Bank of America Issues Positive Forecast for Snap (NYSE:SNAP) Stock Price

Snap (NYSE:SNAP) had its target price hoisted by Bank of America from $14.00 to $14.50 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price objective indicates a potential upside of 24.95% from the company’s current price.

Several other brokerages have also recently issued reports on SNAP. B. Riley increased their target price on Snap from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Wells Fargo & Company downgraded Snap from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $15.00 to $11.00 in a research report on Wednesday. JMP Securities reiterated a “market outperform” rating and issued a $16.00 target price on shares of Snap in a report on Monday, January 27th. Stifel Nicolaus lowered their price target on shares of Snap from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Monday, October 14th. Finally, Canaccord Genuity Group lifted their price objective on shares of Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $36.86.

Snap Price Performance

SNAP opened at $11.61 on Wednesday. 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 business’s fifty day simple moving average is $11.52 and its 200-day simple moving average is $10.89. The company has a market capitalization of $19.46 billion, a price-to-earnings ratio of -20.01 and a beta of 0.99. Snap has a 12-month low of $8.29 and a 12-month high of $17.50.

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

Insider Transactions at Snap

In other news, CAO Rebecca Morrow sold 11,154 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.55, for a total transaction of $117,674.70. Following the transaction, the chief accounting officer now directly owns 465,064 shares in the company, valued at $4,906,425.20. The trade was a 2.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Derek Andersen sold 94,164 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $11.44, for a total value of $1,077,236.16. Following the completion of the sale, the chief financial officer now owns 2,193,806 shares of the company’s stock, valued at $25,097,140.64. This trade represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 445,184 shares of company stock valued at $4,968,189 over the last ninety days.

Institutional Trading of Snap

Large investors have recently added to or reduced their stakes in the stock. Checchi Capital Advisers LLC grew its stake in shares of Snap by 3.0% in the 4th quarter. Checchi Capital Advisers LLC now owns 31,126 shares of the company’s stock valued at $335,000 after buying an additional 901 shares during the period. Los Angeles Capital Management LLC acquired a new position in Snap in the fourth quarter valued at approximately $7,614,000. Bank of New York Mellon Corp grew its position in Snap by 2.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company’s stock worth $16,565,000 after acquiring an additional 29,526 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Snap by 4.5% during the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 258,442 shares of the company’s stock worth $2,783,000 after acquiring an additional 11,100 shares during the last quarter. Finally, Zullo Investment Group Inc. acquired a new stake in Snap during the fourth quarter worth $115,000. 47.52% of the stock is currently 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.