Snap (NYSE:SNAP) Price Target Raised to $17.00

Snap (NYSE:SNAP) had its price objective upped by Barclays from $15.00 to $17.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 16.84% from the company’s previous close.

SNAP has been the topic of a number of other research reports. The Goldman Sachs Group cut their target price on shares of Snap from $15.00 to $13.50 and set a “neutral” rating on the stock in a research report on Thursday, February 8th. Morgan Stanley cut their price target on shares of Snap from $13.00 to $11.00 and set an “underweight” rating on the stock in a report on Wednesday, February 7th. Truist Financial lifted their price target on shares of Snap from $11.00 to $12.00 and gave the stock a “hold” rating in a report on Wednesday, February 7th. Canaccord Genuity Group lifted their price target on shares of Snap from $14.00 to $15.00 and gave the stock a “hold” rating in a report on Friday. Finally, HSBC upgraded shares of Snap from a “reduce” rating to a “buy” rating in a report 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 data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $14.67.

Snap Stock Performance

Shares of Snap stock opened at $14.55 on Friday. Snap has a fifty-two week low of $7.86 and a fifty-two week 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. The firm has a market capitalization of $24.02 billion, a P/E ratio of -17.96 and a beta of 1.13. The company’s 50 day moving average price is $11.26 and its two-hundred day moving average price is $12.86.

Snap (NYSE:SNAP) last issued its earnings results on Thursday, April 25th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.12 billion. On average, equities analysts forecast that Snap will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Snap news, CFO Derek Andersen sold 96,953 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $10.99, for a total transaction of $1,065,513.47. Following the transaction, the chief financial officer now directly owns 2,534,689 shares in the company, valued at approximately $27,856,232.11. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total value of $210,080.00. Following the transaction, the general counsel now owns 461,005 shares in the company, valued at approximately $7,449,840.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Derek Andersen sold 96,953 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $10.99, for a total value of $1,065,513.47. Following the completion of the transaction, the chief financial officer now directly owns 2,534,689 shares of the company’s stock, valued at $27,856,232.11. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 470,482 shares of company stock worth $5,284,091. 22.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SNAP. NBC Securities Inc. grew its stake in 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 purchasing an additional 1,445 shares during the period. Allworth Financial LP grew its stake in Snap by 161.6% in the 4th 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 during the period. ICA Group Wealth Management LLC bought a new position in Snap in the 4th quarter valued at $51,000. Rakuten Securities Inc. bought a new position in Snap in the 4th quarter valued at $73,000. Finally, Westpac Banking Corp grew its stake in Snap by 108.7% in the 4th 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. Hedge funds and other institutional investors 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.