Snap (NYSE:SNAP) Price Target Raised to $16.00

Snap (NYSE:SNAP) had its price objective raised by stock analysts at Loop Capital from $14.00 to $16.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Loop Capital’s price target suggests a potential upside of 31.26% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. HSBC cut shares of Snap from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Susquehanna lowered their price target on Snap from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. The Goldman Sachs Group upped their price objective on Snap from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Citigroup decreased their price objective on Snap from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Finally, Argus upgraded Snap to a “hold” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $14.31.

Snap Price Performance

Shares of SNAP traded up $0.07 during midday trading on Tuesday, hitting $12.19. 21,789,913 shares of the company traded hands, compared to its average volume of 27,658,547. Snap has a one year low of $8.29 and a one year high of $17.90. The firm has a market cap of $20.23 billion, a P/E ratio of -21.02 and a beta of 0.99. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 4.04. The stock has a 50-day moving average of $10.23 and a 200-day moving average of $12.73.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.03. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The firm’s quarterly revenue was up 15.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.21) earnings per share. As a group, sell-side analysts predict that Snap will post -0.41 EPS for the current fiscal year.

Insider Activity at Snap

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $12.50, for a total value of $12,500,000.00. Following the completion of the transaction, the chief technology officer now directly owns 57,210,989 shares of the company’s stock, valued at $715,137,362.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $12.50, for a total value of $12,500,000.00. Following the sale, the chief technology officer now directly owns 57,210,989 shares of the company’s stock, valued at $715,137,362.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Rebecca Morrow sold 8,923 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.10, for a total transaction 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 1,365,051 shares of company stock worth $15,965,178 over the last quarter.

Hedge Funds Weigh In On Snap

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Snap by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company’s stock valued at $1,103,786,000 after purchasing an additional 830,889 shares during the last quarter. Capital World Investors increased its position in shares of Snap by 0.8% during the first quarter. Capital World Investors now owns 46,272,273 shares of the company’s stock valued at $531,206,000 after acquiring an additional 385,191 shares in the last quarter. Marshall Wace LLP raised its holdings in Snap by 587.3% in the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock worth $243,629,000 after acquiring an additional 12,533,653 shares during the last quarter. Ossiam lifted its position in Snap by 7.1% in the 1st quarter. Ossiam now owns 11,334,804 shares of the company’s stock valued at $130,124,000 after acquiring an additional 751,846 shares in the last quarter. Finally, TB Alternative Assets Ltd. boosted its stake in Snap by 105.6% during the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after purchasing an additional 4,098,847 shares during the last quarter. 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.