Snap (NYSE:SNAP) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Snap (NYSE:SNAP) from a hold rating to a buy rating in a research report released on Saturday,Wall Street Zen reports.

Other equities analysts have also recently issued research reports about the company. Citizens Jmp reiterated a “market perform” rating on shares of Snap in a research report on Tuesday, August 4th. Stifel Nicolaus set a $7.50 target price on Snap in a research note on Tuesday, August 4th. Barclays reduced their price target on Snap from $16.00 to $8.00 and set an “overweight” rating for the company in a report on Thursday, November 5th. Royal Bank Of Canada restated a “sector perform” rating and issued a $8.00 price target on shares of Snap in a research note on Thursday, September 17th. Finally, Guggenheim restated a “neutral” rating on shares of Snap in a research note on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, twenty-three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.31.

Snap Price Performance

Shares of SNAP opened at $5.03 on Friday. The company has a debt-to-equity ratio of 1.75, a current ratio of 2.94 and a quick ratio of 2.94. Snap has a 1 year low of $3.81 and a 1 year high of $9.13. The company’s fifty day moving average is $5.74 and its two-hundred day moving average is $5.39.

Snap (NYSE:SNAP) last released its earnings results on Wednesday, November 4th. The company reported $0.03 EPS for the quarter. The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Snap had a negative net margin of 2.30% and a negative return on equity of 7.21%. The business’s revenue was up 14.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.06) EPS. On average, analysts forecast that Snap will post -0.03 earnings per share for the current fiscal year.

Insider Activity at Snap

In other Snap news, insider Ajit Mohan sold 6,797 shares of the company’s 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 transaction, the insider directly owned 4,965,300 shares in the company, valued at approximately $28,898,046. This represents a 0.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Zachary Briers sold 11,257 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $6.00, for a total transaction of $67,542.00. Following the completion of the transaction, the general counsel directly owned 2,345,534 shares of the company’s stock, valued at approximately $14,073,204. This trade represents a 0.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 445,926 shares of company stock worth $2,326,930 in the last ninety days.

Hedge Funds Weigh In On Snap

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Saba Capital Management L.P. raised its position in Snap by 232.5% during the first quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock worth $21,748,000 after acquiring an additional 3,306,024 shares during the last quarter. Empyrean Capital Partners LP acquired a new stake in shares of Snap in the first quarter valued at approximately $25,300,000. Assenagon Asset Management S.A. grew its position in shares of Snap by 1,191.8% in the second quarter. Assenagon Asset Management S.A. now owns 3,903,141 shares of the company’s stock valued at $17,330,000 after purchasing an additional 3,601,002 shares during the last quarter. Curated Wealth Partners LLC grew its position in shares of Snap by 540.0% in the third quarter. Curated Wealth Partners LLC now owns 544,828 shares of the company’s stock valued at $2,942,000 after purchasing an additional 459,704 shares during the last quarter. Finally, First Trust Advisors LP grew its position in shares of Snap by 302.9% in the first quarter. First Trust Advisors LP now owns 389,736 shares of the company’s stock valued at $1,793,000 after purchasing an additional 293,003 shares during the last quarter. 47.52% of the stock is owned by institutional investors and hedge funds.

About Snap

Snap Inc is a technology company best known for Snapchat, a mobile application for visual communication. The company’s products and services help people share photos and videos, message friends, and explore content from creators and publishers.

Snapchat features include Stories, Spotlight for short-form video, Snap Map, and augmented reality tools such as interactive Lenses. Snap also provides advertising solutions to businesses and develops camera-related products and services, including its Spectacles smart glasses and Snap AR platform.

Founded in 2011, Snap is headquartered in Santa Monica, California, and serves users and advertisers in markets around the world.