Snap (NYSE:SNAP) Now Covered by Analysts at BNP Paribas Exane

BNP Paribas Exane assumed coverage on shares of Snap (NYSE:SNAP) in a research note published on Wednesday, Marketbeat reports. The firm issued an underperform rating and a $8.00 price target on the stock.

Other equities analysts have also recently issued research reports about the stock. Citigroup increased their price target on shares of Snap from $8.50 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 12th. New Street Research cut Snap from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 28th. Wells Fargo & Company increased their target price on Snap from $8.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, November 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Snap in a report on Wednesday, October 8th. Finally, BNP Paribas initiated coverage on Snap in a research report on Wednesday. They set an “underperform” rating on the stock. Three analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $9.86.

Snap Stock Performance

Snap stock opened at $7.90 on Wednesday. Snap has a 52 week low of $6.90 and a 52 week high of $12.35. The company has a current ratio of 3.67, a quick ratio of 3.67 and a debt-to-equity ratio of 1.57. The stock has a market cap of $13.57 billion, a P/E ratio of -27.22 and a beta of 0.81. The stock has a 50 day moving average of $7.97 and a 200-day moving average of $8.11.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.12). Snap had a negative net margin of 8.60% and a negative return on equity of 21.61%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the company earned ($0.09) earnings per share. The company’s revenue was up 9.8% on a year-over-year basis. On average, analysts expect that Snap will post -0.3 EPS for the current fiscal year.

Insider Activity

In related news, insider Ajit Mohan sold 109,372 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $8.34, for a total transaction of $912,162.48. Following the completion of the transaction, the insider owned 5,326,801 shares of the company’s stock, valued at $44,425,520.34. This trade represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Michael J. O’sullivan sold 70,882 shares of Snap stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $8.34, for a total value of $591,155.88. Following the transaction, the general counsel directly owned 1,854,982 shares in the company, valued at approximately $15,470,549.88. The trade was a 3.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,372,778 shares of company stock worth $11,010,180 in the last quarter. 22.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snap

Several large investors have recently made changes to their positions in SNAP. Apollon Wealth Management LLC raised its holdings in shares of Snap by 9.2% in the 2nd quarter. Apollon Wealth Management LLC now owns 15,934 shares of the company’s stock worth $138,000 after purchasing an additional 1,340 shares in the last quarter. Mackenzie Financial Corp grew its position in Snap by 5.1% in the third quarter. Mackenzie Financial Corp now owns 27,638 shares of the company’s stock worth $213,000 after buying an additional 1,349 shares during the last quarter. Zullo Investment Group Inc. increased its holdings in shares of Snap by 12.8% in the second quarter. Zullo Investment Group Inc. now owns 12,040 shares of the company’s stock valued at $105,000 after buying an additional 1,365 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Snap by 0.3% during the 3rd quarter. Alliancebernstein L.P. now owns 414,416 shares of the company’s stock valued at $3,195,000 after acquiring an additional 1,396 shares during the last quarter. Finally, Orion Porfolio Solutions LLC lifted its position in shares of Snap by 8.3% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 18,913 shares of the company’s stock valued at $164,000 after acquiring an additional 1,451 shares during the last quarter. Institutional investors own 47.52% of the company’s stock.

Snap Company Profile

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.