Snap (NYSE:SNAP) Price Target Raised to $13.50 at The Goldman Sachs Group

Snap (NYSE:SNAP) had its target price upped by The Goldman Sachs Group from $12.00 to $13.50 in a research note published on Wednesday, Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts have also weighed in on SNAP. Benchmark restated a “hold” rating on shares of Snap in a research note on Friday, October 25th. JMP Securities raised shares of Snap from a “market perform” rating to an “outperform” rating and set a $17.00 target price on the stock in a research report on Wednesday, October 23rd. Wells Fargo & Company decreased their price target on shares of Snap from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, October 4th. Stifel Nicolaus dropped their price objective on shares of Snap from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Monday, October 14th. Finally, Bank of America raised their target price on Snap from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $14.25.

Snap Price Performance

NYSE SNAP opened at $12.60 on Wednesday. The firm’s fifty day simple moving average is $9.99 and its two-hundred day simple moving average is $12.69. The firm has a market capitalization of $20.68 billion, a P/E ratio of -15.56 and a beta of 1.01. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74. Snap has a 12-month low of $8.29 and a 12-month high of $17.90.

Snap (NYSE:SNAP) last announced its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.02. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.25 billion. Analysts forecast that Snap will post -0.47 EPS for the current fiscal year.

Insider Buying and Selling at Snap

In other news, CAO Rebecca Morrow sold 8,923 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.10, for a total transaction of $81,199.30. Following the transaction, the chief accounting officer now owns 472,405 shares in the company, valued at $4,298,885.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Rebecca Morrow sold 8,923 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.10, for a total transaction of $81,199.30. Following the completion of the sale, the chief accounting officer now owns 472,405 shares of the company’s stock, valued at $4,298,885.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the completion of the transaction, the chief technology officer now directly owns 58,553,813 shares in the company, valued at $508,832,634.97. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,490,617 shares of company stock valued at $13,183,890. Company insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

Several large investors have recently made changes to their positions in SNAP. TB Alternative Assets Ltd. boosted its stake in Snap by 105.6% during the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after purchasing an additional 4,098,847 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new position in shares of Snap in the third quarter worth about $832,000. Exchange Traded Concepts LLC boosted its position in Snap by 38.7% during the third quarter. Exchange Traded Concepts LLC now owns 784,982 shares of the company’s stock worth $8,399,000 after acquiring an additional 219,111 shares during the last quarter. APG Asset Management N.V. boosted its position in Snap by 3.9% during the second quarter. APG Asset Management N.V. now owns 2,957,491 shares of the company’s stock worth $45,835,000 after acquiring an additional 112,135 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its stake in Snap by 17.0% during the 3rd quarter. Vontobel Holding Ltd. now owns 327,705 shares of the company’s stock valued at $3,506,000 after acquiring an additional 47,717 shares in the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Snap Company Profile

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.