Royal Bank of Canada Reiterates Sector Perform Rating for Snap (NYSE:SNAP)

Royal Bank of Canada restated their sector perform rating on shares of Snap (NYSE:SNAP - Free Report) in a report released on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a $16.00 target price on the stock.

SNAP has been the topic of a number of other research reports. Roth Mkm restated a "neutral" rating and issued a $14.00 target price on shares of Snap in a research note on Wednesday, September 18th. Cantor Fitzgerald reissued a "neutral" rating and issued a $8.00 price target on shares of Snap in a research note on Monday, October 7th. HSBC cut shares of Snap from a "buy" rating to a "hold" rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. dropped their price target on shares of Snap from $13.00 to $11.00 and set an "underweight" rating on the stock in a research note on Friday, August 2nd. Finally, B. Riley lifted their price objective on shares of Snap from $11.00 to $12.00 and gave the company a "neutral" rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Snap currently has a consensus rating of "Hold" and a consensus price target of $14.25.

Snap Stock Up 15.7 %

Shares of NYSE SNAP traded up $1.71 during mid-day trading on Wednesday, reaching $12.60. The company had a trading volume of 102,384,384 shares, compared to its average volume of 27,338,906. The company has a debt-to-equity ratio of 1.74, a quick ratio of 3.98 and a current ratio of 3.98. The company has a market capitalization of $20.68 billion, a price-to-earnings ratio of -15.56 and a beta of 1.01. The stock has a fifty day moving average of $9.99 and a two-hundred day moving average of $12.69. Snap has a 12-month low of $8.29 and a 12-month high of $17.90.

Snap (NYSE:SNAP - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.02. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.25 billion. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. As a group, equities research analysts expect that Snap will post -0.47 EPS for the current year.

Insider Transactions at Snap

In related news, SVP Eric Young sold 114,097 shares of the company's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.11, for a total value of $1,039,423.67. Following the sale, the senior vice president now owns 3,041,723 shares of the company's stock, valued at $27,710,096.53. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Snap news, General Counsel Michael J. O'sullivan sold 18,000 shares of Snap stock in a transaction on Monday, September 30th. The stock was sold at an average price of $10.81, for a total transaction of $194,580.00. Following the completion of the transaction, the general counsel now directly owns 489,058 shares of the company's stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Eric Young sold 114,097 shares of the business's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.11, for a total transaction of $1,039,423.67. Following the completion of the sale, the senior vice president now owns 3,041,723 shares in the company, valued at $27,710,096.53. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,490,617 shares of company stock valued at $13,183,890. Company insiders own 22.68% of the company's stock.

Hedge Funds Weigh In On Snap

Several institutional investors have recently added to or reduced their stakes in the company. Forum Financial Management LP grew its position in Snap by 49.2% during the 3rd quarter. Forum Financial Management LP now owns 17,556 shares of the company's stock worth $188,000 after acquiring an additional 5,793 shares during the last quarter. Westbourne Investment Advisors Inc. grew its holdings in shares of Snap by 3.7% during the third quarter. Westbourne Investment Advisors Inc. now owns 336,837 shares of the company's stock worth $3,604,000 after purchasing an additional 11,958 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Snap by 150.1% during the third quarter. Van ECK Associates Corp now owns 73,295 shares of the company's stock worth $744,000 after purchasing an additional 43,994 shares during the last quarter. AM Investment Strategies LLC acquired a new stake in shares of Snap in the third quarter valued at $164,000. Finally, Catalyst Financial Partners LLC bought a new position in shares of Snap in the third quarter valued at about $169,000. 47.52% of the stock is owned by institutional investors.

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.