Snap (NYSE:SNAP) Price Target Raised to $14.00

Snap (NYSE:SNAP) had its price target upped by Truist Financial from $13.00 to $14.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price objective suggests a potential upside of 11.11% from the stock’s previous close.

SNAP has been the topic of several other reports. Morgan Stanley raised shares of Snap from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $12.00 to $16.00 in a research note on Tuesday, July 23rd. Citigroup cut their price objective on Snap from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Bank of America decreased their target price on Snap from $16.00 to $13.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. B. Riley began coverage on Snap in a report on Friday, September 20th. They set a “neutral” rating and a $11.00 price target on the stock. Finally, Susquehanna decreased their price objective on Snap from $15.00 to $12.00 and set a “neutral” rating for the company in a research note 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 given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $14.19.

Snap Trading Up 15.7 %

NYSE:SNAP traded up $1.71 during trading hours on Wednesday, reaching $12.60. 58,364,191 shares of the stock were exchanged, compared to its average volume of 27,129,861. Snap has a twelve month low of $8.29 and a twelve month high of $17.90. The business has a 50-day moving average of $9.99 and a two-hundred day moving average of $12.69. The company has a market capitalization of $20.68 billion, a price-to-earnings ratio of -15.56 and a beta of 1.01. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.74.

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

Insider Activity

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction on 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 sale, the chief technology officer now owns 58,553,813 shares in the company, valued at $508,832,634.97. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $10.81, for a total transaction of $194,580.00. Following the completion of the sale, the general counsel now owns 489,058 shares in the company, valued at $5,286,716.98. This represents 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 through this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of Snap stock in a transaction on 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 owns 58,553,813 shares in the company, valued at approximately $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 1,490,617 shares of company stock valued at $13,183,890 in the last ninety days. 22.68% of the stock is currently owned by company insiders.

Institutional Trading of Snap

Hedge funds have recently made changes to their positions in the company. TB Alternative Assets Ltd. increased 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 worth $85,406,000 after acquiring an additional 4,098,847 shares during the period. Dynamic Advisor Solutions LLC purchased a new stake in Snap in the 3rd quarter valued at approximately $832,000. Exchange Traded Concepts LLC increased its position in Snap by 38.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 784,982 shares of the company’s stock worth $8,399,000 after purchasing an additional 219,111 shares during the period. APG Asset Management N.V. raised its stake in shares of Snap by 3.9% during the 2nd quarter. APG Asset Management N.V. now owns 2,957,491 shares of the company’s stock worth $45,835,000 after buying an additional 112,135 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its holdings in shares of Snap by 17.0% in the 3rd quarter. Vontobel Holding Ltd. now owns 327,705 shares of the company’s stock valued at $3,506,000 after buying an additional 47,717 shares during the period. Institutional investors and hedge funds own 47.52% of the company’s stock.

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.