Snap Inc. (NYSE:SNAP) Stock Has Average Price Target of $7.65 According to Brokerages

Shares of Snap Inc. (NYSE:SNAP) have been assigned an average recommendation of “Hold” from the thirty-six ratings firms that are covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, twenty-three have assigned a hold recommendation, ten have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $7.68.

SNAP has been the subject of several research reports. Piper Sandler reissued a “neutral” rating on shares of Snap in a research report on Tuesday, August 4th. Rosenblatt Securities dropped their price target on Snap from $6.40 to $6.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Snap in a research note on Tuesday, August 4th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $6.50 price target on shares of Snap in a research note on Tuesday, August 4th. Finally, Freedom Capital upgraded Snap from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th.

Insider Activity

In related news, insider Ajit Mohan sold 6,797 shares of Snap stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $5.82, for a total transaction of $39,558.54. Following the completion of the transaction, the insider directly owned 4,965,300 shares of the company’s stock, valued at $28,898,046. This trade represents a 0.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Douglas Hott sold 131,884 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $5.20, for a total transaction of $685,796.80. Following the sale, the chief financial officer directly owned 2,324,563 shares in the company, valued at $12,087,727.60. The trade was a 5.37% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 2,445,926 shares of company stock worth $13,426,930. 22.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NFSG Corp raised its holdings in Snap by 52.7% in the first quarter. NFSG Corp now owns 8,400 shares of the company’s stock worth $39,000 after buying an additional 2,900 shares during the last quarter. Krilogy Financial LLC grew its holdings in shares of Snap by 13.8% during the third quarter. Krilogy Financial LLC now owns 27,789 shares of the company’s stock valued at $150,000 after buying an additional 3,371 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Snap by 135.6% during the first quarter. EverSource Wealth Advisors LLC now owns 8,525 shares of the company’s stock valued at $39,000 after buying an additional 4,907 shares during the last quarter. Nwam LLC grew its holdings in shares of Snap by 23.1% during the first quarter. Nwam LLC now owns 26,302 shares of the company’s stock valued at $121,000 after buying an additional 4,936 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in shares of Snap by 6,678.0% during the first quarter. Fifth Third Bancorp now owns 6,778 shares of the company’s stock valued at $31,000 after acquiring an additional 6,678 shares in the last quarter. Institutional investors own 47.52% of the company’s stock.

Snap Trading Up 5.7%

NYSE:SNAP opened at $6.45 on Tuesday. The company has a 50-day moving average price of $5.58 and a 200-day moving average price of $5.33. Snap has a 12 month low of $3.81 and a 12 month high of $9.13. The company has a current ratio of 2.94, a quick ratio of 2.94 and a debt-to-equity ratio of 1.75. The stock has a market cap of $10.90 billion, a price-to-earnings ratio of -35.80 and a beta of 1.07.

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

About Snap

Snap Inc is a technology and social media company best known for Snapchat, a visual communication platform that enables users to share photos, videos, messages and other content. Snapchat includes features such as Stories, Spotlight for short-form video, Snap Map, augmented reality (AR) Lenses and Bitmoji digital avatars.

The company primarily generates revenue through digital advertising, including advertising formats integrated into Snapchat’s content and communication experiences. Snap also offers subscription services through Snapchat+, develops AR-related products and services, and has introduced hardware products such as Spectacles, smart glasses designed to support augmented reality experiences.

Founded in 2011, the company was initially known as Snapchat Inc and adopted the name Snap Inc in 2016.