Truist Financial Forecasts Strong Price Appreciation for Snap (NYSE:SNAP) Stock

Snap (NYSE:SNAP) had its target price boosted by equities researchers at Truist Financial from $13.00 to $14.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price target would indicate a potential upside of 15.13% from the company’s current price.

A number of other research analysts have also weighed in on the stock. The Goldman Sachs Group cut their target price on shares of Snap from $16.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Argus upgraded shares of Snap to a “hold” rating in a report on Thursday, August 8th. Bank of America lowered their price target on shares of Snap from $16.00 to $13.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Evercore ISI boosted their price objective on Snap from $12.00 to $15.00 and gave the stock an “in-line” rating in a research note on Wednesday. Finally, Hsbc Global Res downgraded Snap from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $14.25.

Snap Stock Down 3.6 %

SNAP opened at $12.16 on Wednesday. The company has a market capitalization of $19.96 billion, a PE ratio of -15.01 and a beta of 1.01. The firm has a 50-day simple moving average of $10.06 and a two-hundred day simple moving average of $12.69. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.74. Snap has a 52 week low of $8.29 and a 52 week high of $17.90.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.25 billion. Analysts forecast that Snap will post -0.47 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the transaction, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at $508,832,634.97. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the sale, the chief technology officer now owns 58,553,813 shares of the company’s stock, valued at approximately $508,832,634.97. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Evan Spiegel sold 150,000 shares of Snap stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $8.85, for a total value of $1,327,500.00. Following the completion of the transaction, the chief executive officer now owns 3,327,844 shares in the company, valued at $29,451,419.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,490,617 shares of company stock worth $13,183,890. 22.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SNAP. GraniteShares Advisors LLC boosted its stake in Snap by 2.5% in the second quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock valued at $634,000 after acquiring an additional 941 shares in the last quarter. Charles Schwab Investment Advisory Inc. increased its position in shares of Snap by 2.7% during the first quarter. Charles Schwab Investment Advisory Inc. now owns 35,807 shares of the company’s stock worth $411,000 after purchasing an additional 956 shares in the last quarter. Concurrent Investment Advisors LLC lifted its holdings in shares of Snap by 4.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock valued at $448,000 after purchasing an additional 1,048 shares during the last quarter. DMC Group LLC boosted its position in shares of Snap by 10.5% in the 2nd quarter. DMC Group LLC now owns 15,583 shares of the company’s stock worth $259,000 after purchasing an additional 1,477 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in Snap by 354.1% during the 2nd quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after buying an additional 1,682 shares during the last quarter. 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.