Snap (NYSE:SNAP) Price Target Raised to $11.00

Snap (NYSE:SNAP) had its price target increased by Wells Fargo & Company from $8.00 to $11.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research firms have also recently weighed in on SNAP. Citizens Jmp raised Snap from a “hold” rating to a “strong-buy” rating in a report on Friday, March 28th. Rosenblatt Securities lowered their target price on Snap from $12.00 to $9.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 30th. Morgan Stanley cut their target price on Snap from $8.00 to $6.50 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Canaccord Genuity Group reduced their price target on Snap from $10.00 to $9.00 and set a “hold” rating for the company in a research report on Wednesday, April 30th. Finally, Cantor Fitzgerald set a $7.00 price target on Snap and gave the stock a “neutral” rating in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.74.

Snap Stock Down 1.2%

Shares of Snap stock opened at $9.27 on Tuesday. The stock has a market capitalization of $15.48 billion, a price-to-earnings ratio of -29.89 and a beta of 0.59. Snap has a twelve month low of $7.08 and a twelve month high of $17.33. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.55. The business’s 50 day simple moving average is $8.45 and its 200-day simple moving average is $9.49.

Snap (NYSE:SNAP) last issued its earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.12). Snap had a negative return on equity of 21.53% and a negative net margin of 9.63%. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the business earned $0.03 earnings per share. Snap’s quarterly revenue was up 14.1% on a year-over-year basis. Equities research analysts forecast that Snap will post -0.3 earnings per share for the current year.

Insiders Place Their Bets

In other Snap news, General Counsel Michael J. O’sullivan sold 68,845 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $8.59, for a total transaction of $591,378.55. Following the sale, the general counsel owned 2,173,950 shares in the company, valued at approximately $18,674,230.50. The trade was a 3.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Derek Andersen sold 208,525 shares of the company’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $9.03, for a total transaction of $1,882,980.75. Following the sale, the chief financial officer directly owned 3,299,372 shares of the company’s stock, valued at $29,793,329.16. This represents a 5.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,639,601 shares of company stock worth $13,534,791. Corporate insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SNAP. NBC Securities Inc. lifted its position in shares of Snap by 154,650.0% in the 1st quarter. NBC Securities Inc. now owns 3,095 shares of the company’s stock valued at $26,000 after acquiring an additional 3,093 shares in the last quarter. Mountain Hill Investment Partners Corp. acquired a new stake in Snap during the 4th quarter valued at $27,000. Raiffeisen Bank International AG purchased a new stake in shares of Snap in the fourth quarter valued at $30,000. Rakuten Securities Inc. lifted its holdings in shares of Snap by 155.4% in the first quarter. Rakuten Securities Inc. now owns 3,489 shares of the company’s stock valued at $30,000 after purchasing an additional 2,123 shares in the last quarter. Finally, Quarry LP acquired a new stake in shares of Snap in the first quarter worth $34,000. 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.