Morgan Stanley Increases Snap (NYSE:SNAP) Price Target to $12.00

Snap (NYSE:SNAP) had its price objective increased by analysts at Morgan Stanley from $11.00 to $12.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Morgan Stanley’s target price would suggest a potential downside of 19.35% from the stock’s previous close.

Several other equities research analysts have also commented on SNAP. Wells Fargo & Company cut their target price on Snap from $22.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 7th. BMO Capital Markets cut their price target on Snap from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, February 7th. Truist Financial increased their price target on Snap from $12.00 to $16.00 and gave the stock a “hold” rating in a report on Friday. Piper Sandler increased their price target on Snap from $12.00 to $17.00 and gave the stock a “neutral” rating in a report on Wednesday, January 17th. Finally, HSBC upgraded Snap from a “reduce” rating to a “buy” rating in a report on Friday. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $14.56.

Snap Trading Up 30.5 %

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

Snap (NYSE:SNAP) last issued its quarterly earnings results on Thursday, April 25th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.10. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Snap had a negative return on equity of 47.47% and a negative net margin of 28.71%. On average, equities research analysts anticipate that Snap will post -0.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction 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 in the company, valued at $5,474,582.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CAO Rebecca Morrow sold 2,442 shares of Snap stock in a transaction on Monday, March 18th. The stock was sold at an average price of $11.00, for a total transaction of $26,862.00. Following the completion of the sale, the chief accounting officer now owns 493,084 shares of the company’s stock, valued at $5,423,924. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $11.53, for a total value of $207,540.00. Following the sale, the general counsel now directly owns 474,812 shares of the company’s stock, valued at approximately $5,474,582.36. The disclosure for this sale can be found here. Insiders sold 470,482 shares of company stock valued at $5,284,091 over the last ninety days. 22.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snap

Several hedge funds have recently added to or reduced their stakes in the company. NBC Securities Inc. increased its holdings in shares of Snap by 2,580.4% in the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock worth $25,000 after buying an additional 1,445 shares during the period. Allworth Financial LP increased its holdings in Snap by 161.6% during 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 period. ICA Group Wealth Management LLC purchased a new position in Snap during the 4th quarter valued at about $51,000. Rakuten Securities Inc. purchased a new position in Snap during the 4th quarter valued at about $73,000. Finally, Westpac Banking Corp increased its holdings in Snap by 108.7% during the 4th quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock valued at $81,000 after purchasing an additional 2,506 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.