sullivan sold 14,297 shares of Snap stock in a transaction on Monday, June 16th. The shares were sold at an average price of $8.04, for a total value of $114,947.88. Following the completion of the transaction, the general counsel now owns 2,097,523 shares of the company's stock, valued at approximately $16,864,084.92. This trade represents a 0.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,639,601 shares of company stock worth $13,532,151. Insiders own 22.68% of the company's stock.

Institutional Investors Weigh In On Snap

A number of hedge funds have recently bought and sold shares of the stock. Checchi Capital Advisers LLC increased its stake in shares of Snap by 3.0% during the fourth quarter. Checchi Capital Advisers LLC now owns 31,126 shares of the company's stock worth $335,000 after buying an additional 901 shares during the period. Captrust Financial Advisors raised its holdings in shares of Snap by 8.0% in the 4th quarter. Captrust Financial Advisors now owns 13,918 shares of the company's stock valued at $150,000 after purchasing an additional 1,030 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Snap by 1.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 61,365 shares of the company's stock worth $661,000 after purchasing an additional 1,033 shares during the last quarter. Trajan Wealth LLC grew its stake in shares of Snap by 5.9% during the fourth quarter. Trajan Wealth LLC now owns 20,191 shares of the company's stock worth $217,000 after purchasing an additional 1,132 shares in the last quarter. Finally, AssuredPartners Investment Advisors LLC increased its holdings in Snap by 6.3% in the first quarter. AssuredPartners Investment Advisors LLC now owns 22,128 shares of the company's stock valued at $193,000 after buying an additional 1,306 shares during the last quarter. Institutional investors and hedge funds 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.

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