Truist Financial Boosts Snap (NYSE:SNAP) Price Target to $16.00

Snap (NYSE:SNAP) had its price objective upped by Truist Financial from $12.00 to $16.00 in a research note published on Friday morning, Benzinga reports. They currently have a hold rating on the stock.

Several other equities research analysts also recently weighed in on the company. Stifel Nicolaus decreased their target price on Snap from $14.00 to $12.00 and set a hold rating for the company in a research report on Tuesday, April 16th. Deutsche Bank Aktiengesellschaft upgraded Snap from a hold rating to a buy rating and upped their price target for the stock from $10.00 to $19.00 in a report on Friday, January 26th. Canaccord Genuity Group lifted their price objective on shares of Snap from $14.00 to $15.00 and gave the company a hold rating in a research note on Friday. HSBC upgraded shares of Snap from a reduce rating to a buy rating in a research note on Friday. Finally, Royal Bank of Canada lifted their price target on shares of Snap from $13.00 to $16.00 and gave the stock a sector perform rating in a research note on Friday. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $14.79.

Snap Stock Down 0.4 %

SNAP opened at $14.49 on Friday. Snap has a 1 year low of $7.86 and a 1 year high of $17.90. The firm has a 50 day moving average price of $11.33 and a 200 day moving average price of $12.93. The company has a debt-to-equity ratio of 1.55, a quick ratio of 4.39 and a current ratio of 4.39. The company has a market cap of $23.92 billion, a PE ratio of -17.89 and a beta of 1.13.

Snap (NYSE:SNAP) last issued its earnings results on Thursday, April 25th. The company reported ($0.14) EPS 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 business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.12 billion. Sell-side analysts expect that Snap will post -0.58 earnings per share for the current year.

Insider Buying and Selling at Snap

In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $11.53, for a total value of $207,540.00. Following the transaction, the general counsel now directly owns 474,812 shares in the company, valued at approximately $5,474,582.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $11.53, for a total transaction of $207,540.00. Following the sale, the general counsel now owns 474,812 shares of the company’s stock, valued at $5,474,582.36. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Rebecca Morrow sold 9,386 shares of the stock in a transaction dated 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 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. Insiders sold a total of 470,482 shares of company stock worth $5,284,091 over the last 90 days. Insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its position in shares of Snap by 11.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 129,057 shares of the company’s stock valued at $1,482,000 after purchasing an additional 13,055 shares during the period. Lindbrook Capital LLC lifted its stake in Snap by 44,707.8% in the first quarter. Lindbrook Capital LLC now owns 355,326 shares of the company’s stock valued at $4,079,000 after acquiring an additional 354,533 shares during the last quarter. TRUE Private Wealth Advisors grew its position in Snap by 6.1% in the first quarter. TRUE Private Wealth Advisors now owns 49,642 shares of the company’s stock worth $570,000 after acquiring an additional 2,850 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Snap by 12.5% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 209,242 shares of the company’s stock worth $2,402,000 after purchasing an additional 23,300 shares during the last quarter. Finally, Pegasus Partners Ltd. bought a new position in shares of Snap during the 1st quarter valued at $367,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.

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.