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

Snap (NYSE:SNAP) had its price target lifted by equities research analysts at Truist Financial from $12.00 to $16.00 in a report released on Friday, Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s target price would suggest a potential upside of 9.59% from the company’s previous close.

Several other research analysts have also commented on the stock. Barclays upped their price objective on shares of Snap from $15.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday. Deutsche Bank Aktiengesellschaft raised shares of Snap from a “hold” rating to a “buy” rating and increased their price objective for the company from $10.00 to $19.00 in a research report on Friday, January 26th. UBS Group dropped their price target on shares of Snap from $14.00 to $13.00 and set a “neutral” rating on the stock in a report on Tuesday, April 16th. Morgan Stanley dropped their price target on shares of Snap from $13.00 to $11.00 and set an “underweight” rating on the stock in a report on Wednesday, February 7th. Finally, The Goldman Sachs Group dropped their price target on shares of Snap from $15.00 to $13.50 and set a “neutral” rating on the stock in a report on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $14.43.

Snap Price Performance

Shares of NYSE:SNAP traded up $3.20 on Friday, hitting $14.60. The company’s stock had a trading volume of 84,764,758 shares, compared to its average volume of 30,880,594. The company has a 50-day simple moving average of $11.19 and a 200 day simple moving average of $12.79. Snap has a 1 year low of $7.86 and a 1 year high of $17.90. The company has a market capitalization of $24.10 billion, a PE ratio of -17.36 and a beta of 1.13. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.39 and a quick ratio of 4.39.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Thursday, April 25th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.10. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.12 billion. Snap had a negative return on equity of 47.47% and a negative net margin of 28.71%. Sell-side analysts forecast that Snap will post -0.58 EPS for the current fiscal year.

Insider Buying and Selling at Snap

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $11.53, for a total transaction of $207,540.00. Following the transaction, the general counsel now directly owns 474,812 shares in the company, valued at $5,474,582.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Rebecca Morrow sold 9,386 shares of the 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 completion of the sale, the chief accounting officer now owns 495,526 shares in the company, valued at $5,520,159.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $11.53, for a total value of $207,540.00. Following the sale, the general counsel now 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. Over the last 90 days, insiders have sold 470,482 shares of company stock valued at $5,284,091. Insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. NBC Securities Inc. increased its position in shares of Snap by 2,580.4% during the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after purchasing an additional 1,445 shares during the period. Allworth Financial LP boosted its position in Snap by 161.6% during the fourth 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 shares of Snap in the fourth quarter worth about $51,000. Rakuten Securities Inc. acquired a new stake in shares of Snap in the fourth quarter worth about $73,000. Finally, Westpac Banking Corp increased its stake in shares of Snap by 108.7% in the fourth 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 period. 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.