Snap (NYSE:SNAP) Given New $9.00 Price Target at Cantor Fitzgerald

Snap (NYSE:SNAP) had its price objective increased by Cantor Fitzgerald from $8.00 to $9.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other research analysts have also recently issued reports on SNAP. B. Riley increased their target price on shares of Snap from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Wednesday. Bank of America raised their target price on shares of Snap from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Wednesday. The Goldman Sachs Group decreased their target price on shares of Snap from $16.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Citigroup decreased their price target on shares of Snap from $16.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Finally, Truist Financial upped their price objective on Snap from $13.00 to $14.00 and gave the stock a “hold” rating in a report on Wednesday. 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $14.25.

Snap Trading Up 3.0 %

NYSE SNAP opened at $12.53 on Wednesday. The stock has a market capitalization of $20.79 billion, a P/E ratio of -21.60 and a beta of 0.99. Snap has a 52-week low of $8.29 and a 52-week high of $17.90. The firm has a 50-day moving average price of $10.18 and a 200 day moving average price of $12.70. The company has a quick ratio of 3.98, a current ratio of 4.04 and a debt-to-equity ratio of 1.63.

Snap (NYSE:SNAP) last issued its earnings results 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. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The company had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same period last year, the company posted ($0.21) earnings per share. The firm’s quarterly revenue was up 15.4% compared to the same quarter last year. Equities research analysts expect that Snap will post -0.47 EPS for the current year.

Insider Buying and Selling

In related news, CEO Evan Spiegel sold 150,000 shares of Snap stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.85, for a total value of $1,327,500.00. Following the transaction, the chief executive officer now owns 3,327,844 shares of the company’s stock, valued at approximately $29,451,419.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, SVP Eric Young sold 114,097 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.11, for a total value of $1,039,423.67. Following the completion of the sale, the senior vice president now directly owns 3,041,723 shares in the company, valued at approximately $27,710,096.53. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Evan Spiegel sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.85, for a total value of $1,327,500.00. Following the completion of the sale, the chief executive officer now owns 3,327,844 shares of the company’s stock, valued at approximately $29,451,419.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,497,051 shares of company stock valued at $13,261,098. 22.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Snap by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company’s stock worth $1,103,786,000 after buying an additional 830,889 shares during the period. Capital World Investors boosted its stake in Snap by 0.8% in the first quarter. Capital World Investors now owns 46,272,273 shares of the company’s stock worth $531,206,000 after purchasing an additional 385,191 shares in the last quarter. Marshall Wace LLP boosted its stake in Snap by 587.3% in the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock worth $243,629,000 after purchasing an additional 12,533,653 shares in the last quarter. Ossiam boosted its stake in Snap by 7.1% in the first quarter. Ossiam now owns 11,334,804 shares of the company’s stock worth $130,124,000 after purchasing an additional 751,846 shares in the last quarter. Finally, TB Alternative Assets Ltd. boosted its stake in Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after purchasing an additional 4,098,847 shares in the last quarter. 47.52% of the stock is owned by institutional investors.

About Snap

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.