Snap (NYSE:SNAP) Stock Price Up 4.6% Following Analyst Upgrade

Shares of Snap Inc. (NYSE:SNAP) traded up 4.6% during trading on Tuesday after Susquehanna raised their price target on the stock from $12.00 to $15.00. Susquehanna currently has a neutral rating on the stock. Snap traded as high as $15.33 and last traded at $15.15. 13,059,674 shares were traded during trading, a decline of 59% from the average session volume of 31,847,402 shares. The stock had previously closed at $14.49.

Several other research analysts also recently issued reports on SNAP. Barclays lifted their price target on Snap from $15.00 to $17.00 and gave the stock an “overweight” rating in a research note on Friday. Truist Financial upped their price objective on Snap from $12.00 to $16.00 and gave the company a “hold” rating in a research report on Friday. Wells Fargo & Company boosted their target price on shares of Snap from $16.00 to $18.00 and gave the company an “overweight” rating in a research note on Friday. Piper Sandler raised their price target on shares of Snap from $12.00 to $17.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 17th. Finally, HSBC raised shares of Snap from a “reduce” rating to a “buy” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Snap presently has a consensus rating of “Hold” and a consensus target price of $14.79.

Insider Buying and Selling

In other news, CAO Rebecca Morrow sold 2,442 shares of Snap 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 owns 493,084 shares of the company’s stock, valued at $5,423,924. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Snap news, CAO Rebecca Morrow sold 2,442 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $11.00, for a total value of $26,862.00. Following the sale, the chief accounting officer now owns 493,084 shares of the company’s stock, valued at approximately $5,423,924. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s 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 completion of the sale, the general counsel now owns 474,812 shares in the company, valued at $5,474,582.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 470,482 shares of company stock worth $5,284,091.

Institutional Trading of Snap

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Snap by 1.5% during the third quarter. Vanguard Group Inc. now owns 91,814,471 shares of the company’s stock worth $818,067,000 after buying an additional 1,352,655 shares in the last quarter. Jump Financial LLC grew its stake in shares of Snap by 565.4% in the 3rd quarter. Jump Financial LLC now owns 262,952 shares of the company’s stock valued at $2,343,000 after purchasing an additional 223,432 shares during the period. Allworth Financial LP raised its holdings in shares of Snap by 161.6% in the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after buying an additional 1,708 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new position in Snap during the third quarter worth $423,000. Finally, Korea Investment CORP boosted its stake in shares of Snap by 191.7% in the 3rd quarter. Korea Investment CORP now owns 415,635 shares of the company’s stock valued at $3,703,000 after purchasing an additional 273,156 shares in the last quarter. 47.52% of the stock is currently owned by institutional investors.

Snap Trading Up 3.4 %

The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 1.55. The firm has a market cap of $24.73 billion, a P/E ratio of -17.89 and a beta of 1.13. The company’s fifty day moving average price is $11.33 and its two-hundred day moving average price is $12.93.

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 return on equity of 45.02% and a negative net margin of 26.99%. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.12 billion. As a group, sell-side analysts predict that Snap Inc. will post -0.58 EPS for the current fiscal year.

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.