Snap (NYSE:SNAP) Price Target Raised to $15.00

Snap (NYSE:SNAP) had its price objective boosted by Evercore ISI from $12.00 to $15.00 in a report issued on Wednesday, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

Other equities research analysts also recently issued reports about the stock. Cantor Fitzgerald restated a “neutral” rating and issued a $8.00 price target on shares of Snap in a research note on Monday, October 7th. Piper Sandler restated a “neutral” rating and issued a $12.00 price target (down from $15.00) on shares of Snap in a research note on Friday, August 2nd. The Goldman Sachs Group reduced their price target on shares of Snap from $16.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $14.00 price target on shares of Snap in a research note on Wednesday, September 18th. Finally, Barclays cut their target price on shares of Snap from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $14.25.

Snap Price Performance

NYSE:SNAP opened at $12.53 on Wednesday. Snap has a 52 week low of $8.29 and a 52 week high of $17.90. The firm has a market cap of $20.79 billion, a price-to-earnings ratio of -21.60 and a beta of 0.99. The firm’s 50-day simple moving average is $10.18 and its 200 day simple moving average is $12.70. The company has a debt-to-equity ratio of 1.63, a quick ratio of 3.98 and a current ratio of 4.04.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same period last year, the firm earned ($0.21) EPS. The business’s quarterly revenue was up 15.4% compared to the same quarter last year. As a group, sell-side analysts predict that Snap will post -0.47 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Evan Spiegel sold 150,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were 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 directly owns 3,327,844 shares of the company’s stock, valued at approximately $29,451,419.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Evan Spiegel sold 150,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were 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 directly owns 3,327,844 shares of the company’s stock, valued at approximately $29,451,419.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were 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 approximately $508,832,634.97. 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 ninety days, insiders have sold 1,497,051 shares of company stock valued at $13,261,098. 22.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Snap

Several institutional investors have recently added to or reduced their stakes in SNAP. Kovack Advisors Inc. lifted its holdings in Snap by 29.1% during the first quarter. Kovack Advisors Inc. now owns 35,085 shares of the company’s stock valued at $403,000 after purchasing an additional 7,900 shares during the last quarter. Commonwealth Equity Services LLC increased its position in shares of Snap by 11.3% during the first quarter. Commonwealth Equity Services LLC now owns 129,057 shares of the company’s stock valued at $1,482,000 after buying an additional 13,055 shares during the period. Private Advisor Group LLC increased its position in shares of Snap by 69.6% during the first quarter. Private Advisor Group LLC now owns 77,061 shares of the company’s stock valued at $885,000 after buying an additional 31,631 shares during the period. Blackhawk Capital Partners LLC. bought a new stake in shares of Snap during the first quarter valued at about $115,000. Finally, Tobam increased its position in shares of Snap by 13.0% during the first quarter. Tobam now owns 909,641 shares of the company’s stock valued at $10,443,000 after buying an additional 104,458 shares during the period. 47.52% of the stock is 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.