Snap (NYSE:SNAP) Upgraded by Rothschild & Co Redburn to Buy Rating

Rothschild & Co Redburn upgraded shares of Snap (NYSE:SNAP) from a neutral rating to a buy rating in a research report sent to investors on Monday, MarketBeat Ratings reports. Rothschild & Co Redburn currently has $10.00 price target on the stock.

Other equities analysts also recently issued research reports about the company. Wells Fargo & Company cut their price target on Snap from $8.00 to $6.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 7th. Mizuho lowered their price objective on Snap from $9.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, February 5th. Sanford C. Bernstein restated a “market perform” rating and issued a $8.00 target price on shares of Snap in a report on Thursday, February 5th. Roth Mkm set a $7.00 target price on Snap in a research report on Thursday, February 5th. Finally, Arete Research set a $7.30 price target on Snap and gave the company a “buy” rating in a research report on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, twenty-one have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Snap currently has a consensus rating of “Hold” and an average target price of $8.08.

Snap Stock Performance

Shares of SNAP stock opened at $6.07 on Monday. The company has a current ratio of 3.56, a quick ratio of 3.56 and a debt-to-equity ratio of 1.53. The firm has a fifty day simple moving average of $5.01 and a two-hundred day simple moving average of $6.66. Snap has a 12 month low of $3.81 and a 12 month high of $10.41. The firm has a market capitalization of $10.24 billion, a PE ratio of -22.46 and a beta of 0.91.

Snap (NYSE:SNAP) last released its quarterly earnings data on Wednesday, February 4th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.12). The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. Snap had a negative net margin of 7.76% and a negative return on equity of 20.72%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the business posted $0.01 earnings per share. Analysts forecast that Snap will post -0.12 EPS for the current fiscal year.

Insider Transactions at Snap

In other news, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $5.36, for a total value of $5,360,000.00. Following the transaction, the chief technology officer owned 49,313,775 shares in the company, valued at $264,321,834. The trade was a 1.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ajit Mohan sold 119,339 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $4.70, for a total value of $560,893.30. Following the sale, the insider directly owned 5,158,477 shares of the company’s stock, valued at $24,244,841.90. The trade was a 2.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 2,565,573 shares of company stock worth $13,329,781.

Institutional Investors Weigh In On Snap

A number of hedge funds have recently made changes to their positions in SNAP. Alyeska Investment Group L.P. bought a new position in Snap during the third quarter valued at about $176,697,000. AQR Capital Management LLC raised its position in Snap by 874.3% in the fourth quarter. AQR Capital Management LLC now owns 10,066,852 shares of the company’s stock worth $81,239,000 after acquiring an additional 9,033,644 shares during the period. Junto Capital Management LP purchased a new position in Snap in the third quarter valued at about $29,071,000. Voloridge Investment Management LLC boosted its stake in Snap by 53.3% in the third quarter. Voloridge Investment Management LLC now owns 10,300,911 shares of the company’s stock valued at $79,420,000 after acquiring an additional 3,582,223 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of Snap by 537.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 4,150,134 shares of the company’s stock valued at $33,492,000 after acquiring an additional 3,499,578 shares during the period. 47.52% of the stock is currently owned by institutional investors.

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.