Snap (NYSE:SNAP) Earns Buy Rating from Analysts at Rosenblatt Securities

Rosenblatt Securities began coverage on shares of Snap (NYSE:SNAPGet Rating) in a research report sent to investors on Tuesday, Marketbeat.com reports. The firm issued a buy rating and a $49.00 price objective on the stock.

A number of other research firms also recently issued reports on SNAP. Royal Bank of Canada downgraded shares of Snap from an outperform rating to a sector perform rating and dropped their price objective for the stock from $54.00 to $40.00 in a report on Friday, February 4th. Canaccord Genuity Group upped their price objective on Snap from $40.00 to $46.00 and gave the stock a hold rating in a report on Friday, February 4th. Bank of America upgraded Snap from a neutral rating to a buy rating and set a $55.00 price objective on the stock in a research report on Friday, February 4th. Piper Sandler dropped their target price on Snap from $72.00 to $53.00 and set an overweight rating for the company in a research report on Friday, February 4th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Snap in a research report on Friday, March 11th. They set a buy rating and a $45.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, Snap has a consensus rating of Buy and an average price target of $56.94.

Shares of SNAP opened at $29.42 on Tuesday. Snap has a 12-month low of $24.32 and a 12-month high of $83.34. The company has a current ratio of 5.70, a quick ratio of 5.70 and a debt-to-equity ratio of 0.59. The company has a market cap of $47.79 billion, a PE ratio of -89.15 and a beta of 1.09. The stock has a 50-day moving average price of $35.42 and a 200-day moving average price of $44.63.

Snap (NYSE:SNAPGet Rating) last announced its earnings results on Thursday, April 21st. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.15. Snap had a negative net margin of 11.85% and a negative return on equity of 16.48%. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the firm posted ($0.19) earnings per share. Snap’s quarterly revenue was up 38.1% on a year-over-year basis. As a group, analysts predict that Snap will post -0.29 earnings per share for the current year.

In other news, CTO Robert C. Murphy sold 950,000 shares of the company’s stock in a transaction that occurred on Monday, February 7th. The shares were sold at an average price of $38.15, for a total value of $36,242,500.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Derek Andersen sold 15,773 shares of the firm’s stock in a transaction that occurred on Tuesday, March 15th. The shares were sold at an average price of $28.92, for a total transaction of $456,155.16. The disclosure for this sale can be found here. Insiders have sold 1,243,234 shares of company stock worth $47,018,853 in the last three months.

Several large investors have recently made changes to their positions in SNAP. Assetmark Inc. raised its holdings in shares of Snap by 305.8% during the third quarter. Assetmark Inc. now owns 418 shares of the company’s stock valued at $31,000 after purchasing an additional 315 shares during the last quarter. D Orazio & Associates Inc. bought a new stake in Snap in the 3rd quarter worth approximately $37,000. Center for Financial Planning Inc. purchased a new stake in Snap during the 3rd quarter valued at $41,000. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of Snap by 80.7% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 618 shares of the company’s stock valued at $46,000 after buying an additional 276 shares during the period. Finally, Manchester Capital Management LLC boosted its stake in shares of Snap by 64.7% in the 4th quarter. Manchester Capital Management LLC now owns 621 shares of the company’s stock worth $29,000 after buying an additional 244 shares during the last quarter. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

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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