JMP Securities Reiterates “Market Outperform” Rating for Snap (NYSE:SNAP)

Snap (NYSE:SNAP)‘s stock had its “market outperform” rating reaffirmed by analysts at JMP Securities in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $16.00 price objective on the stock. JMP Securities’ price target indicates a potential upside of 33.67% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on SNAP. The Goldman Sachs Group increased their price target on Snap from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Royal Bank of Canada reissued a “sector perform” rating and set a $16.00 price objective on shares of Snap in a research report on Wednesday, October 30th. Citigroup upped their price target on Snap from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Needham & Company LLC restated a “buy” rating and set a $640.00 price objective on shares of Snap in a report on Thursday, December 5th. Finally, Bank of America lifted their price target on shares of Snap from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $37.10.

Snap Stock Performance

Shares of Snap stock opened at $11.97 on Friday. The stock has a market cap of $20.08 billion, a price-to-earnings ratio of -20.64 and a beta of 0.97. Snap has a twelve month low of $8.29 and a twelve month high of $17.75. The company’s fifty day moving average is $11.54 and its 200 day moving average is $11.65. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter last year, the firm earned ($0.21) earnings per share. Snap’s quarterly revenue was up 15.4% on a year-over-year basis. Sell-side analysts forecast that Snap will post -0.4 EPS for the current year.

Insider Buying and Selling at Snap

In related news, CFO Derek Andersen sold 94,164 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $11.44, for a total value of $1,077,236.16. Following the completion of the transaction, the chief financial officer now directly owns 2,193,806 shares of the company’s stock, valued at approximately $25,097,140.64. This trade represents a 4.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Rebecca Morrow sold 11,154 shares of Snap stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.55, for a total transaction of $117,674.70. Following the completion of the transaction, the chief accounting officer now owns 465,064 shares of the company’s stock, valued at $4,906,425.20. This represents a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,451,618 shares of company stock valued at $17,560,157. Company insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

A number of large investors have recently made changes to their positions in SNAP. Charles Schwab Investment Management Inc. lifted its stake in Snap by 62.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock worth $66,462,000 after purchasing an additional 2,386,519 shares in the last quarter. TB Alternative Assets Ltd. boosted its position in shares of Snap by 105.6% during the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after acquiring an additional 4,098,847 shares during the last quarter. Aigen Investment Management LP purchased a new position in shares of Snap during the third quarter worth about $1,345,000. Invenomic Capital Management LP purchased a new stake in Snap in the third quarter valued at approximately $2,349,000. Finally, Dynamic Advisor Solutions LLC bought a new stake in Snap during the third quarter valued at approximately $832,000. 47.52% of the stock is owned by institutional investors.

Snap Company Profile

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.