Snap (NYSE:SNAP – Free Report) had its price target increased by Truist Financial from $12.00 to $16.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.
Several other research firms have also recently commented on SNAP. Wells Fargo & Company decreased their target price on Snap from $22.00 to $16.00 and set an overweight rating for the company in a research note on Wednesday, February 7th. Susquehanna increased their price target on Snap from $9.50 to $12.00 and gave the stock a neutral rating in a report on Wednesday, February 7th. Royal Bank of Canada lifted their price objective on shares of Snap from $13.00 to $16.00 and gave the company a sector perform rating in a research note on Friday. Roth Mkm reissued a neutral rating and set a $14.00 target price on shares of Snap in a research note on Tuesday. Finally, The Goldman Sachs Group reduced their price target on shares of Snap from $15.00 to $13.50 and set a neutral rating for the company in a report on Thursday, February 8th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of Hold and an average target price of $14.67.
Get Our Latest Research Report on Snap
Snap Stock Performance
Snap (NYSE:SNAP – Get Free Report) last announced 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. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.12 billion. Snap had a negative net margin of 26.99% and a negative return on equity of 45.02%. Research analysts anticipate that Snap will post -0.58 earnings per share for the current year.
Insider Activity
In related news, General Counsel Michael J. O’sullivan sold 13,000 shares of Snap stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total value of $210,080.00. Following the sale, the general counsel now owns 461,005 shares of the company’s stock, valued at approximately $7,449,840.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Snap news, General Counsel Michael J. O’sullivan sold 13,000 shares of the company’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total value of $210,080.00. Following the transaction, the general counsel now directly owns 461,005 shares in the company, valued at approximately $7,449,840.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Evan Spiegel sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $11.11, for a total value of $1,666,500.00. Following the transaction, the chief executive officer now owns 3,627,844 shares in the company, valued at $40,305,346.84. The disclosure for this sale can be found here. Insiders sold 470,482 shares of company stock valued at $5,284,091 in the last three months. Company insiders own 22.68% of the company’s stock.
Hedge Funds Weigh In On Snap
A number of hedge funds have recently modified their holdings of SNAP. Vanguard Group Inc. grew its stake in shares of Snap by 1.5% in the third quarter. Vanguard Group Inc. now owns 91,814,471 shares of the company’s stock worth $818,067,000 after purchasing an additional 1,352,655 shares during the last quarter. Jump Financial LLC raised its position in Snap by 565.4% during the 3rd quarter. Jump Financial LLC now owns 262,952 shares of the company’s stock valued at $2,343,000 after purchasing an additional 223,432 shares during the last quarter. Allworth Financial LP lifted its holdings 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 period. Illinois Municipal Retirement Fund bought a new stake in shares of Snap in the 3rd quarter worth approximately $423,000. Finally, Korea Investment CORP increased its stake in shares of Snap by 191.7% during the third quarter. Korea Investment CORP now owns 415,635 shares of the company’s stock valued at $3,703,000 after buying an additional 273,156 shares during the period. Hedge funds and other 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.
Further Reading
- Five stocks we like better than Snap
- Election Stocks: How Elections Affect the Stock Market
- MarketBeat Week in Review – 4/22 – 4/26
- Canadian Penny Stocks: Can They Make You Rich?
- 3 Stocks Leading the U.S. Agriculture Comeback
- 3 Tickers Leading a Meme Stock Revival
- How to Use Put Debit Spreads to Profit From Falling Stocks
Receive News & Ratings for Snap Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap and related companies with MarketBeat.com's FREE daily email newsletter.