The Goldman Sachs Group Issues Positive Forecast for Snap (NYSE:SNAP) Stock Price

Snap (NYSE:SNAP) had its price objective increased by The Goldman Sachs Group from $12.00 to $13.50 in a research report sent to investors on Wednesday morning, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Several other research analysts have also weighed in on the company. HSBC lowered Snap from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Citigroup lowered their price target on Snap from $16.00 to $11.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Roth Mkm restated a “neutral” rating and issued a $14.00 price objective on shares of Snap in a report on Wednesday, September 18th. Argus upgraded shares of Snap to a “hold” rating in a research report on Thursday, August 8th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $16.00 price objective on shares of Snap in a report on Wednesday. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $14.25.

Snap Trading Up 15.7 %

Shares of SNAP stock opened at $12.60 on Wednesday. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74. Snap has a twelve month low of $8.29 and a twelve month high of $17.90. The company’s 50-day moving average price is $9.99 and its 200-day moving average price is $12.69. The stock has a market cap of $20.68 billion, a price-to-earnings ratio of -15.56 and a beta of 1.01.

Snap (NYSE:SNAP) last posted its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.02. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.25 billion. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. As a group, equities analysts predict that Snap will post -0.47 earnings per share for the current year.

Insider Transactions at Snap

In other news, SVP Eric Young sold 114,097 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.11, for a total transaction of $1,039,423.67. Following the sale, the senior vice president now owns 3,041,723 shares of the company’s stock, valued at approximately $27,710,096.53. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Snap news, SVP Eric Young sold 114,097 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.11, for a total value of $1,039,423.67. Following the transaction, the senior vice president now directly owns 3,041,723 shares in the company, valued at $27,710,096.53. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Derek Andersen sold 97,608 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction of $906,778.32. Following the sale, the chief financial officer now owns 2,287,970 shares of the company’s stock, valued at $21,255,241.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,490,617 shares of company stock valued at $13,183,890. 22.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. TB Alternative Assets Ltd. boosted its holdings in shares of Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after acquiring an additional 4,098,847 shares during the period. Dynamic Advisor Solutions LLC purchased a new stake in Snap in the 3rd quarter valued at $832,000. Exchange Traded Concepts LLC raised its position in Snap by 38.7% in the 3rd quarter. Exchange Traded Concepts LLC now owns 784,982 shares of the company’s stock valued at $8,399,000 after purchasing an additional 219,111 shares during the last quarter. APG Asset Management N.V. boosted its stake in Snap by 3.9% during the 2nd quarter. APG Asset Management N.V. now owns 2,957,491 shares of the company’s stock worth $45,835,000 after purchasing an additional 112,135 shares during the period. Finally, Vontobel Holding Ltd. grew its position in Snap by 17.0% during the 3rd quarter. Vontobel Holding Ltd. now owns 327,705 shares of the company’s stock worth $3,506,000 after purchasing an additional 47,717 shares during the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

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.