Snap (NYSE:SNAP) Price Target Raised to $9.00 at Cantor Fitzgerald

Snap (NYSE:SNAP) had its price objective boosted by Cantor Fitzgerald from $8.00 to $9.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also recently issued reports on SNAP. JMP Securities raised shares of Snap from a “market perform” rating to an “outperform” rating and set a $17.00 price target on the stock in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $14.00 price target on shares of Snap in a report on Wednesday, September 18th. Roth Mkm reaffirmed a “neutral” rating and issued a $14.00 price target on shares of Snap in a report on Wednesday, September 18th. Piper Sandler reaffirmed a “neutral” rating and issued a $13.00 price target (up from $12.00) on shares of Snap in a report on Wednesday. Finally, The Goldman Sachs Group cut 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. One 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’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $14.25.

Snap Trading Up 3.0 %

NYSE SNAP opened at $12.53 on Wednesday. The company’s fifty day simple moving average is $10.18 and its 200-day simple moving average is $12.72. Snap has a 52 week low of $8.29 and a 52 week high of $17.90. The company has a current ratio of 4.04, a quick ratio of 3.98 and a debt-to-equity ratio of 1.63. The stock has a market cap of $20.79 billion, a P/E ratio of -21.60 and a beta of 0.99.

Snap (NYSE:SNAP) last posted its earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The business had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same period in the previous year, the company posted ($0.21) earnings per share. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. Equities research analysts predict that Snap will post -0.47 EPS for the current fiscal year.

Insider Activity

In related news, SVP Eric Young sold 114,097 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.11, for a total transaction of $1,039,423.67. Following the sale, the senior vice president now owns 3,041,723 shares of the company’s stock, valued at $27,710,096.53. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Derek Andersen sold 97,608 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $9.29, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Eric Young sold 114,097 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.11, for a total value of $1,039,423.67. Following the sale, the senior vice president now directly owns 3,041,723 shares in the company, valued at approximately $27,710,096.53. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,497,051 shares of company stock worth $13,261,098 over the last three months. Corporate insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Snap by 0.9% in the first quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company’s stock valued at $1,103,786,000 after buying an additional 830,889 shares in the last quarter. Capital World Investors increased its holdings in shares of Snap by 0.8% in the first quarter. Capital World Investors now owns 46,272,273 shares of the company’s stock valued at $531,206,000 after buying an additional 385,191 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Snap by 587.3% in the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after buying an additional 12,533,653 shares in the last quarter. Ossiam increased its holdings in shares of Snap by 7.1% in the first quarter. Ossiam now owns 11,334,804 shares of the company’s stock valued at $130,124,000 after buying an additional 751,846 shares in the last quarter. Finally, TB Alternative Assets Ltd. increased its holdings in shares of Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after buying an additional 4,098,847 shares in the last quarter. 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.