Snap (NYSE:SNAP) Upgraded to “Buy” by HSBC

Snap (NYSE:SNAP) was upgraded by investment analysts at HSBC from a “reduce” rating to a “buy” rating in a research note issued to investors on Friday, MarketBeat reports.

Other research analysts have also recently issued reports about the company. Susquehanna lifted their price target on Snap from $9.50 to $12.00 and gave the company a “neutral” rating in a research report on Wednesday, February 7th. The Goldman Sachs Group cut their price objective on Snap from $15.00 to $13.50 and set a “neutral” rating for the company in a research report on Thursday, February 8th. Rosenblatt Securities boosted their price objective on Snap from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Wednesday, February 7th. Deutsche Bank Aktiengesellschaft upgraded Snap from a “hold” rating to a “buy” rating and boosted their price objective for the company from $10.00 to $19.00 in a research report on Friday, January 26th. Finally, Truist Financial boosted their price objective on Snap from $11.00 to $12.00 and gave the company a “hold” rating in a research report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $14.67.

Snap Trading Up 27.6 %

Snap stock opened at $14.55 on Friday. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 1.55. Snap has a 52 week low of $7.86 and a 52 week high of $17.90. The company has a market capitalization of $24.02 billion, a price-to-earnings ratio of -17.96 and a beta of 1.13. The stock has a 50-day moving average price of $11.26 and a 200 day moving average price of $12.86.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Thursday, April 25th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.10. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Snap had a negative return on equity of 45.02% and a negative net margin of 26.99%. Sell-side analysts anticipate that Snap will post -0.58 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Michael J. O’sullivan sold 13,000 shares of the stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total transaction of $210,080.00. Following the transaction, the general counsel now owns 461,005 shares of the company’s stock, valued at approximately $7,449,840.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Evan Spiegel sold 150,000 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $11.11, for a total transaction of $1,666,500.00. Following the transaction, the chief executive officer now owns 3,627,844 shares of the company’s stock, valued at approximately $40,305,346.84. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 13,000 shares of the stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total value of $210,080.00. Following the transaction, the general counsel now directly owns 461,005 shares in the company, valued at approximately $7,449,840.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 470,482 shares of company stock valued at $5,284,091. Corporate insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Several hedge funds have recently bought and sold shares of the company. NBC Securities Inc. raised its position in Snap by 2,580.4% in the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after purchasing an additional 1,445 shares in the last quarter. Allworth Financial LP raised its position in Snap by 161.6% in the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after purchasing an additional 1,708 shares in the last quarter. ICA Group Wealth Management LLC acquired a new stake in Snap in the 4th quarter valued at about $51,000. Rakuten Securities Inc. acquired a new stake in Snap in the 4th quarter valued at about $73,000. Finally, Westpac Banking Corp raised its position in Snap by 108.7% in the 4th quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock valued at $81,000 after purchasing an additional 2,506 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

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.