Snap (NYSE:SNAP) Coverage Initiated by Analysts at BNP Paribas Exane

Equities researchers at BNP Paribas Exane began coverage on shares of Snap (NYSE:SNAP) in a report issued on Wednesday. The firm set an “underperform” rating and a $8.00 price target on the stock. BNP Paribas Exane’s target price indicates a potential upside of 0.44% from the company’s current price.

Several other equities analysts have also weighed in on SNAP. Mizuho initiated coverage on shares of Snap in a report on Monday, September 29th. They issued a “neutral” rating and a $9.00 target price on the stock. Rosenblatt Securities increased their price target on shares of Snap from $8.70 to $9.50 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Snap in a research note on Wednesday, October 8th. BMO Capital Markets raised their target price on shares of Snap from $12.00 to $13.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Finally, Arete Research upgraded shares of Snap from a “sell” rating to a “neutral” rating in a report on Tuesday, November 18th. Three analysts have rated the stock with a Buy rating, twenty-four have assigned a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $9.86.

Snap Stock Performance

SNAP stock traded down $0.03 during trading on Wednesday, hitting $7.97. 5,237,497 shares of the company traded hands, compared to its average volume of 41,666,395. The company has a debt-to-equity ratio of 1.57, a current ratio of 3.67 and a quick ratio of 3.67. The stock’s 50-day simple moving average is $7.96 and its 200 day simple moving average is $8.12. Snap has a 1 year low of $6.90 and a 1 year high of $12.35. The company has a market cap of $13.69 billion, a PE ratio of -27.46 and a beta of 0.81.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.12). The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Snap had a negative return on equity of 21.61% and a negative net margin of 8.60%.The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.09) EPS. On average, equities analysts expect that Snap will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $8.00, for a total value of $8,000,000.00. Following the completion of the sale, the chief technology officer directly owned 51,911,126 shares of the company’s stock, valued at $415,289,008. The trade was a 1.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Michael J. O’sullivan sold 70,882 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $8.34, for a total value of $591,155.88. Following the transaction, the general counsel directly owned 1,854,982 shares in the company, valued at approximately $15,470,549.88. The trade was a 3.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,401,016 shares of company stock worth $11,231,284 over the last three months.

Institutional Investors Weigh In On Snap

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNAP. Alyeska Investment Group L.P. purchased a new position in shares of Snap during the third quarter worth approximately $176,697,000. Junto Capital Management LP acquired a new stake in Snap during the 3rd quarter worth $29,071,000. Voloridge Investment Management LLC grew its position in Snap by 53.3% during the 3rd quarter. Voloridge Investment Management LLC now owns 10,300,911 shares of the company’s stock worth $79,420,000 after purchasing an additional 3,582,223 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Snap by 537.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 4,150,134 shares of the company’s stock valued at $33,492,000 after purchasing an additional 3,499,578 shares during the period. Finally, Holocene Advisors LP increased its stake in Snap by 895.9% in the third quarter. Holocene Advisors LP now owns 3,560,234 shares of the company’s stock valued at $27,449,000 after purchasing an additional 3,202,737 shares during the period. Hedge funds and other institutional investors own 47.52% of the company’s stock.

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.