Snap (NYSE:SNAP) Stock Price Up 6% – Here’s What Happened

Snap Inc. (NYSE:SNAP)’s share price traded up 6% on Friday . The stock traded as high as $12.08 and last traded at $11.92. 3,217,824 shares were traded during mid-day trading, a decline of 65% from the average session volume of 9,269,524 shares. The stock had previously closed at $11.24.

Analyst Upgrades and Downgrades

SNAP has been the topic of a number of research analyst reports. Guggenheim reissued a “buy” rating and issued a $12.11 target price on shares of Snap in a research report on Tuesday, December 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $640.00 price objective on shares of Snap in a report on Thursday, December 5th. Benchmark restated a “hold” rating on shares of Snap in a report on Friday, October 25th. Stifel Nicolaus cut their price target on shares of Snap from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Monday, October 14th. Finally, Loop Capital increased their price target on shares of Snap from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $37.10.

Snap Price Performance

The stock has a market cap of $19.71 billion, a PE ratio of -20.26 and a beta of 0.97. The company has a 50-day simple moving average of $11.51 and a 200-day simple moving average of $11.68. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 4.04.

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

Insider Activity

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred 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 sale, the chief technology officer now directly owns 57,210,989 shares in the company, valued at $715,137,362.50. The trade was a 1.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Eric Young sold 112,020 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.55, for a total transaction of $1,181,811.00. Following the completion of the sale, the senior vice president now directly owns 2,791,048 shares in the company, valued at $29,445,556.40. This represents a 3.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,451,618 shares of company stock valued at $17,560,157 over the last 90 days. Insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Several hedge funds and other institutional investors have recently modified their holdings of SNAP. Everence Capital Management Inc. acquired a new position in shares of Snap in the 4th quarter worth approximately $437,000. Sanctuary Advisors LLC lifted its position in shares of Snap by 37.3% in the 3rd quarter. Sanctuary Advisors LLC now owns 82,143 shares of the company’s stock worth $938,000 after buying an additional 22,328 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Snap by 5.2% in the 3rd quarter. Geode Capital Management LLC now owns 11,697,455 shares of the company’s stock valued at $124,742,000 after buying an additional 575,324 shares during the period. Groupama Asset Managment acquired a new stake in Snap during the third quarter worth about $13,032,000. Finally, MML Investors Services LLC lifted its holdings in Snap by 6.8% in the third quarter. MML Investors Services LLC now owns 25,245 shares of the company’s stock worth $270,000 after acquiring an additional 1,614 shares during the last quarter. Institutional investors 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.