Bank of America Forecasts Strong Price Appreciation for Snap (NYSE:SNAP) Stock

Snap (NYSE:SNAP) had its price objective raised by Bank of America from $13.00 to $14.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. cut their target price on shares of Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a research report on Friday, August 2nd. HSBC lowered shares of Snap from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Piper Sandler reiterated a “neutral” rating and issued a $13.00 target price (up from $12.00) on shares of Snap in a research report on Wednesday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $16.00 target price on shares of Snap in a research report on Wednesday. Finally, UBS Group upped their target price on shares of Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday. One equities 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. Based on data from MarketBeat, Snap currently has an average rating of “Hold” and an average target price of $14.25.

Snap Trading Up 3.0 %

Shares of SNAP stock opened at $12.53 on Wednesday. The company’s fifty day simple moving average is $10.18 and its two-hundred day simple moving average is $12.72. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 3.98. Snap has a 1 year low of $8.29 and a 1 year high of $17.90. The stock has a market capitalization of $20.79 billion, a price-to-earnings ratio of -21.60 and a beta of 0.99.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The business’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.21) EPS. As a group, analysts anticipate that Snap will post -0.47 earnings per share for the current year.

Insider Activity at Snap

In related news, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the sale, 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 document filed with the SEC, which is available through this hyperlink. In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction on 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 sale, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this link. Also, Director Joanna Coles sold 6,434 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total value of $77,208.00. Following the completion of the sale, the director now directly owns 54,761 shares in the company, valued at $657,132. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,497,051 shares of company stock worth $13,261,098 over the last ninety days. 22.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Snap

Hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management bought a new stake in Snap in the second quarter worth $33,000. Blue Trust Inc. boosted 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 acquiring an additional 1,682 shares in the last quarter. Rothschild Investment LLC bought a new stake in Snap in the second quarter worth $40,000. V Square Quantitative Management LLC bought a new stake in Snap in the third quarter worth $29,000. Finally, Paladin Wealth LLC purchased a new position in shares of Snap in the third quarter worth $30,000. 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.