Snap (NYSE:SNAP) Price Target Raised to $15.00

Snap (NYSE:SNAP) had its price objective boosted by Evercore ISI from $12.00 to $15.00 in a report issued on Wednesday, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

A number of other analysts have also commented on the company. Piper Sandler restated a “neutral” rating and issued a $12.00 price target (down from $15.00) on shares of Snap in a report on Friday, August 2nd. JPMorgan Chase & Co. reduced their price target on Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a research report on Friday, August 2nd. Roth Mkm reiterated a “neutral” rating and issued a $14.00 price objective on shares of Snap in a report on Wednesday, September 18th. B. Riley assumed coverage on shares of Snap in a report on Friday, September 20th. They set a “neutral” rating and a $11.00 target price for the company. Finally, Barclays decreased their target price on shares of Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.25.

Snap Price Performance

Shares of SNAP opened at $12.53 on Wednesday. The stock has a market cap of $20.79 billion, a P/E ratio of -21.60 and a beta of 0.99. The stock’s 50-day moving average price is $10.18 and its two-hundred day moving average price is $12.70. The company has a current ratio of 4.04, a quick ratio of 3.98 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 released its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the prior year, the company earned ($0.21) earnings per share. The business’s quarterly revenue was up 15.4% compared to the same quarter last year. On average, equities analysts predict that Snap will post -0.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Joanna Coles sold 6,434 shares of Snap stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $12.00, for a total value of $77,208.00. Following the completion of the sale, the director now directly owns 54,761 shares in the company, valued at approximately $657,132. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Joanna Coles sold 6,434 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $12.00, for a total transaction of $77,208.00. Following the completion of the sale, the director now owns 54,761 shares of the company’s stock, valued at $657,132. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Rebecca Morrow sold 8,923 shares of the firm’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 transaction, the chief accounting officer now directly owns 472,405 shares in the company, valued at approximately $4,298,885.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,497,051 shares of company stock worth $13,261,098 in the last quarter. 22.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Snap

Several large investors have recently bought and sold shares of the business. Marshall Wace LLP increased its holdings in shares of Snap by 587.3% during the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock worth $243,629,000 after buying an additional 12,533,653 shares in the last quarter. TB Alternative Assets Ltd. increased its holdings in Snap by 105.6% in 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 in the last quarter. Discovery Capital Management LLC CT bought a new position in Snap in the second quarter valued at about $22,591,000. Assenagon Asset Management S.A. boosted its stake in shares of Snap by 74.0% during the second quarter. Assenagon Asset Management S.A. now owns 2,824,354 shares of the company’s stock valued at $46,913,000 after purchasing an additional 1,201,565 shares in the last quarter. Finally, Curated Wealth Partners LLC grew its holdings in shares of Snap by 200.0% during the second quarter. Curated Wealth Partners LLC now owns 536,541 shares of the company’s stock worth $8,912,000 after purchasing an additional 1,073,082 shares during the last quarter. 47.52% of the stock is owned by institutional investors and hedge funds.

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.