Consumer Edge initiated coverage on shares of Snap (NYSE:SNAP) in a research note released on Tuesday morning, Marketbeat Ratings reports. The firm issued an outperform rating on the stock.

A number of other research firms have also recently commented on SNAP. Zacks Investment Research upgraded shares of Snap from a hold rating to a buy rating and set a $10.00 price target for the company in a report on Monday, February 18th. Wedbush restated an outperform rating and issued a $12.25 price target on shares of Snap in a report on Wednesday, February 6th. Nomura raised their price target on shares of Snap from $6.00 to $9.00 and gave the stock a neutral rating in a report on Wednesday, February 6th. Royal Bank of Canada raised their price target on shares of Snap to $10.00 and gave the stock a market perform rating in a report on Wednesday, February 6th. Finally, Stifel Nicolaus raised their price target on shares of Snap from $8.00 to $10.00 and gave the stock a hold rating in a report on Wednesday, February 6th. Four equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and six have issued a buy rating to the company. Snap has an average rating of Hold and an average target price of $8.85.

NYSE:SNAP opened at $11.28 on Tuesday. The firm has a market capitalization of $13.05 billion, a price-to-earnings ratio of -11.63 and a beta of 1.14. Snap has a 12 month low of $4.82 and a 12 month high of $17.88.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, February 5th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.15. The business had revenue of $389.82 million during the quarter, compared to analysts’ expectations of $378.90 million. Snap had a negative net margin of 106.39% and a negative return on equity of 46.90%. The business’s quarterly revenue was up 36.4% on a year-over-year basis. During the same period last year, the company posted ($0.13) earnings per share. Equities analysts predict that Snap will post -0.69 EPS for the current fiscal year.

In related news, CEO Evan Spiegel sold 4,447,107 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $9.98, for a total transaction of $44,382,127.86. Following the transaction, the chief executive officer now directly owns 74,450,661 shares of the company’s stock, valued at $743,017,596.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jerry James Hunter sold 166,646 shares of the firm’s stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $9.24, for a total transaction of $1,539,809.04. Following the transaction, the vice president now directly owns 1,793,593 shares in the company, valued at $16,572,799.32. The disclosure for this sale can be found here. Insiders have sold 6,437,339 shares of company stock worth $63,026,468 over the last three months.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNAP. Northern Trust Corp raised its position in Snap by 9.1% in the second quarter. Northern Trust Corp now owns 553,252 shares of the company’s stock worth $7,242,000 after acquiring an additional 46,207 shares during the period. Commonwealth Equity Services LLC raised its position in Snap by 24.7% in the third quarter. Commonwealth Equity Services LLC now owns 152,869 shares of the company’s stock worth $1,296,000 after acquiring an additional 30,269 shares during the period. Bessemer Group Inc. raised its position in Snap by 52.3% in the third quarter. Bessemer Group Inc. now owns 151,446 shares of the company’s stock worth $1,284,000 after acquiring an additional 52,010 shares during the period. SG Americas Securities LLC raised its position in Snap by 947.8% in the third quarter. SG Americas Securities LLC now owns 607,056 shares of the company’s stock worth $5,148,000 after acquiring an additional 549,120 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in Snap in the third quarter worth about $1,587,000. 23.31% of the stock is currently owned by institutional investors.

Snap Company Profile

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.

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Analyst Recommendations for Snap (NYSE:SNAP)

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