Canaccord Genuity Group Raises Snap (NYSE:SNAP) Price Target to $13.00

Snap (NYSE:SNAP) had its price objective boosted by Canaccord Genuity Group from $12.00 to $13.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a hold rating on the stock.

SNAP has been the topic of several other research reports. Cantor Fitzgerald restated a “neutral” rating and issued a $8.00 price target on shares of Snap in a research note on Monday, October 7th. Wolfe Research assumed coverage on Snap in a research note on Tuesday, July 16th. They set a “peer perform” rating on the stock. Hsbc Global Res downgraded Snap from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $14.00 target price on shares of Snap in a research note on Wednesday, September 18th. Finally, UBS Group increased their target price on Snap from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $14.25.

Snap Trading Up 3.0 %

SNAP opened at $12.53 on Wednesday. The business has a 50 day simple moving average of $10.18 and a two-hundred day simple moving average of $12.72. The firm has a market capitalization of $20.79 billion, a price-to-earnings ratio of -21.60 and a beta of 0.99. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 3.98. Snap has a one year low of $8.29 and a one year high of $17.90.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same quarter in the prior year, the company earned ($0.21) EPS. The business’s revenue was up 15.4% compared to the same quarter last year. Analysts predict that Snap will post -0.47 EPS for the current year.

Insider Buying and Selling at Snap

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the sale, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at $508,832,634.97. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, 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 value of $77,208.00. Following the sale, the director now directly owns 54,761 shares of the company’s stock, valued at approximately $657,132. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the completion of the sale, the chief technology officer now directly owns 58,553,813 shares in the company, valued at $508,832,634.97. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,497,051 shares of company stock valued at $13,261,098 over the last ninety days. 22.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Snap

Several large investors have recently made changes to their positions in SNAP. Kovack Advisors Inc. increased its holdings in shares of Snap by 29.1% in the first quarter. Kovack Advisors Inc. now owns 35,085 shares of the company’s stock worth $403,000 after purchasing an additional 7,900 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Snap by 11.3% during the first quarter. Commonwealth Equity Services LLC now owns 129,057 shares of the company’s stock valued at $1,482,000 after buying an additional 13,055 shares during the period. Private Advisor Group LLC boosted its position in shares of Snap by 69.6% during the first quarter. Private Advisor Group LLC now owns 77,061 shares of the company’s stock valued at $885,000 after buying an additional 31,631 shares during the period. Blackhawk Capital Partners LLC. purchased a new position in shares of Snap during the first quarter valued at approximately $115,000. Finally, Tobam boosted its position in shares of Snap by 13.0% during the first quarter. Tobam now owns 909,641 shares of the company’s stock valued at $10,443,000 after buying an additional 104,458 shares during the period. 47.52% of the stock is owned by 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.