Snap (NYSE:SNAP) Price Target Raised to $16.00

Snap (NYSE:SNAP) had its price objective increased by Royal Bank of Canada from $13.00 to $16.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has a sector perform rating on the stock.

Several other research analysts have also commented on SNAP. Wells Fargo & Company lowered their price target on Snap from $22.00 to $16.00 and set an overweight rating for the company in a research report on Wednesday, February 7th. Roth Mkm reaffirmed a neutral rating and issued a $14.00 target price on shares of Snap in a research report on Tuesday, April 23rd. Morgan Stanley cut their price target on shares of Snap from $13.00 to $11.00 and set an underweight rating on the stock in a research note on Wednesday, February 7th. Piper Sandler raised their price objective on shares of Snap from $12.00 to $17.00 and gave the company a neutral rating in a research note on Wednesday, January 17th. Finally, HSBC raised shares of Snap from a reduce rating to a buy rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Snap has an average rating of Hold and a consensus target price of $14.79.

Snap Stock Down 0.4 %

Shares of SNAP opened at $14.49 on Friday. The company’s 50-day moving average price is $11.33 and its 200 day moving average price is $12.93. Snap has a 12-month low of $7.86 and a 12-month high of $17.90. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 1.55. The firm has a market cap of $23.92 billion, a P/E ratio of -17.89 and a beta of 1.13.

Snap (NYSE:SNAP) last released its quarterly earnings results on Thursday, April 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. Snap had a negative net margin of 26.99% and a negative return on equity of 45.02%. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.12 billion. On average, sell-side analysts forecast that Snap will post -0.58 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $11.53, for a total value of $207,540.00. Following the completion of the transaction, the general counsel now directly owns 474,812 shares of the company’s stock, valued at $5,474,582.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $11.53, for a total transaction of $207,540.00. Following the sale, the general counsel now directly owns 474,812 shares in the company, valued at approximately $5,474,582.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Rebecca Morrow sold 9,386 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $11.14, for a total transaction of $104,560.04. Following the completion of the transaction, the chief accounting officer now owns 495,526 shares of the company’s stock, valued at approximately $5,520,159.64. The disclosure for this sale can be found here. Insiders sold a total of 470,482 shares of company stock worth $5,284,091 over the last 90 days. 22.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. NBC Securities Inc. lifted its stake in Snap by 2,580.4% in the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after buying an additional 1,445 shares during the last quarter. Allworth Financial LP raised its position in Snap by 161.6% in the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after purchasing an additional 1,708 shares during the last quarter. ICA Group Wealth Management LLC acquired a new stake in Snap during the 4th quarter worth $51,000. Rakuten Securities Inc. acquired a new stake in Snap during the 4th quarter worth $73,000. Finally, Westpac Banking Corp grew its position in Snap by 108.7% during the 4th quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock worth $81,000 after purchasing an additional 2,506 shares during the last quarter. Hedge funds and other 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.