Snap (NYSE:SNAP) Price Target Raised to $14.00

Snap (NYSE:SNAP) had its price target hoisted by Bank of America from $13.00 to $14.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price would suggest a potential upside of 15.13% from the stock’s previous close.

A number of other analysts have also commented on the company. JPMorgan Chase & Co. decreased their target price on Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $14.00 price target on shares of Snap in a research note on Wednesday, September 18th. Hsbc Global Res downgraded Snap from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Evercore ISI boosted their target price on Snap from $12.00 to $15.00 and gave the stock an “in-line” rating in a research note on Wednesday. Finally, Morgan Stanley upgraded Snap from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $12.00 to $16.00 in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $14.25.

Snap Stock Performance

SNAP stock opened at $12.16 on Wednesday. The stock has a 50-day moving average price of $10.06 and a 200-day moving average price of $12.69. Snap has a 1-year low of $8.29 and a 1-year 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 firm has a market cap of $19.96 billion, a PE ratio of -15.01 and a beta of 1.01.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.25 billion. As a group, equities research analysts expect that Snap will post -0.47 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Rebecca Morrow sold 8,923 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.10, for a total value of $81,199.30. Following the sale, the chief accounting officer now owns 472,405 shares in the company, valued at approximately $4,298,885.50. 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 accessible through the SEC website. In related news, CAO Rebecca Morrow sold 8,923 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.10, for a total value of $81,199.30. Following the transaction, the chief accounting officer now owns 472,405 shares of the company’s stock, valued at $4,298,885.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total value of $8,690,000.00. Following the completion of the transaction, the chief technology officer now directly owns 58,553,813 shares in the company, valued at approximately $508,832,634.97. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,490,617 shares of company stock worth $13,183,890. Corporate insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SNAP. GraniteShares Advisors LLC grew its stake in shares of Snap by 2.5% in the second quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock worth $634,000 after purchasing an additional 941 shares during the last quarter. Charles Schwab Investment Advisory Inc. grew its stake in shares of Snap by 2.7% in 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 during the last quarter. Concurrent Investment Advisors LLC lifted its holdings in Snap by 4.0% in the second quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock worth $448,000 after buying an additional 1,048 shares during the period. DMC Group LLC lifted its holdings in Snap by 10.5% in the second quarter. DMC Group LLC now owns 15,583 shares of the company’s stock worth $259,000 after buying an additional 1,477 shares during the period. Finally, Blue Trust Inc. lifted its holdings in Snap by 354.1% in the second 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 period. 47.52% of the stock is owned by institutional investors.

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.