Snap (NYSE:SNAP) Price Target Raised to $13.00 at Citigroup

Snap (NYSE:SNAP) had its price target lifted by Citigroup from $11.00 to $13.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts have also recently issued reports about the company. Piper Sandler reaffirmed a “neutral” rating and set a $13.00 price objective (up from $12.00) on shares of Snap in a research note on Wednesday, October 30th. Barclays lowered their price objective on Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Bank of America raised their target price on shares of Snap from $13.00 to $14.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. The Goldman Sachs Group upped their price target on shares of Snap from $12.00 to $13.50 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Evercore ISI raised their price target on shares of Snap from $12.00 to $15.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $14.39.

Snap Stock Performance

Shares of NYSE SNAP opened at $11.81 on Friday. The stock has a market cap of $19.80 billion, a price-to-earnings ratio of -20.35 and a beta of 0.99. The stock’s 50-day moving average is $11.04 and its 200 day moving average is $12.34. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 1.63. Snap has a 1-year low of $8.29 and a 1-year high of $17.90.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same period in the previous year, the business posted ($0.21) EPS. The business’s quarterly revenue was up 15.4% on a year-over-year basis. On average, sell-side analysts anticipate that Snap will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $12.50, for a total transaction of $12,500,000.00. Following the sale, the chief technology officer now directly owns 57,210,989 shares of the company’s stock, valued at approximately $715,137,362.50. This represents a 1.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joanna Coles sold 6,434 shares of Snap stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total transaction of $77,208.00. Following the completion of the transaction, the director now directly owns 54,761 shares of the company’s stock, valued at $657,132. This trade represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,388,709 shares of company stock worth $16,448,087 in the last 90 days. Insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

Several institutional investors have recently added to or reduced their stakes in SNAP. GraniteShares Advisors LLC boosted its holdings in shares of Snap by 2.5% during the 2nd quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock valued at $634,000 after acquiring an additional 941 shares during the last quarter. Concurrent Investment Advisors LLC raised its stake in Snap by 4.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock valued at $448,000 after buying an additional 1,048 shares during the last quarter. Metis Global Partners LLC lifted its holdings in shares of Snap by 6.9% during the 3rd quarter. Metis Global Partners LLC now owns 19,352 shares of the company’s stock valued at $207,000 after buying an additional 1,255 shares during the period. Intech Investment Management LLC boosted its stake in shares of Snap by 1.9% in the 3rd quarter. Intech Investment Management LLC now owns 77,592 shares of the company’s stock worth $830,000 after buying an additional 1,433 shares during the last quarter. Finally, DMC Group LLC grew its holdings in shares of Snap by 10.5% in the second quarter. DMC Group LLC now owns 15,583 shares of the company’s stock worth $259,000 after acquiring an additional 1,477 shares during the period. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

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.