Snap (NYSE:SNAP) Price Target Increased to $16.00 by Analysts at Royal Bank of Canada

Snap (NYSE:SNAP) had its price target boosted by Royal Bank of Canada from $13.00 to $16.00 in a report released on Friday, Benzinga reports. The brokerage currently has a sector perform rating on the stock.

Several other research firms also recently commented on SNAP. Morgan Stanley reduced their price target on shares of Snap from $13.00 to $11.00 and set an underweight rating on the stock in a research note on Wednesday, February 7th. BMO Capital Markets reduced their target price on shares of Snap from $22.00 to $20.00 and set an outperform rating on the stock in a research report on Wednesday, February 7th. Susquehanna boosted their price target on Snap from $9.50 to $12.00 and gave the company a neutral rating in a report on Wednesday, February 7th. Barclays lifted their target price on Snap from $15.00 to $17.00 and gave the company an overweight rating in a research report on Friday. Finally, Truist Financial increased their price objective on shares of Snap from $11.00 to $12.00 and gave the company a hold rating in a research note on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $14.67.

Snap Stock Up 27.5 %

Shares of NYSE:SNAP opened at $14.53 on Friday. The firm has a market capitalization of $23.98 billion, a PE ratio of -17.94 and a beta of 1.13. The business has a 50 day simple moving average of $11.26 and a two-hundred day simple moving average of $12.84. Snap has a 1 year low of $7.86 and a 1 year high of $17.90. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.39 and a quick ratio of 4.39.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Thursday, April 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Snap had a negative return on equity of 45.02% and a negative net margin of 26.99%. On average, equities analysts predict that Snap will post -0.58 EPS for the current year.

Insider Transactions at Snap

In other Snap news, CAO Rebecca Morrow sold 9,386 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $11.14, for a total value of $104,560.04. Following the sale, the chief accounting officer now owns 495,526 shares of the company’s stock, valued at $5,520,159.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, General Counsel Michael J. O’sullivan sold 13,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total transaction of $210,080.00. Following the sale, the general counsel now directly owns 461,005 shares of the company’s stock, valued at approximately $7,449,840.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Rebecca Morrow sold 9,386 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $11.14, for a total transaction of $104,560.04. Following the completion of the transaction, the chief accounting officer now directly owns 495,526 shares of the company’s stock, valued at approximately $5,520,159.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 470,482 shares of company stock worth $5,284,091. 22.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. NBC Securities Inc. boosted its stake in shares of Snap by 2,580.4% in the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after buying an additional 1,445 shares during the period. Allworth Financial LP boosted its holdings in Snap by 161.6% in the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after purchasing an additional 1,708 shares in the last quarter. ICA Group Wealth Management LLC acquired a new position in shares of Snap in the 4th quarter valued at $51,000. Rakuten Securities Inc. purchased a new position in shares of Snap during the fourth quarter worth approximately $73,000. Finally, Westpac Banking Corp increased its stake in Snap by 108.7% in the fourth quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock valued at $81,000 after purchasing an additional 2,506 shares during the period. 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.