Snap (NYSE:SNAP) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Snap (NYSE:SNAP) had its price objective boosted by The Goldman Sachs Group from $12.00 to $13.50 in a report published on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities analysts have also issued research reports about the stock. Susquehanna decreased their target price on shares of Snap from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Cantor Fitzgerald upped their price target on shares of Snap from $8.00 to $9.00 and gave the company a “neutral” rating in a report on Wednesday. Wells Fargo & Company cut 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. JPMorgan Chase & Co. cut their price target on shares of Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a report on Friday, August 2nd. Finally, Wolfe Research assumed coverage on shares of Snap in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. One research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $14.25.

Snap Stock Performance

Shares of SNAP opened at $12.53 on Wednesday. The firm has a 50-day moving average price of $10.18 and a 200 day moving average price of $12.72. The firm has a market capitalization of $20.79 billion, a PE ratio of -21.60 and a beta of 0.99. The company has a quick ratio of 3.98, 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 $17.90.

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

Insider Activity

In related news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction that occurred on 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 transaction, the chief technology officer now owns 58,553,813 shares in the company, valued at approximately $508,832,634.97. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Evan Spiegel sold 150,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.85, for a total value of $1,327,500.00. Following the transaction, the chief executive officer now owns 3,327,844 shares in the company, valued at approximately $29,451,419.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction that occurred on 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 transaction, 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 disclosure for this sale can be found here. Insiders have sold 1,497,051 shares of company stock worth $13,261,098 in the last 90 days. Company insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

A number of hedge funds have recently added to or reduced their stakes in SNAP. GraniteShares Advisors LLC grew its holdings in Snap by 2.5% during the second quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock valued at $634,000 after purchasing an additional 941 shares during the last quarter. Charles Schwab Investment Advisory Inc. grew its holdings in Snap by 2.7% during the first quarter. Charles Schwab Investment Advisory Inc. now owns 35,807 shares of the company’s stock valued at $411,000 after purchasing an additional 956 shares during the last quarter. Concurrent Investment Advisors LLC grew its holdings in Snap by 4.0% during the second quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock valued at $448,000 after purchasing an additional 1,048 shares during the last quarter. DMC Group LLC grew its holdings in Snap by 10.5% during the second quarter. DMC Group LLC now owns 15,583 shares of the company’s stock valued at $259,000 after purchasing an additional 1,477 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after purchasing an additional 1,682 shares during the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

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.