Snap’s (SNAP) “Market Perform” Rating Reiterated at Citizens Jmp

Citizens Jmp reissued their market perform rating on shares of Snap (NYSE:SNAP) in a research note published on Tuesday,Benzinga reports.

A number of other brokerages also recently issued reports on SNAP. Mizuho lowered their price target on Snap from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 22nd. Barclays boosted their price objective on Snap from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Tuesday. Stifel Nicolaus upped their target price on Snap from $4.50 to $5.25 and gave the stock a “hold” rating in a research note on Tuesday, April 21st. Susquehanna reiterated a “neutral” rating on shares of Snap in a research report on Tuesday. Finally, JPMorgan Chase & Co. dropped their price target on shares of Snap from $7.00 to $6.00 and set an “underweight” rating on the stock in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $7.65.

Snap Trading Down 2.2%

Shares of Snap stock opened at $5.21 on Tuesday. The firm has a 50-day simple moving average of $4.93 and a two-hundred day simple moving average of $5.29. The company has a debt-to-equity ratio of 1.75, a quick ratio of 3.53 and a current ratio of 2.94. Snap has a fifty-two week low of $3.81 and a fifty-two week high of $9.28. The company has a market cap of $8.81 billion, a P/E ratio of -28.97 and a beta of 1.03.

Snap (NYSE:SNAP) last posted its earnings results on Monday, August 3rd. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%.The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the firm earned ($0.16) EPS. The company’s quarterly revenue was up 18.9% on a year-over-year basis. As a group, equities analysts predict that Snap will post -0.07 earnings per share for the current fiscal year.

Insider Transactions at Snap

In other Snap news, CTO Robert C. Murphy sold 2,000,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $5.44, for a total transaction of $10,880,000.00. Following the completion of the transaction, the chief technology officer owned 47,012,324 shares of the company’s stock, valued at $255,747,042.56. This represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Rebecca Morrow sold 16,729 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.60, for a total value of $93,682.40. Following the transaction, the chief accounting officer directly owned 512,811 shares of the company’s stock, valued at $2,871,741.60. The trade was a 3.16% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 2,868,059 shares of company stock worth $15,855,631 in the last three months. 22.68% of the stock is owned by corporate insiders.

Institutional Trading of Snap

Several large investors have recently made changes to their positions in the company. Empowered Funds LLC lifted its holdings in Snap by 13.3% in the 1st quarter. Empowered Funds LLC now owns 40,393 shares of the company’s stock valued at $352,000 after purchasing an additional 4,754 shares in the last quarter. Prudential Financial Inc. purchased a new stake in shares of Snap during the second quarter worth $136,000. Investment Management Corp of Ontario raised its position in shares of Snap by 104.0% in the second quarter. Investment Management Corp of Ontario now owns 61,513 shares of the company’s stock valued at $535,000 after buying an additional 31,357 shares during the last quarter. Nebula Research & Development LLC acquired a new stake in shares of Snap in the second quarter valued at about $1,675,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Snap by 52.0% in the second quarter. The Manufacturers Life Insurance Company now owns 89,337 shares of the company’s stock worth $776,000 after buying an additional 30,561 shares in the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting Snap

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Better-than-expected Q2 results support turnaround hopes. Snap reported adjusted EPS of $(0.10), ahead of the $(0.12) consensus estimate, while revenue of $1.60 billion exceeded forecasts and increased 18.9% year over year. The results have strengthened the case that advertising and user-growth improvements could support a recovery. Snap: Strong Q2 Earnings Bolster Hopes Of A Turnaround
• Positive Sentiment: Several analysts see upside. Cantor Fitzgerald issued a bullish forecast, Wells Fargo said the stock is expected to rise, and Citigroup raised its price target to $6.75. Heavy trading in Snap call options also indicates increased speculative interest following the earnings report. Cantor Fitzgerald Forecasts Strong Price Appreciation Wells Fargo Analyst Forecast Citigroup Raises Price Target
• Neutral Sentiment: Analyst views remain divided. Citizens JMP reiterated a Market Perform rating, suggesting the earnings improvement may already be reflected in the stock. A speculative article about a possible future acquisition of Snap offers no confirmed transaction or takeover discussions. Citizens JMP Reiterates Market Perform Who Might Buy Snap If Its Founders Ever Decide to Sell
• Negative Sentiment: Bearish ratings are limiting enthusiasm. Rosenblatt Securities issued a pessimistic forecast, while Zacks Research downgraded Snap to “Strong Sell.” Snap also remains unprofitable, with analysts expecting a loss for the full year, and its shares are near the 200-day moving average after retreating from the post-earnings surge. Rosenblatt Pessimistic Forecast Zacks Downgrade

About Snap

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.