Snap (NYSE:SNAP) Trading 4.6% Higher After Analyst Upgrade

Shares of Snap Inc. (NYSE:SNAP) shot up 4.6% on Tuesday after Susquehanna raised their price target on the stock from $12.00 to $15.00. Susquehanna currently has a neutral rating on the stock. Snap traded as high as $15.33 and last traded at $15.15. Approximately 13,059,674 shares traded hands during trading, a decline of 59% from the average session volume of 31,847,402 shares. The stock had previously closed at $14.49.

A number of other research firms have also commented on SNAP. Truist Financial upped their price target on shares of Snap from $12.00 to $16.00 and gave the company a “hold” rating in a report on Friday. Evercore ISI raised their target price on Snap from $13.00 to $14.00 and gave the stock an “in-line” rating in a research note on Friday. BMO Capital Markets lowered their price target on Snap from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Wednesday, February 7th. Benchmark reiterated a “hold” rating on shares of Snap in a research report on Friday. Finally, HSBC raised Snap from a “reduce” rating to a “buy” rating in a research note 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $14.79.

Insider Buying and Selling

In other Snap news, General Counsel Michael J. O’sullivan sold 13,000 shares of the stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total value of $210,080.00. Following the transaction, the general counsel now owns 461,005 shares of the company’s stock, valued at $7,449,840.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, General Counsel Michael J. O’sullivan sold 13,000 shares of the business’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 transaction of $210,080.00. Following the completion of the sale, the general counsel now directly owns 461,005 shares in the company, valued at $7,449,840.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Evan Spiegel sold 150,000 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $11.11, for a total transaction of $1,666,500.00. Following the sale, the chief executive officer now directly owns 3,627,844 shares of the company’s stock, valued at approximately $40,305,346.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 470,482 shares of company stock worth $5,284,091.

Institutional Investors Weigh In On Snap

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNAP. Sowell Financial Services LLC raised its holdings in Snap by 3.3% during the fourth quarter. Sowell Financial Services LLC now owns 23,139 shares of the company’s stock valued at $392,000 after acquiring an additional 729 shares during the period. Steward Partners Investment Advisory LLC boosted its stake in Snap by 2.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 41,245 shares of the company’s stock worth $698,000 after purchasing an additional 891 shares during the period. U.S. Capital Wealth Advisors LLC grew its holdings in Snap by 3.3% during the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 31,499 shares of the company’s stock valued at $533,000 after buying an additional 1,000 shares in the last quarter. Impax Asset Management Group plc lifted its holdings in shares of Snap by 4.5% in the third quarter. Impax Asset Management Group plc now owns 23,434 shares of the company’s stock worth $209,000 after buying an additional 1,017 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Snap by 7.1% during the third quarter. Principal Financial Group Inc. now owns 15,373 shares of the company’s stock worth $137,000 after acquiring an additional 1,025 shares during the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap Stock Up 3.4 %

The company has a market capitalization of $24.73 billion, a PE ratio of -17.89 and a beta of 1.13. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 1.55. The company’s 50 day moving average is $11.33 and its two-hundred day moving average is $12.93.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Thursday, April 25th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 45.02% and a negative net margin of 26.99%. On average, analysts anticipate that Snap Inc. will post -0.58 earnings per share for the current year.

About Snap

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.