Snap (NYSE:SNAP) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Snap (NYSE:SNAP) had its price objective boosted by research analysts at The Goldman Sachs Group from $12.00 to $13.50 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 11.02% from the company’s previous close.

Several other research analysts have also weighed in on the stock. B. Riley raised their price objective on shares of Snap from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. dropped their price target on shares of Snap from $13.00 to $11.00 and set an “underweight” rating on the stock in a research report on Friday, August 2nd. Citigroup dropped their target price on shares of Snap from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Hsbc Global Res downgraded shares of Snap from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $16.00 price objective on shares of Snap in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, twenty-two have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Snap currently has a consensus rating of “Hold” and an average price target of $14.25.

Snap Stock Performance

Shares of SNAP stock opened at $12.16 on Wednesday. The company’s fifty day simple moving average is $10.06 and its 200-day simple moving average is $12.69. Snap has a 52 week low of $8.29 and a 52 week high of $17.90. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74. The company has a market cap of $19.96 billion, a PE ratio of -15.01 and a beta of 1.01.

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

Insider Activity

In other Snap news, CFO Derek Andersen sold 97,608 shares of Snap stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $9.29, for a total value of $906,778.32. Following the transaction, the chief financial officer now directly owns 2,287,970 shares of the company’s stock, valued at $21,255,241.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the completion of the sale, the chief technology officer now owns 58,553,813 shares in the company, valued at $508,832,634.97. This 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 hyperlink. Also, CFO Derek Andersen sold 97,608 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $9.29, for a total value of $906,778.32. Following the sale, the chief financial officer now owns 2,287,970 shares of the company’s stock, valued at $21,255,241.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,490,617 shares of company stock worth $13,183,890. 22.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snap

Institutional investors and hedge funds have recently modified their holdings of the business. V Square Quantitative Management LLC acquired a new stake in shares of Snap in the 3rd quarter worth $29,000. Paladin Wealth LLC acquired a new position in shares of Snap in the 3rd quarter valued at about $30,000. Hollencrest Capital Management purchased a new position in shares of Snap in the 2nd quarter valued at about $33,000. Blue Trust Inc. increased 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 in the last quarter. Finally, Rothschild Investment LLC purchased a new stake in Snap during the 2nd quarter worth approximately $40,000. 47.52% of the stock is owned by institutional investors.

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.