B. Riley Elevates Snap's Price Target to $10.02, Signaling Significant Upside Opportunity

On February 5, 2026, B. Riley Securities upgraded its outlook for Snap Inc. (NYSE: SNAP) from Neutral to Buy, marking a significant shift in the analyst firm’s assessment of the social media company. This upgrade by B. Riley reflects growing confidence in Snap’s trajectory and positions the stock as a potential outperformer in the broader market.

Analyst Price Target Analysis and Valuation Outlook

As of February 3, 2026, B. Riley’s price assessment places the one-year average target at $10.02 per share, representing a substantial 69.47% upside from the latest reported closing price of $5.91. The Riley price guidance reflects a range of forecasts from a low of $7.07 to a high of $16.80 across different analysts tracking the company. This significant spread illustrates varying perspectives on Snap’s potential, though the consensus remains decidedly bullish.

The implied upside is particularly noteworthy when contextualized against Snap’s projected financial performance. The company’s anticipated annual revenue is expected to reach $6,692 million, representing a 12.82% increase year-over-year. Additionally, the projected non-GAAP EPS stands at 1.77, providing quantitative support for the bullish Riley assessment. For investors seeking exposure to high-growth digital media platforms, such metrics offer meaningful valuation anchors.

Institutional Investor Positioning Reflects Market Confidence

Currently, 760 funds and institutions maintain reportable positions in Snap, though this represents a decline of 61 shareholders (7.43%) in the recent quarter. Despite the reduction in the number of institutional holders, the average portfolio weight dedicated to SNAP increased by 16.75% to 0.09% across all tracked funds. This paradoxical movement—fewer holders but higher average allocation—suggests institutional investors are consolidating positions in higher-conviction bets on the company.

Over the last three months, total institutional share count decreased by 19.90%, settling at 776,128,000 shares. The put/call ratio of 0.34 further underscores a decidedly bullish market outlook, indicating that call option buyers significantly outnumber put option buyers on the security.

Major Shareholders Adjust Exposure Amid Riley’s Positive Shift

Capital World Investors maintains the largest reported position with 87,272,000 shares representing 5.96% ownership. In its most recent filing compared to the prior quarter, the firm increased holdings by 1.51% (from 85,956,000 shares), yet simultaneously reduced its portfolio allocation to SNAP by 15.34%. This seemingly contradictory move reflects broader portfolio rebalancing rather than a loss of conviction.

FBGRX—Fidelity Blue Chip Growth Fund—holds 74,448,000 shares representing 5.08% ownership. This fund decreased its Snap position by 12.52% quarter-over-quarter and reduced portfolio allocation by 14.94%, suggesting a more defensive posture compared to Capital World Investors. Capital International Investors holds 37,780,000 shares (2.58% ownership), with a modest 0.25% increase in absolute holdings but a 16.63% reduction in portfolio weight.

Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) maintains 34,238,000 shares representing 2.34% of the company. The fund’s position decreased by 0.28% quarter-over-quarter, with portfolio allocation declining 11.23%. Rounding out the major holders, American Funds Insurance Series—Growth Fund Class 1 maintains 27,200,000 shares (1.86% ownership) with no change in the last quarter.

The pattern of institutional activity reveals a nuanced market dynamic: while several large shareholders are trimming their portfolio exposures, the B. Riley upgrade and the increased average fund weight suggest a shifting sentiment. This suggests that newer or smaller institutional positions may be entering or expanding on the back of improved analyst expectations and the Riley price target elevation.