Snap (NYSE:SNAP) Price Target Raised to $14.00

Snap (NYSE:SNAP) had its target price raised by Evercore ISI from $13.00 to $14.00 in a report released on Friday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

Several other research firms have also issued reports on SNAP. UBS Group reduced their target price on shares of Snap from $14.00 to $13.00 and set a neutral rating for the company in a research note on Tuesday, April 16th. BMO Capital Markets reduced their price objective on shares of Snap from $22.00 to $20.00 and set an outperform rating for the company in a research report on Wednesday, February 7th. The Goldman Sachs Group dropped their target price on shares of Snap from $15.00 to $13.50 and set a neutral rating on the stock in a research report on Thursday, February 8th. Rosenblatt Securities upped their target price on Snap from $12.00 to $14.00 and gave the company a neutral rating in a report on Friday. Finally, Wells Fargo & Company dropped their price target on Snap from $22.00 to $16.00 and set an overweight rating on the stock in a report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $14.79.

Snap Price Performance

Shares of NYSE SNAP opened at $14.49 on Friday. The stock has a market cap of $23.92 billion, a price-to-earnings ratio of -17.89 and a beta of 1.13. The company has a debt-to-equity ratio of 1.55, a quick ratio of 4.39 and a current 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’s 50-day simple moving average is $11.33 and its 200 day simple moving average is $12.93.

Snap (NYSE:SNAP) last posted its earnings results on Thursday, April 25th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.12 billion. Snap had a negative return on equity of 45.02% and a negative net margin of 26.99%. As a group, research analysts anticipate that Snap will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Snap

In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of Snap stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of the company’s stock in a transaction 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 directly 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 can be accessed through this hyperlink. Also, SVP Eric Young sold 120,472 shares of the business’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 $39,409,682.76. The disclosure for this sale can be found here. Insiders sold a total of 470,482 shares of company stock valued at $5,284,091 in the last ninety days. Corporate insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNAP. HCR Wealth Advisors increased its stake in Snap by 10.0% during the third quarter. HCR Wealth Advisors now owns 23,162 shares of the company’s stock worth $206,000 after purchasing an additional 2,098 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Snap by 7.6% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 191,542 shares of the company’s stock valued at $1,707,000 after acquiring an additional 13,500 shares during the last quarter. Compass Advisory Group LLC boosted its position in shares of Snap by 13.2% in the 3rd quarter. Compass Advisory Group LLC now owns 13,678 shares of the company’s stock valued at $122,000 after purchasing an additional 1,591 shares during the period. Avaii Wealth Management LLC boosted its holdings in shares of Snap by 24.2% in the third quarter. Avaii Wealth Management LLC now owns 15,819 shares of the company’s stock valued at $141,000 after acquiring an additional 3,080 shares during the period. Finally, Forsta AP Fonden grew its position in Snap by 3.6% during the 3rd quarter. Forsta AP Fonden now owns 238,700 shares of the company’s stock worth $2,127,000 after purchasing an additional 8,400 shares during the last quarter. Institutional investors and hedge funds 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.