Bank of America Issues Positive Forecast for Snap (NYSE:SNAP) Stock Price

Snap (NYSE:SNAP) had its target price increased by Bank of America from $13.00 to $14.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other equities analysts have also recently commented on SNAP. The Goldman Sachs Group lowered their price target on shares of Snap from $16.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Truist Financial upped their target price on Snap from $13.00 to $14.00 and gave the stock a “hold” rating in a research report on Wednesday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $16.00 price target on shares of Snap in a research note on Wednesday. Stifel Nicolaus lowered their price target on Snap from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Monday, October 14th. Finally, Citigroup cut their price objective on shares of Snap from $16.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $14.25.

Snap Trading Up 15.7 %

NYSE:SNAP opened at $12.60 on Wednesday. The stock has a market cap of $20.68 billion, a PE ratio of -15.56 and a beta of 1.01. Snap has a fifty-two week low of $8.29 and a fifty-two week high of $17.90. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. The stock’s 50-day moving average is $9.99 and its two-hundred day moving average is $12.69.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.25 billion. As a group, equities research analysts forecast that Snap will post -0.47 earnings per share for the current fiscal year.

Insider Transactions at Snap

In related news, SVP Eric Young sold 114,097 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $9.11, for a total value of $1,039,423.67. Following the completion of the sale, the senior vice president now owns 3,041,723 shares in the company, valued at approximately $27,710,096.53. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Snap news, CFO Derek Andersen sold 97,608 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $9.29, for a total value of $906,778.32. Following the sale, the chief financial officer now owns 2,287,970 shares of the company’s stock, valued at $21,255,241.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Eric Young sold 114,097 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $9.11, for a total transaction of $1,039,423.67. Following the completion of the transaction, the senior vice president now owns 3,041,723 shares of the company’s stock, valued at approximately $27,710,096.53. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,490,617 shares of company stock worth $13,183,890. 22.68% of the stock is currently owned by company insiders.

Institutional Trading of Snap

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GraniteShares Advisors LLC boosted its holdings in Snap by 2.5% during the second quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock valued at $634,000 after purchasing an additional 941 shares in the last quarter. Charles Schwab Investment Advisory Inc. boosted its stake in Snap by 2.7% in the 1st quarter. Charles Schwab Investment Advisory Inc. now owns 35,807 shares of the company’s stock valued at $411,000 after buying an additional 956 shares in the last quarter. Concurrent Investment Advisors LLC boosted its stake in Snap by 4.0% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock valued at $448,000 after buying an additional 1,048 shares in the last quarter. DMC Group LLC grew its position in Snap by 10.5% in the second quarter. DMC Group LLC now owns 15,583 shares of the company’s stock valued at $259,000 after acquiring an additional 1,477 shares during the period. Finally, Blue Trust Inc. raised its stake in Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after acquiring an additional 1,682 shares in the last quarter. Institutional investors own 47.52% of the company’s stock.

Snap Company Profile

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.