Snap Inc. (NYSE:SNAP - Get Free Report) shares dropped 4.2% on Thursday . The company traded as low as $11.29 and last traded at $11.34. Approximately 10,056,211 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 27,943,342 shares. The stock had previously closed at $11.84.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on SNAP shares. The Goldman Sachs Group upped their price target on shares of Snap from $12.00 to $13.50 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Citigroup increased their target price on Snap from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, November 29th. Wells Fargo & Company lifted their price target on Snap from $14.00 to $15.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. Loop Capital upped their price objective on Snap from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Tuesday, November 5th. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $16.00 target price on shares of Snap in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $36.99.
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Snap Stock Performance
The firm has a market cap of $18.21 billion, a price-to-earnings ratio of -18.72 and a beta of 0.98. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 1.63. The stock's 50 day moving average is $11.53 and its 200 day moving average is $11.30.
Snap (NYSE:SNAP - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.05 by $0.03. The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The firm's revenue for the quarter was up 15.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.21) earnings per share. Analysts anticipate that Snap Inc. will post -0.39 earnings per share for the current year.
Insider Activity
In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the company's stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $12.50, for a total transaction of $12,500,000.00. Following the completion of the sale, the chief technology officer now directly owns 57,210,989 shares in the company, valued at $715,137,362.50. This represents a 1.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Michael J. O'sullivan sold 18,000 shares of Snap stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $10.84, for a total value of $195,120.00. Following the completion of the transaction, the general counsel now owns 498,498 shares in the company, valued at approximately $5,403,718.32. This represents a 3.49 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,451,618 shares of company stock worth $17,560,157.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of SNAP. HB Wealth Management LLC grew its stake in shares of Snap by 7.7% in the fourth quarter. HB Wealth Management LLC now owns 21,187 shares of the company's stock worth $228,000 after purchasing an additional 1,513 shares during the last quarter. Avanza Fonder AB acquired a new stake in Snap in the fourth quarter worth $788,000. RDA Financial Network acquired a new position in shares of Snap during the fourth quarter valued at about $123,000. HCR Wealth Advisors boosted its position in shares of Snap by 3.9% during the 4th quarter. HCR Wealth Advisors now owns 25,016 shares of the company's stock worth $269,000 after purchasing an additional 934 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Snap by 51.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,086,741 shares of the company's stock worth $33,244,000 after purchasing an additional 1,050,501 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors and hedge funds.
Snap Company Profile
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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.
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