Canaccord Genuity Group Increases Snap (NYSE:SNAP) Price Target to $15.00

Snap (NYSE:SNAP) had its price objective raised by investment analysts at Canaccord Genuity Group from $14.00 to $15.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 31.58% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Piper Sandler increased their price objective on shares of Snap from $12.00 to $17.00 and gave the company a “neutral” rating in a research note on Wednesday, January 17th. Stifel Nicolaus decreased their price objective on shares of Snap from $14.00 to $12.00 and set a “hold” rating for the company in a research note on Tuesday, April 16th. BMO Capital Markets decreased their price objective on shares of Snap from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, February 7th. Royal Bank of Canada decreased their price objective on shares of Snap from $17.00 to $13.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 7th. Finally, Wells Fargo & Company decreased their price objective on shares of Snap from $22.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $14.00.

Snap Trading Up 2.9 %

SNAP opened at $11.40 on Friday. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.39 and a quick ratio of 4.39. Snap has a fifty-two week low of $7.86 and a fifty-two week high of $17.90. The firm has a market capitalization of $18.82 billion, a PE ratio of -13.73 and a beta of 1.13. The company’s 50-day moving average is $11.19 and its 200 day moving average is $12.79.

Snap (NYSE:SNAP) last posted its earnings results on Thursday, April 25th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. Snap had a negative net margin of 28.71% and a negative return on equity of 47.47%. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.12 billion. As a group, research analysts predict that Snap will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Eric Young sold 120,472 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $11.13, for a total value of $1,340,853.36. Following the completion of the transaction, the senior vice president now directly owns 3,540,852 shares of the company’s stock, valued at approximately $39,409,682.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, SVP Eric Young sold 120,472 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $11.13, for a total transaction of $1,340,853.36. Following the completion of the transaction, the senior vice president now directly owns 3,540,852 shares in the company, valued at approximately $39,409,682.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Derek Andersen sold 96,953 shares of Snap stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $10.99, for a total value of $1,065,513.47. Following the sale, the chief financial officer now owns 2,534,689 shares of the company’s stock, valued at approximately $27,856,232.11. The disclosure for this sale can be found here. In the last ninety days, insiders sold 470,482 shares of company stock valued at $5,284,091. Company insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

Large investors have recently modified their holdings of the business. NBC Securities Inc. boosted its position in shares of Snap by 2,580.4% during the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after acquiring an additional 1,445 shares during the last quarter. Allworth Financial LP lifted its position in Snap by 161.6% in the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after buying an additional 1,708 shares during the last quarter. ICA Group Wealth Management LLC bought a new stake in Snap in the 4th quarter worth approximately $51,000. Rakuten Securities Inc. bought a new stake in Snap in the 4th quarter worth approximately $73,000. Finally, Westpac Banking Corp lifted its position in Snap by 108.7% in the 4th quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock worth $81,000 after buying an additional 2,506 shares during the last quarter. Institutional investors own 47.52% of the company’s stock.

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.