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

Snap (NYSE:SNAP) had its price objective upped by analysts at Wells Fargo & Company from $14.00 to $15.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 22.65% from the company’s previous close.

Other analysts have also recently issued reports about the company. Benchmark restated a “hold” rating on shares of Snap in a research note on Friday, October 25th. Truist Financial raised their target price on Snap from $13.00 to $14.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald boosted their target price on Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $16.00 price target on shares of Snap in a research note on Wednesday, October 30th. Finally, Guggenheim restated a “buy” rating and set a $12.11 price objective on shares of Snap in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Snap presently has an average rating of “Hold” and an average target price of $37.13.

Snap Stock Down 1.9 %

SNAP stock traded down $0.24 during midday trading on Monday, hitting $12.23. The company’s stock had a trading volume of 6,467,826 shares, compared to its average volume of 25,936,488. The firm has a 50-day simple moving average of $11.59 and a 200-day simple moving average of $11.47. The firm has a market capitalization of $20.51 billion, a P/E ratio of -21.09 and a beta of 0.98. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63. Snap has a 52-week low of $8.29 and a 52-week high of $17.50.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter last year, the business posted ($0.21) EPS. The business’s quarterly revenue was up 15.4% compared to the same quarter last year. As a group, equities analysts forecast that Snap will post -0.4 EPS for the current year.

Insider Transactions at Snap

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $12.50, for a total value of $12,500,000.00. Following the sale, the chief technology officer now directly owns 57,210,989 shares in the company, valued at $715,137,362.50. The trade was a 1.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $10.84, for a total transaction of $195,120.00. Following the completion of the sale, the general counsel now directly owns 498,498 shares in the company, valued at approximately $5,403,718.32. The trade was a 3.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,451,618 shares of company stock valued at $17,560,157 in the last ninety days. 22.68% of the stock is currently owned by company insiders.

Institutional Trading of Snap

Large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its stake in Snap by 62.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after buying an additional 2,386,519 shares in the last quarter. TB Alternative Assets Ltd. boosted its stake in shares of Snap by 105.6% during the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after acquiring an additional 4,098,847 shares during the last quarter. Aigen Investment Management LP purchased a new stake in Snap during the 3rd quarter worth about $1,345,000. Invenomic Capital Management LP acquired a new position in Snap in the 3rd quarter valued at about $2,349,000. Finally, Dynamic Advisor Solutions LLC purchased a new position in Snap in the 3rd quarter valued at about $832,000. 47.52% of the stock is currently 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.