Snap (NYSE:SNAP) Price Target Raised to $13.00

Snap (NYSE:SNAP) had its price objective lifted by Canaccord Genuity Group from $12.00 to $13.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a hold rating on the stock.

A number of other equities analysts also recently commented on SNAP. Morgan Stanley raised shares of Snap from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $12.00 to $16.00 in a research note on Tuesday, July 23rd. Stifel Nicolaus reduced their price objective on shares of Snap from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Monday, October 14th. UBS Group boosted their price objective on shares of Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday. Benchmark reissued a “hold” rating on shares of Snap in a research note on Friday, October 25th. Finally, Barclays reduced their price target on Snap from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Snap has an average rating of “Hold” and an average target price of $14.25.

Snap Stock Performance

Snap stock opened at $12.53 on Wednesday. The company has a 50 day moving average price of $10.18 and a 200-day moving average price of $12.72. The company has a debt-to-equity ratio of 1.63, a quick ratio of 3.98 and a current ratio of 4.04. Snap has a fifty-two week low of $8.29 and a fifty-two week high of $17.90. The company has a market capitalization of $20.79 billion, a PE ratio of -21.60 and a beta of 0.99.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.03. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The firm had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. The company’s revenue was up 15.4% on a year-over-year basis. As a group, equities analysts forecast that Snap will post -0.47 earnings per share for the current year.

Insider Buying and Selling at Snap

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total value of $8,690,000.00. Following the sale, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at approximately $508,832,634.97. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the sale, the chief technology officer now directly owns 58,553,813 shares in the company, valued at $508,832,634.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Evan Spiegel sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $8.85, for a total value of $1,327,500.00. Following the sale, the chief executive officer now owns 3,327,844 shares in the company, valued at $29,451,419.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,497,051 shares of company stock valued at $13,261,098. 22.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. GraniteShares Advisors LLC lifted its stake in Snap by 2.5% in the 2nd quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock worth $634,000 after purchasing an additional 941 shares in the last quarter. Charles Schwab Investment Advisory Inc. lifted its stake in Snap by 2.7% in the 1st quarter. Charles Schwab Investment Advisory Inc. now owns 35,807 shares of the company’s stock worth $411,000 after purchasing an additional 956 shares in the last quarter. Concurrent Investment Advisors LLC lifted its stake in Snap by 4.0% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock worth $448,000 after purchasing an additional 1,048 shares in the last quarter. DMC Group LLC lifted its stake in Snap by 10.5% in the 2nd quarter. DMC Group LLC now owns 15,583 shares of the company’s stock worth $259,000 after purchasing an additional 1,477 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Snap by 354.1% during the 2nd quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after buying an additional 1,682 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.