Truist Financial Increases Snap (NYSE:SNAP) Price Target to $16.00

Snap (NYSE:SNAP) had its target price increased by equities researchers at Truist Financial from $12.00 to $16.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price objective suggests a potential upside of 9.59% from the stock’s previous close.

SNAP has been the topic of a number of other reports. Royal Bank of Canada increased their price objective on Snap from $13.00 to $16.00 and gave the company a “sector perform” rating in a research report on Friday. Barclays raised their price target on shares of Snap from $15.00 to $17.00 and gave the stock an “overweight” rating in a research note on Friday. Rosenblatt Securities boosted their price objective on shares of Snap from $12.00 to $14.00 and gave the company a “neutral” rating in a research report on Friday. The Goldman Sachs Group reduced their target price on shares of Snap from $15.00 to $13.50 and set a “neutral” rating for the company in a report on Thursday, February 8th. Finally, Roth Mkm reaffirmed a “neutral” rating and set a $14.00 price target on shares of Snap in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Snap has a consensus rating of “Hold” and a consensus price target of $14.43.

Snap Price Performance

Shares of NYSE SNAP traded up $3.20 during trading hours on Friday, reaching $14.60. 84,764,758 shares of the stock traded hands, compared to its average volume of 30,880,594. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 1.55. The company’s 50-day simple moving average is $11.19 and its two-hundred day simple moving average is $12.79. The company has a market capitalization of $24.10 billion, a P/E ratio of -17.36 and a beta of 1.13. Snap has a 52-week low of $7.86 and a 52-week high of $17.90.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Thursday, April 25th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.10. Snap had a negative return on equity of 47.47% and a negative net margin of 28.71%. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.12 billion. Equities research analysts forecast that Snap will post -0.58 EPS for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNAP. Vanguard Group Inc. grew its holdings in shares of Snap by 1.5% during the third quarter. Vanguard Group Inc. now owns 91,814,471 shares of the company’s stock valued at $818,067,000 after buying an additional 1,352,655 shares during the last quarter. Jump Financial LLC raised its holdings in shares of Snap by 565.4% in the 3rd quarter. Jump Financial LLC now owns 262,952 shares of the company’s stock valued at $2,343,000 after purchasing an additional 223,432 shares in the last quarter. Allworth Financial LP raised its stake in shares of Snap by 161.6% during the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after acquiring an additional 1,708 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new position in Snap during the 3rd quarter valued at approximately $423,000. Finally, Korea Investment CORP boosted its holdings in shares of Snap by 191.7% in the 3rd quarter. Korea Investment CORP now owns 415,635 shares of the company’s stock valued at $3,703,000 after acquiring an additional 273,156 shares during the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

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.