Snap (NYSE:SNAP) PT Raised to $16.00

Snap (NYSE:SNAP) had its price target raised by equities researchers at Royal Bank of Canada from $13.00 to $16.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 9.59% from the stock’s previous close.

Several other research analysts have also recently commented on SNAP. Barclays raised their target price on shares of Snap from $15.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday. Morgan Stanley decreased their price target on shares of Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a report on Wednesday, February 7th. Susquehanna raised their price target on shares of Snap from $9.50 to $12.00 and gave the stock a “neutral” rating in a report on Wednesday, February 7th. Stifel Nicolaus decreased their price target on shares of Snap from $14.00 to $12.00 and set a “hold” rating for the company in a report on Tuesday, April 16th. Finally, UBS Group decreased their price target on shares of Snap from $14.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $14.43.

Snap Price Performance

Shares of SNAP traded up $3.20 during mid-day trading on Friday, hitting $14.60. The company’s stock had a trading volume of 84,764,758 shares, compared to its average volume of 30,880,594. The firm has a 50-day moving average price of $11.19 and a 200 day moving average price of $12.79. The stock has a market capitalization of $24.10 billion, a price-to-earnings ratio of -17.36 and a beta of 1.13. 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 has a fifty-two week low of $7.86 and a fifty-two week high of $17.90.

Snap (NYSE:SNAP) last announced its earnings results on Thursday, April 25th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.10. Snap had a negative net margin of 28.71% and a negative return on equity of 47.47%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.12 billion. On average, research analysts predict that Snap will post -0.58 EPS for the current fiscal year.

Insider Buying and Selling at Snap

In other Snap news, CFO Derek Andersen sold 96,953 shares of the 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 owns 2,534,689 shares in the company, valued at approximately $27,856,232.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Snap news, General Counsel Michael J. O’sullivan sold 13,000 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total transaction of $210,080.00. Following the sale, the general counsel now owns 461,005 shares of the company’s stock, valued at $7,449,840.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Derek Andersen sold 96,953 shares of the business’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 sale, the chief financial officer now directly owns 2,534,689 shares in the company, valued at approximately $27,856,232.11. The disclosure for this sale can be found here. Insiders sold 470,482 shares of company stock valued at $5,284,091 in the last quarter. 22.68% of the stock is currently owned by insiders.

Institutional Trading of Snap

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. NBC Securities Inc. lifted its holdings in shares of Snap by 2,580.4% during the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock worth $25,000 after purchasing an additional 1,445 shares during the period. Allworth Financial LP lifted its holdings in shares of Snap by 161.6% during the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after purchasing an additional 1,708 shares during the period. ICA Group Wealth Management LLC acquired a new position in shares of Snap during the fourth quarter worth $51,000. Rakuten Securities Inc. acquired a new position in shares of Snap during the fourth quarter worth $73,000. Finally, Westpac Banking Corp lifted its holdings in shares of Snap by 108.7% during the fourth quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock worth $81,000 after purchasing an additional 2,506 shares during the period. Institutional investors own 47.52% of the company’s stock.

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.