Snap’s (SNAP) Outperform Rating Reaffirmed at Raymond James

Raymond James reissued their outperform rating on shares of Snap (NYSE:SNAP) in a report published on Friday, Benzinga reports. The firm currently has a $16.00 price target on the stock, up from their previous price target of $15.00.

A number of other equities analysts have also weighed in on SNAP. Canaccord Genuity Group increased their target price on shares of Snap from $14.00 to $15.00 and gave the stock a hold rating in a research report on Friday. Morgan Stanley increased their target price on shares of Snap from $11.00 to $12.00 and gave the stock an underweight rating in a research report on Friday. UBS Group cut their target price on shares of Snap from $14.00 to $13.00 and set a neutral rating for the company in a research report on Tuesday, April 16th. TD Cowen increased their target price on shares of Snap from $11.00 to $14.00 and gave the stock a hold rating in a research report on Friday. Finally, Barclays increased their target price on shares of Snap from $15.00 to $17.00 and gave the stock an overweight rating in a research report on Friday. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Snap currently has an average rating of Hold and a consensus target price of $14.67.

Snap Price Performance

SNAP opened at $14.53 on Friday. The firm has a market cap of $23.98 billion, a P/E ratio of -17.94 and a beta of 1.13. The firm has a 50-day moving average of $11.26 and a 200 day moving average of $12.84. The company has a debt-to-equity ratio of 1.55, a quick ratio of 4.39 and a current ratio of 4.39. Snap has a fifty-two week low of $7.86 and a fifty-two week high of $17.90.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, April 25th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.10. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.12 billion. Snap had a negative net margin of 26.99% and a negative return on equity of 45.02%. On average, research analysts expect that Snap 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 firm’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total value of $210,080.00. Following the sale, the general counsel now directly owns 461,005 shares of the company’s stock, valued at $7,449,840.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Snap news, General Counsel Michael J. O’sullivan sold 13,000 shares of Snap stock in a transaction that occurred 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 directly owns 461,005 shares of the company’s stock, valued at $7,449,840.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Eric Young sold 120,472 shares of Snap stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $11.13, for a total transaction of $1,340,853.36. Following the transaction, the senior vice president now directly owns 3,540,852 shares in the company, valued at $39,409,682.76. The disclosure for this sale can be found here. Insiders have sold 470,482 shares of company stock valued at $5,284,091 over the last three months. 22.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Snap by 1.5% in the third quarter. Vanguard Group Inc. now owns 91,814,471 shares of the company’s stock worth $818,067,000 after purchasing an additional 1,352,655 shares during the last quarter. Jump Financial LLC grew its holdings in shares of Snap by 565.4% in the third quarter. Jump Financial LLC now owns 262,952 shares of the company’s stock worth $2,343,000 after purchasing an additional 223,432 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Snap by 161.6% in the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after purchasing an additional 1,708 shares during the last quarter. Illinois Municipal Retirement Fund bought a new position in shares of Snap in the third quarter worth approximately $423,000. Finally, Korea Investment CORP grew its holdings in shares of Snap by 191.7% in the third quarter. Korea Investment CORP now owns 415,635 shares of the company’s stock worth $3,703,000 after purchasing an additional 273,156 shares during the last quarter. 47.52% of the stock is 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.