Snap (NYSE:SNAP) Price Target Raised to $13.50

Snap (NYSE:SNAP) had its price target raised by The Goldman Sachs Group from $12.00 to $13.50 in a research report sent to investors on Wednesday morning, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

A number of other analysts have also recently weighed in on the stock. Canaccord Genuity Group boosted their target price on shares of Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Wednesday. Piper Sandler reaffirmed a “neutral” rating and set a $13.00 target price (up previously from $12.00) on shares of Snap in a research note on Wednesday. Hsbc Global Res cut shares of Snap from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Stifel Nicolaus cut their price target on shares of Snap from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Monday, October 14th. Finally, Wells Fargo & Company cut their price target on shares of Snap from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, October 4th. One equities research 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $14.25.

Snap Stock Up 3.0 %

Shares of SNAP opened at $12.53 on Wednesday. Snap has a 12 month low of $8.29 and a 12 month high of $17.90. The firm’s 50 day moving average is $10.18 and its 200-day moving average is $12.70. The stock has a market capitalization of $20.79 billion, a PE ratio of -21.60 and a beta of 0.99. The company has a current ratio of 4.04, a quick ratio of 3.98 and a debt-to-equity ratio of 1.63.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. The business had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The firm’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.21) earnings per share. Equities research analysts forecast that Snap will post -0.47 EPS for the current year.

Insider Transactions at Snap

In other news, Director Joanna Coles sold 6,434 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $12.00, for a total transaction of $77,208.00. Following the completion of the sale, the director now directly owns 54,761 shares of the company’s stock, valued at $657,132. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction dated 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 transaction, the chief technology officer now directly owns 58,553,813 shares in the company, valued at $508,832,634.97. The trade was 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, Director Joanna Coles sold 6,434 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $12.00, for a total transaction of $77,208.00. Following the completion of the transaction, the director now owns 54,761 shares in the company, valued at approximately $657,132. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,497,051 shares of company stock valued at $13,261,098 over the last three months. Corporate insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

A number of institutional investors have recently modified their holdings of SNAP. GraniteShares Advisors LLC grew its holdings in Snap by 2.5% in the 2nd quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock worth $634,000 after acquiring an additional 941 shares during the last quarter. Charles Schwab Investment Advisory Inc. lifted its position in shares of Snap by 2.7% in the 1st 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 period. Concurrent Investment Advisors LLC lifted its position in shares of Snap by 4.0% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock worth $448,000 after purchasing an additional 1,048 shares during the period. DMC Group LLC lifted 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 during the period. Finally, Blue Trust Inc. lifted its position in Snap by 354.1% during the 2nd quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after acquiring an additional 1,682 shares during the period. 47.52% of the stock is currently owned by hedge funds and other 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.