Snap Inc. (NYSE:SNAP) Receives $13.77 Consensus Price Target from Brokerages

Shares of Snap Inc. (NYSE:SNAP) have been assigned an average recommendation of “Hold” from the thirty-two ratings firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and eight have given a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $13.89.

Several research analysts have weighed in on the company. The Goldman Sachs Group cut their price objective on Snap from $16.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Morgan Stanley raised Snap from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $12.00 to $16.00 in a research report on Tuesday, July 23rd. HSBC cut Snap from a “buy” rating to a “hold” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $14.00 price objective on shares of Snap in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. cut their price objective on Snap from $13.00 to $11.00 and set an “underweight” rating on the stock in a research report on Friday, August 2nd.

Snap Trading Up 1.2 %

Shares of Snap stock opened at $10.27 on Friday. The stock has a fifty day simple moving average of $9.92 and a 200 day simple moving average of $12.68. Snap has a 12-month low of $8.29 and a 12-month high of $17.90. The company has a market capitalization of $17.04 billion, a P/E ratio of -14.26 and a beta of 1.01. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.02. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.25 billion. On average, sell-side analysts anticipate that Snap will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Snap

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the sale, the chief technology officer now owns 58,553,813 shares of the company’s stock, valued at $508,832,634.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the sale, the chief technology officer now owns 58,553,813 shares of the company’s stock, valued at $508,832,634.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Rebecca Morrow sold 8,923 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.10, for a total value of $81,199.30. Following the transaction, the chief accounting officer now directly owns 472,405 shares in the company, valued at approximately $4,298,885.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,508,617 shares of company stock valued at $13,422,930 in the last 90 days. Corporate insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Large investors have recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new position in Snap in the 3rd quarter worth approximately $29,000. Paladin Wealth LLC purchased a new position in Snap in the 3rd quarter worth approximately $30,000. Hollencrest Capital Management purchased a new position in Snap in the 2nd quarter worth approximately $33,000. Blue Trust Inc. increased its stake in Snap by 354.1% in the 2nd quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after purchasing an additional 1,682 shares during the period. Finally, Rothschild Investment LLC purchased a new position in Snap in the 2nd quarter worth approximately $40,000. 47.52% of the stock is 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.