Snap (NYSE:SNAP) Earns “Hold” Rating from Benchmark

Benchmark reiterated their hold rating on shares of Snap (NYSE:SNAP) in a research note issued to investors on Tuesday, Benzinga reports.

SNAP has been the subject of a number of other reports. Royal Bank of Canada lifted their price target on shares of Snap from $13.00 to $16.00 and gave the stock a sector perform rating in a report on Friday, April 26th. JPMorgan Chase & Co. lowered their price target on shares of Snap from $13.00 to $11.00 and set an underweight rating for the company in a report on Friday, August 2nd. Piper Sandler restated a neutral rating and issued a $12.00 target price (down from $15.00) on shares of Snap in a report on Friday, August 2nd. HSBC downgraded shares of Snap from a buy rating to a hold rating in a report on Friday, August 2nd. Finally, TD Cowen boosted their target price on shares of Snap from $11.00 to $14.00 and gave the company a hold rating in a report on Friday, April 26th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $14.23.

Snap Stock Performance

NYSE:SNAP opened at $8.94 on Tuesday. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 1.55. The firm has a 50-day moving average price of $14.69 and a two-hundred day moving average price of $13.65. Snap has a twelve month low of $8.28 and a twelve month high of $17.90. The company has a market capitalization of $14.67 billion, a P/E ratio of -11.04 and a beta of 1.03.

Insider Buying and Selling at Snap

In other news, CEO Evan Spiegel sold 150,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $8.85, for a total transaction of $1,327,500.00. Following the completion of the transaction, the chief executive officer now owns 3,327,844 shares in the company, valued at $29,451,419.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Snap news, CAO Rebecca Morrow sold 8,913 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $15.91, for a total transaction of $141,805.83. Following the completion of the sale, the chief accounting officer now directly owns 483,743 shares of the company’s stock, valued at $7,696,351.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Evan Spiegel sold 150,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $8.85, for a total transaction of $1,327,500.00. Following the sale, the chief executive officer now directly owns 3,327,844 shares of the company’s stock, valued at $29,451,419.40. The disclosure for this sale can be found here. Insiders sold a total of 1,375,078 shares of company stock worth $13,535,629 over the last 90 days. Insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

A number of hedge funds have recently bought and sold shares of SNAP. SRS Investment Management LLC lifted its stake in Snap by 23.6% during the fourth quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after buying an additional 12,452,415 shares in the last quarter. Carmignac Gestion acquired a new position in shares of Snap in the 4th quarter valued at about $110,103,000. Contrarius Investment Management Ltd acquired a new position in shares of Snap in the 4th quarter valued at about $80,644,000. Vanguard Group Inc. increased its holdings in shares of Snap by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock valued at $1,613,729,000 after purchasing an additional 3,503,230 shares during the period. Finally, TB Alternative Assets Ltd. increased its holdings in shares of Snap by 144.5% in the 1st quarter. TB Alternative Assets Ltd. now owns 5,094,800 shares of the company’s stock valued at $58,488,000 after purchasing an additional 3,011,400 shares during the period. 47.52% of the stock is owned by hedge funds and other institutional investors.

About Snap

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.