Evercore ISI Raises Snap (NYSE:SNAP) Price Target to $14.00

Snap (NYSE:SNAP) had its price target hoisted by Evercore ISI from $13.00 to $14.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s target price would suggest a potential downside of 5.91% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Susquehanna increased their target price on Snap from $9.50 to $12.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 7th. HSBC upgraded Snap from a “reduce” rating to a “buy” rating in a research report on Friday. Morgan Stanley cut their target price on Snap from $13.00 to $11.00 and set an “underweight” rating on the stock in a report on Wednesday, February 7th. The Goldman Sachs Group dropped their price objective on Snap from $15.00 to $13.50 and set a “neutral” rating on the stock in a research note on Thursday, February 8th. Finally, Stifel Nicolaus boosted their price objective on Snap from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Snap currently has a consensus rating of “Hold” and a consensus price target of $14.56.

Snap Trading Up 30.5 %

NYSE:SNAP traded up $3.48 on Friday, reaching $14.88. The company’s stock had a trading volume of 98,003,842 shares, compared to its average volume of 31,036,756. Snap has a 1-year low of $7.86 and a 1-year high of $17.90. The company has a debt-to-equity ratio of 1.55, a quick ratio of 4.39 and a current ratio of 4.39. The firm has a market cap of $24.56 billion, a PE ratio of -17.93 and a beta of 1.13. The business’s 50-day moving average price is $11.19 and its two-hundred day moving average price is $12.79.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Thursday, April 25th. The company reported ($0.14) earnings per share for the quarter, topping 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 company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Equities research analysts anticipate that Snap will post -0.58 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Rebecca Morrow sold 9,386 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $11.14, for a total value of $104,560.04. Following the sale, the chief accounting officer now directly owns 495,526 shares of the company’s stock, valued at $5,520,159.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Snap news, General Counsel Michael J. O’sullivan sold 13,000 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were 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 directly owns 461,005 shares in the company, valued at $7,449,840.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Rebecca Morrow sold 9,386 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $11.14, for a total transaction of $104,560.04. Following the completion of the sale, the chief accounting officer now owns 495,526 shares of the company’s stock, valued at $5,520,159.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 470,482 shares of company stock valued at $5,284,091. 22.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snap

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position 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 acquiring an additional 1,352,655 shares in the last quarter. Jump Financial LLC increased its position in shares of Snap by 565.4% during the third quarter. Jump Financial LLC now owns 262,952 shares of the company’s stock valued at $2,343,000 after acquiring an additional 223,432 shares in the last quarter. Allworth Financial LP grew its position in Snap by 161.6% in the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after purchasing an additional 1,708 shares during the period. Illinois Municipal Retirement Fund bought a new stake in Snap in the 3rd quarter worth approximately $423,000. Finally, Korea Investment CORP grew its position in Snap by 191.7% in the 3rd quarter. Korea Investment CORP now owns 415,635 shares of the company’s stock worth $3,703,000 after purchasing an additional 273,156 shares during the period. 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.