Snap (NYSE:SNAP) Price Target Raised to $16.00

Snap (NYSE:SNAP) had its price objective raised by The Goldman Sachs Group from $13.50 to $16.00 in a research note published on Friday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities research analysts have also recently weighed in on the company. UBS Group reduced their price target on Snap from $14.00 to $13.00 and set a neutral rating on the stock in a research note on Tuesday, April 16th. Wells Fargo & Company reduced their target price on shares of Snap from $22.00 to $16.00 and set an overweight rating on the stock in a research report on Wednesday, February 7th. Stifel Nicolaus lifted their price target on shares of Snap from $12.00 to $13.00 and gave the company a hold rating in a research report on Friday. Royal Bank of Canada boosted their price objective on shares of Snap from $13.00 to $16.00 and gave the stock a sector perform rating in a research note on Friday. Finally, Barclays raised their target price on shares of Snap from $15.00 to $17.00 and gave the company an overweight 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 assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $14.79.

Snap Price Performance

Shares of NYSE 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 stock has a market capitalization of $23.92 billion, a P/E ratio of -17.89 and a beta of 1.13. The company’s 50-day moving average is $11.33 and its 200 day moving average is $12.93. 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 for the quarter, beating the consensus estimate of ($0.24) by $0.10. Snap had a negative return on equity of 45.02% and a negative net margin of 26.99%. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.12 billion. On average, sell-side analysts expect that Snap will post -0.58 earnings per share for the current year.

Insider Activity

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $11.53, for a total value of $207,540.00. Following the completion of the sale, the general counsel now owns 474,812 shares of the company’s stock, valued at $5,474,582.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Snap news, CAO Rebecca Morrow sold 2,442 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $11.00, for a total value of $26,862.00. Following the transaction, the chief accounting officer now directly owns 493,084 shares in the company, valued at $5,423,924. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction 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 transaction, the general counsel now owns 474,812 shares in the company, valued at approximately $5,474,582.36. The disclosure for this sale can be found here. Insiders have sold 470,482 shares of company stock valued at $5,284,091 in the last ninety days. 22.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snap

Several institutional investors and hedge funds have recently bought and sold shares of the stock. SRS Investment Management LLC boosted its holdings in shares of Snap by 23.6% during the 4th quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after purchasing an additional 12,452,415 shares during the last quarter. Carmignac Gestion purchased a new position in Snap during the 4th quarter valued at approximately $110,103,000. Contrarius Investment Management Ltd bought a new stake in Snap in the 4th quarter worth approximately $80,644,000. Vanguard Group Inc. increased its stake in shares of Snap by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock valued at $1,613,729,000 after buying an additional 3,503,230 shares during the period. Finally, TB Alternative Assets Ltd. increased its position in Snap by 144.5% during the 1st quarter. TB Alternative Assets Ltd. now owns 5,094,800 shares of the company’s stock valued at $58,488,000 after purchasing an additional 3,011,400 shares during the period. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

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.