Snap (NYSE:SNAP) Price Target Raised to $13.50 at Citigroup

Snap (NYSE:SNAP) had its price target boosted by Citigroup from $13.00 to $13.50 in a report released on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other brokerages have also recently issued reports on SNAP. B. Riley raised their price objective on Snap from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. JMP Securities reiterated a “market outperform” rating and issued a $16.00 price objective on shares of Snap in a research report on Monday, January 27th. Canaccord Genuity Group raised their target price on shares of Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Wednesday, October 30th. Barclays reiterated an “overweight” rating on shares of Snap in a report on Wednesday. Finally, Benchmark reissued a “hold” rating on shares of Snap in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $36.87.

Snap Trading Down 8.1 %

Shares of Snap stock opened at $10.67 on Wednesday. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 4.04. Snap has a 1 year low of $8.29 and a 1 year high of $17.50. The firm has a market cap of $17.89 billion, a PE ratio of -18.39 and a beta of 0.99. The company has a 50 day simple moving average of $11.51 and a two-hundred day simple moving average of $10.89.

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

Insider Buying and Selling

In other news, SVP Eric Young sold 112,020 shares of the business’s stock in a transaction 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $11.49, for a total value of $206,820.00. Following the sale, the general counsel now directly owns 480,498 shares in the company, valued at $5,520,922.02. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 445,184 shares of company stock worth $4,968,189 in the last quarter.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new stake in Snap in the 3rd quarter worth approximately $29,000. Paladin Wealth LLC bought a new stake in shares of Snap in the third quarter worth $30,000. Advisors Asset Management Inc. grew its holdings in shares of Snap by 141.9% in the third quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock worth $30,000 after acquiring an additional 1,632 shares during the period. Comprehensive Financial Planning Inc. PA purchased a new stake in Snap during the fourth quarter valued at $32,000. Finally, Brooklyn Investment Group bought a new position in Snap in the third quarter valued at about $41,000. Institutional investors own 47.52% of the company’s stock.

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.