Citigroup Issues Positive Forecast for Snap (NYSE:SNAP) Stock Price

Snap (NYSE:SNAP) had its price objective boosted by research analysts at Citigroup from $13.00 to $13.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective points to a potential upside of 26.46% from the company’s previous close.

Several other brokerages also recently weighed in on SNAP. Needham & Company LLC reaffirmed a “buy” rating and set a $640.00 target price on shares of Snap in a research note on Thursday, December 5th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $16.00 target price on shares of Snap in a research note on Wednesday, October 30th. Truist Financial lifted their target price on Snap from $13.00 to $14.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. UBS Group lifted their target price on Snap from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Bank of America lifted their target price on Snap from $14.00 to $14.50 and gave the company a “neutral” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Snap currently has an average rating of “Hold” and an average price target of $36.87.

Snap Trading Up 0.4 %

Shares of NYSE SNAP opened at $10.68 on Wednesday. The company has a market cap of $17.90 billion, a price-to-earnings ratio of -18.40 and a beta of 0.99. Snap has a 12-month low of $8.29 and a 12-month high of $17.33. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 1.63. The stock’s 50 day simple moving average is $11.51 and its 200 day simple moving average is $10.89.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. Equities research analysts expect that Snap will post -0.39 EPS for the current year.

Insider Activity

In related news, General Counsel Michael J. O’sullivan sold 12,315 shares of Snap stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.54, for a total transaction of $129,800.10. Following the completion of the sale, the general counsel now owns 1,195,567 shares of the company’s stock, valued at approximately $12,601,276.18. This trade represents a 1.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Eric Young sold 112,020 shares of Snap stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.55, for a total value of $1,181,811.00. Following the sale, the senior vice president now directly owns 2,791,048 shares of the company’s stock, valued at approximately $29,445,556.40. The trade was a 3.86 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 445,184 shares of company stock worth $4,968,189.

Institutional Trading of Snap

Institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in Snap by 62.4% during 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 purchasing an additional 2,386,519 shares during the last quarter. TB Alternative Assets Ltd. boosted its position in Snap by 105.6% during the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after purchasing an additional 4,098,847 shares during the last quarter. Aigen Investment Management LP acquired a new stake in Snap during the third quarter valued at $1,345,000. Invenomic Capital Management LP acquired a new stake in Snap during the third quarter valued at $2,349,000. Finally, Dynamic Advisor Solutions LLC acquired a new stake in Snap during the third quarter valued at $832,000. Institutional investors and hedge funds 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.