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

Snap (NYSE:SNAP) had its price objective boosted by Citigroup from $11.00 to $13.00 in a research note published on Friday,Benzinga reports. They currently have a neutral rating on the stock.

Several other research analysts have also recently commented on SNAP. The Goldman Sachs Group increased their target price on shares of Snap from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. B. Riley lifted their target price on Snap from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Stifel Nicolaus dropped their target price on Snap from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Monday, October 14th. Susquehanna reduced their price target on Snap from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $16.00 price target on shares of Snap in a research report on Wednesday, October 30th. One 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 data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $14.33.

Snap Stock Performance

SNAP opened at $11.81 on Friday. The company has a market capitalization of $19.81 billion, a price-to-earnings ratio of -20.36 and a beta of 0.99. The business’s 50-day moving average price is $11.04 and its two-hundred day moving average price is $12.29. Snap has a 1 year low of $8.29 and a 1 year high of $17.90. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 4.04.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same quarter last year, the firm earned ($0.21) EPS. Snap’s revenue for the quarter was up 15.4% compared to the same quarter last year. Equities analysts expect that Snap will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $12.50, for a total transaction of $12,500,000.00. Following the completion of the sale, the chief technology officer now owns 57,210,989 shares of the company’s stock, valued at $715,137,362.50. This represents a 1.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Eric Young sold 50,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $10.54, for a total transaction of $527,000.00. Following the completion of the transaction, the senior vice president now directly owns 752,110 shares in the company, valued at approximately $7,927,239.40. This represents a 6.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,388,709 shares of company stock valued at $16,448,087. 22.68% of the stock is owned by company insiders.

Institutional Trading of Snap

Large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in Snap by 62.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after buying an additional 2,386,519 shares in the last quarter. TB Alternative Assets Ltd. increased its position in Snap by 105.6% during the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after purchasing an additional 4,098,847 shares in the last quarter. Aigen Investment Management LP bought a new position in Snap in the 3rd quarter valued at approximately $1,345,000. Dynamic Advisor Solutions LLC acquired a new stake in Snap in the third quarter valued at approximately $832,000. Finally, Entropy Technologies LP bought a new stake in shares of Snap during the third quarter worth $828,000. Institutional investors and hedge funds 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.