Snap (NYSE:SNAP) Price Target Raised to $14.50

Snap (NYSE:SNAP) had its target price upped by Bank of America from $14.00 to $14.50 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Other research analysts also recently issued reports about the stock. Truist Financial upped their price target on shares of Snap from $13.00 to $14.00 and gave the stock a “hold” rating in a report on Wednesday, October 30th. The Goldman Sachs Group increased their price objective on Snap from $12.00 to $13.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. BMO Capital Markets restated an “outperform” rating and issued a $16.00 price objective (down from $18.00) on shares of Snap in a report on Wednesday, January 15th. Benchmark restated a “hold” rating on shares of Snap in a report on Friday, October 25th. Finally, Citigroup increased their price objective on Snap from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, November 29th. One investment analyst has rated the stock with a sell rating, twenty-four have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $36.87.

Snap Stock Up 2.0 %

NYSE SNAP opened at $10.91 on Wednesday. The business has a fifty day moving average price of $11.49 and a two-hundred day moving average price of $10.89. 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 has a fifty-two week low of $8.29 and a fifty-two week high of $17.33. The stock has a market capitalization of $18.29 billion, a PE ratio of -18.80 and a beta of 0.99.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share 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 analysts expect that Snap will post -0.39 earnings per share for the current fiscal year.

Insider Activity at Snap

In related news, General Counsel Michael J. O’sullivan sold 12,315 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.54, for a total value of $129,800.10. Following the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Rebecca Morrow sold 11,154 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.55, for a total transaction of $117,674.70. Following the completion of the transaction, the chief accounting officer now directly owns 465,064 shares in the company, valued at approximately $4,906,425.20. The trade was a 2.34 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 445,184 shares of company stock valued at $4,968,189. 22.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Snap

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Citizens Financial Group Inc. RI increased its stake in shares of Snap by 182.5% during the 4th quarter. Citizens Financial Group Inc. RI now owns 30,602 shares of the company’s stock worth $330,000 after purchasing an additional 19,769 shares during the last quarter. Independent Advisor Alliance increased its stake in shares of Snap by 19.4% during the 4th quarter. Independent Advisor Alliance now owns 20,105 shares of the company’s stock worth $217,000 after purchasing an additional 3,267 shares during the last quarter. Inceptionr LLC purchased a new stake in shares of Snap during the 4th quarter worth approximately $145,000. Raymond James Financial Inc. purchased a new stake in shares of Snap during the 4th quarter worth approximately $3,291,000. Finally, Arizona State Retirement System increased its stake in shares of Snap by 2.7% during the 4th quarter. Arizona State Retirement System now owns 306,137 shares of the company’s stock worth $3,297,000 after purchasing an additional 8,133 shares during the last quarter. Hedge funds and other 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.