Snap (NYSE:SNAP) Given Neutral Rating at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their neutral rating on shares of Snap (NYSE:SNAP) in a research note issued to investors on Monday, Benzinga reports. The firm currently has a $8.00 price target on the stock.

A number of other brokerages also recently issued reports on SNAP. Wolfe Research began coverage on shares of Snap in a research report on Tuesday, July 16th. They issued a peer perform rating for the company. Wells Fargo & Company decreased their price target on Snap from $15.00 to $14.00 and set an overweight rating for the company in a research report on Friday. Benchmark reissued a hold rating on shares of Snap in a research report on Tuesday, August 6th. The Goldman Sachs Group decreased their target price on Snap from $16.00 to $12.00 and set a neutral rating for the company in a research report on Friday, August 2nd. Finally, Piper Sandler reissued a neutral rating and issued a $12.00 price target (down from $15.00) on shares of Snap in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, twenty-four have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and an average price target of $13.85.

Snap Price Performance

SNAP stock opened at $10.48 on Monday. The company has a market capitalization of $17.20 billion, a P/E ratio of -12.94 and a beta of 1.01. Snap has a 52-week low of $8.29 and a 52-week high of $17.90. The business has a 50-day simple moving average of $9.74 and a two-hundred day simple moving average of $12.76. The company has a debt-to-equity ratio of 1.74, a quick ratio of 3.98 and a current ratio of 3.98.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.02. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.25 billion. Research analysts expect that Snap will post -0.47 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $10.81, for a total value of $194,580.00. Following the sale, the general counsel now owns 489,058 shares in the company, valued at approximately $5,286,716.98. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $10.81, for a total value of $194,580.00. Following the transaction, the general counsel now directly owns 489,058 shares in the company, valued at approximately $5,286,716.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Michael J. O’sullivan sold 59,053 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction of $548,602.37. Following the completion of the transaction, the general counsel now directly owns 1,258,278 shares in the company, valued at $11,689,402.62. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,511,540 shares of company stock worth $13,466,406 in the last three months. Corporate insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Several hedge funds have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB lifted its position in Snap by 6.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 187,407 shares of the company’s stock worth $2,005,000 after buying an additional 11,830 shares during the last quarter. Mattson Financial Services LLC purchased a new position in shares of Snap during the second quarter worth approximately $558,000. Point72 DIFC Ltd bought a new stake in shares of Snap in the 2nd quarter worth approximately $158,000. Sanctuary Advisors LLC purchased a new stake in shares of Snap in the 2nd quarter valued at $994,000. Finally, Brown Financial Advisors bought a new position in shares of Snap during the 2nd quarter valued at $370,000. Institutional investors own 47.52% of the company’s stock.

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.