Snap (NYSE:SNAP) PT Raised to $12.00 at Morgan Stanley

Snap (NYSE:SNAP) had its price target lifted by Morgan Stanley from $11.00 to $12.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an underweight rating on the stock.

Several other analysts also recently issued reports on SNAP. Susquehanna upped their price target on shares of Snap from $9.50 to $12.00 and gave the company a neutral rating in a report on Wednesday, February 7th. UBS Group reduced their price objective on shares of Snap from $14.00 to $13.00 and set a neutral rating on the stock in a research note on Tuesday, April 16th. BMO Capital Markets reduced their price objective on shares of Snap from $22.00 to $20.00 and set an outperform rating on the stock in a research note on Wednesday, February 7th. Rosenblatt Securities upped their price objective on shares of Snap from $12.00 to $14.00 and gave the company a neutral rating in a research note on Friday. Finally, Truist Financial upped their price objective on shares of Snap from $12.00 to $16.00 and gave the company a hold rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Hold and an average target price of $14.67.

Snap Trading Up 27.5 %

Shares of SNAP opened at $14.53 on Friday. Snap has a twelve month low of $7.86 and a twelve month high of $17.90. The firm has a market capitalization of $23.98 billion, a P/E ratio of -17.94 and a beta of 1.13. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 1.55. The firm’s 50-day moving average is $11.26 and its two-hundred day moving average is $12.84.

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

Insider Activity at Snap

In related news, CAO Rebecca Morrow sold 9,386 shares of the firm’s stock in a transaction 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 sale, the chief accounting officer now directly owns 495,526 shares of the company’s stock, valued at approximately $5,520,159.64. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CAO Rebecca Morrow sold 9,386 shares of the firm’s stock in a transaction 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 sale, the chief accounting officer now directly owns 495,526 shares of the company’s stock, valued at approximately $5,520,159.64. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Eric Young sold 120,472 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $11.13, for a total transaction of $1,340,853.36. Following the transaction, the senior vice president now directly owns 3,540,852 shares of the company’s stock, valued at $39,409,682.76. The disclosure for this sale can be found here. In the last three months, insiders sold 470,482 shares of company stock valued at $5,284,091. Corporate insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SNAP. SRS Investment Management LLC grew its holdings in Snap by 23.6% during the 4th quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock worth $1,102,392,000 after acquiring an additional 12,452,415 shares in the last quarter. Carmignac Gestion bought a new position in shares of Snap in the 4th quarter worth about $110,103,000. Contrarius Investment Management Ltd bought a new position in shares of Snap in the 4th quarter worth about $80,644,000. Vanguard Group Inc. lifted its position in shares of Snap by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock worth $1,613,729,000 after buying an additional 3,503,230 shares during the last quarter. Finally, TB Alternative Assets Ltd. lifted its position in shares of Snap by 144.5% in the 1st quarter. TB Alternative Assets Ltd. now owns 5,094,800 shares of the company’s stock worth $58,488,000 after buying an additional 3,011,400 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.