Snap (NYSE:SNAP) Receives “Buy” Rating from Needham & Company LLC

Snap (NYSE:SNAP)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They presently have a $640.00 price target on the stock.

Several other brokerages have also recently weighed in on SNAP. Loop Capital raised their price objective on Snap from $14.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Truist Financial boosted their price target on Snap from $13.00 to $14.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Stifel Nicolaus cut their price objective on Snap from $13.00 to $11.00 and set a “hold” rating for the company in a report on Monday, October 14th. Roth Mkm restated a “neutral” rating and set a $14.00 target price on shares of Snap in a report on Wednesday, September 18th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $13.00 price target (up previously from $12.00) on shares of Snap in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Snap presently has an average rating of “Hold” and a consensus target price of $37.10.

Snap Trading Up 2.3 %

NYSE SNAP opened at $12.45 on Thursday. Snap has a 52 week low of $8.29 and a 52 week high of $17.90. The company has a debt-to-equity ratio of 1.63, a quick ratio of 4.04 and a current ratio of 4.04. The stock’s 50 day moving average price is $11.23 and its two-hundred day moving average price is $12.21. The stock has a market capitalization of $20.87 billion, a price-to-earnings ratio of -21.46 and a beta of 0.97.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.36 billion. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. As a group, analysts anticipate that Snap will post -0.4 earnings per share for the current fiscal year.

Insider Activity at Snap

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $12.50, for a total value of $12,500,000.00. Following the sale, the chief technology officer now owns 57,210,989 shares of the company’s stock, valued at approximately $715,137,362.50. This trade represents a 1.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $11.89, for a total value of $214,020.00. Following the transaction, the general counsel now directly owns 464,009 shares of the company’s stock, valued at $5,517,067.01. This trade represents a 3.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,406,709 shares of company stock valued at $16,662,107 over the last quarter. 22.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC lifted its holdings in shares of Snap by 37.3% in the third quarter. Sanctuary Advisors LLC now owns 82,143 shares of the company’s stock worth $938,000 after acquiring an additional 22,328 shares during the last quarter. Geode Capital Management LLC lifted its stake in Snap by 5.2% in the 3rd quarter. Geode Capital Management LLC now owns 11,697,455 shares of the company’s stock valued at $124,742,000 after purchasing an additional 575,324 shares during the last quarter. Groupama Asset Managment acquired a new stake in Snap in the third quarter valued at approximately $13,032,000. MML Investors Services LLC grew its stake in shares of Snap by 6.8% during the third quarter. MML Investors Services LLC now owns 25,245 shares of the company’s stock worth $270,000 after buying an additional 1,614 shares during the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new position in shares of Snap during the third quarter worth $149,000. Institutional investors own 47.52% of the company’s stock.

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.