Bank of America Increases Snap (NYSE:SNAP) Price Target to $14.50

Snap (NYSE:SNAP) had its price objective hoisted by Bank of America from $14.00 to $14.50 in a report released on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities analysts also recently commented on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $16.00 target price on shares of Snap in a research note on Wednesday, October 30th. Piper Sandler reissued a “neutral” rating and issued a $13.00 price objective (up from $12.00) on shares of Snap in a research report on Wednesday, October 30th. JMP Securities reaffirmed a “market outperform” rating and issued a $16.00 target price on shares of Snap in a research report on Monday, January 27th. B. Riley increased their target price on Snap from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Guggenheim reissued a “buy” rating and set a $12.11 price target on shares of Snap in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $36.87.

Snap Price Performance

SNAP stock opened at $10.67 on Wednesday. The company has a market cap of $17.89 billion, a PE ratio of -18.39 and a beta of 0.99. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 1.63. The stock has a 50-day moving average price of $11.51 and a two-hundred day moving average price of $10.89. Snap has a 12-month low of $8.29 and a 12-month high of $17.50.

Snap (NYSE:SNAP) last issued its earnings results on Tuesday, February 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. As a group, research analysts predict that Snap will post -0.39 EPS for the current year.

Insiders Place Their Bets

In other Snap news, SVP Eric Young sold 112,020 shares of Snap stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.55, for a total value of $1,181,811.00. Following the completion of the transaction, the senior vice president now directly owns 2,791,048 shares in the company, valued at $29,445,556.40. The trade was a 3.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Rebecca Morrow sold 32,000 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $12.42, for a total value of $397,440.00. Following the sale, the chief accounting officer now owns 433,064 shares in the company, valued at $5,378,654.88. The trade was a 6.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 445,184 shares of company stock valued at $4,968,189 over the last 90 days.

Institutional Investors Weigh In On Snap

A number of hedge funds have recently added to or reduced their stakes in SNAP. V Square Quantitative Management LLC acquired a new stake in shares of Snap in the 3rd quarter worth about $29,000. Paladin Wealth LLC bought a new position in Snap in the 3rd quarter valued at about $30,000. Advisors Asset Management Inc. increased its stake in Snap by 141.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock valued at $30,000 after buying an additional 1,632 shares during the period. Comprehensive Financial Planning Inc. PA bought a new stake in shares of Snap during the 4th quarter worth about $32,000. Finally, Brooklyn Investment Group acquired a new stake in shares of Snap in the 3rd quarter worth approximately $41,000. 47.52% of the stock is currently 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.