Snap (NYSE:SNAP) Cut to “Underweight” at Huber Research

Snap (NYSE:SNAPGet Rating) was downgraded by stock analysts at Huber Research from an “overweight” rating to an “underweight” rating in a note issued to investors on Monday, The Fly reports.

Other equities analysts have also recently issued research reports about the stock. Canaccord Genuity Group reduced their price target on shares of Snap from $46.00 to $40.00 and set a “hold” rating on the stock in a research report on Friday, April 22nd. Benchmark lowered their price target on shares of Snap from $40.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, May 24th. JPMorgan Chase & Co. lowered their target price on shares of Snap from $47.00 to $26.00 in a report on Tuesday, May 24th. Barclays reduced their price objective on Snap from $77.00 to $42.00 and set an “overweight” rating for the company in a research report on Friday, April 22nd. Finally, JMP Securities cut their target price on Snap from $50.00 to $45.00 and set a “market outperform” rating on the stock in a research note on Tuesday, May 24th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $37.38.

Shares of SNAP stock traded down $0.03 during mid-day trading on Monday, reaching $14.46. The stock had a trading volume of 1,107,334 shares, compared to its average volume of 39,748,984. The firm has a market capitalization of $23.66 billion, a PE ratio of -40.50 and a beta of 1.22. The stock’s 50-day moving average price is $27.30 and its two-hundred day moving average price is $35.71. The company has a current ratio of 7.19, a quick ratio of 7.19 and a debt-to-equity ratio of 1.05. Snap has a 52-week low of $12.55 and a 52-week high of $83.34.

Snap (NYSE:SNAPGet Rating) last announced its quarterly earnings results on Thursday, April 21st. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.03). Snap had a negative net margin of 12.71% and a negative return on equity of 16.37%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the prior year, the firm earned ($0.19) EPS. The firm’s revenue for the quarter was up 38.1% on a year-over-year basis. On average, equities research analysts forecast that Snap will post -0.49 earnings per share for the current year.

In other news, CFO Derek Andersen sold 15,773 shares of Snap stock in a transaction on Tuesday, March 15th. The shares were sold at an average price of $28.92, for a total transaction of $456,155.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeremi Gorman sold 8,150 shares of the company’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $24.00, for a total value of $195,600.00. Following the completion of the transaction, the insider now directly owns 1,486,918 shares in the company, valued at $35,686,032. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,543,187 shares of company stock valued at $44,290,878.

Institutional investors have recently bought and sold shares of the business. Lone Pine Capital LLC increased its stake in shares of Snap by 47.9% in the fourth quarter. Lone Pine Capital LLC now owns 33,478,637 shares of the company’s stock worth $1,574,500,000 after acquiring an additional 10,839,980 shares during the period. Wellington Management Group LLP grew its position in Snap by 95.8% during the 1st quarter. Wellington Management Group LLP now owns 17,811,242 shares of the company’s stock worth $641,028,000 after purchasing an additional 8,712,380 shares during the period. Edgewood Management LLC raised its stake in shares of Snap by 9.0% during the 1st quarter. Edgewood Management LLC now owns 79,851,942 shares of the company’s stock valued at $2,873,871,000 after buying an additional 6,591,367 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Snap by 123.8% in the 4th quarter. Baillie Gifford & Co. now owns 11,709,169 shares of the company’s stock valued at $550,682,000 after buying an additional 6,477,834 shares during the period. Finally, 1832 Asset Management L.P. boosted its stake in shares of Snap by 1,817.5% in the first quarter. 1832 Asset Management L.P. now owns 6,621,000 shares of the company’s stock worth $235,088,000 after buying an additional 6,275,700 shares during the last quarter. Institutional investors and hedge funds own 53.88% of the company’s stock.

Snap Company Profile (Get Rating)

Snap Inc operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images.

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