Snap (NYSE:SNAP) Given New $6.75 Price Target at Citigroup

Snap (NYSE:SNAP) had its price objective raised by research analysts at Citigroup from $6.50 to $6.75 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective points to a potential upside of 17.90% from the company’s previous close.

Several other research firms also recently commented on SNAP. Tigress Financial started coverage on Snap in a research note on Monday, April 27th. They set a “buy” rating for the company. DA Davidson lifted their price objective on shares of Snap from $5.00 to $5.25 and gave the company a “neutral” rating in a research report on Tuesday. Stifel Nicolaus upped their price objective on shares of Snap from $4.50 to $5.25 and gave the stock a “hold” rating in a research report on Tuesday, April 21st. Rothschild & Co Redburn raised shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 target price on the stock in a report on Monday, April 27th. Finally, Citizens Jmp reissued a “market perform” rating on shares of Snap in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Snap currently has an average rating of “Hold” and an average price target of $7.61.

Snap Stock Performance

NYSE:SNAP traded up $0.69 during mid-day trading on Tuesday, reaching $5.72. 48,523,015 shares of the stock were exchanged, compared to its average volume of 48,498,520. The stock has a market capitalization of $9.67 billion, a P/E ratio of -23.90 and a beta of 1.03. Snap has a 1 year low of $3.81 and a 1 year high of $9.55. The company has a 50 day simple moving average of $4.96 and a 200-day simple moving average of $5.34. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 1.67.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.02. Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the company earned ($0.16) earnings per share. The company’s revenue was up 18.9% compared to the same quarter last year. Analysts anticipate that Snap will post -0.07 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Robert C. Murphy sold 2,000,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $5.44, for a total value of $10,880,000.00. Following the sale, the chief technology officer directly owned 47,012,324 shares in the company, valued at $255,747,042.56. This represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Zachary M. Briers sold 129,493 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.60, for a total transaction of $725,160.80. Following the completion of the transaction, the general counsel directly owned 2,644,538 shares of the company’s stock, valued at $14,809,412.80. The trade was a 4.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 2,868,059 shares of company stock worth $15,855,631.

Hedge Funds Weigh In On Snap

A number of institutional investors have recently modified their holdings of the company. Allworth Financial LP grew its stake in Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after acquiring an additional 1,581 shares during the period. Oak Harvest Investment Services acquired a new position in Snap in the fourth quarter valued at $26,000. Arax Advisory Partners lifted its position in Snap by 220.0% during the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock worth $27,000 after buying an additional 2,275 shares during the period. V Square Quantitative Management LLC acquired a new stake in Snap in the 4th quarter worth about $29,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Snap by 561.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock valued at $29,000 after acquiring an additional 3,071 shares during the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

Trending Headlines about Snap

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Snap reported second-quarter revenue of $1.60 billion, up 18.9% year over year and above the $1.54 billion consensus estimate. The company also reported a GAAP loss of $0.10 per share, narrower than the expected $0.12 loss. Snap Second-Quarter Results
• Positive Sentiment: Advertising performance improved, supported by increased spending from large North American advertisers and demand tied to FIFA World Cup campaigns. Snap also highlighted AI tools, margin expansion and positive free cash flow. Snap Earnings and Outlook
• Positive Sentiment: Management issued third-quarter revenue guidance of approximately $1.7 billion, broadly in line with Wall Street expectations but viewed as constructive given improving advertising trends and the company’s stronger outlook. CNBC Snap Earnings Report
• Positive Sentiment: Snap is prioritizing free-cash-flow generation through advertising gains, subscription growth and disciplined spending on its Specs smart-glasses initiative, potentially supporting a more durable financial profile. Snap Q2 Earnings Call Highlights

About Snap

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.