Snap (NYSE:SNAP) Price Target Raised to $14.50 at Bank of America

Snap (NYSE:SNAP) had its price objective boosted by Bank of America from $14.00 to $14.50 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts have also recently commented on SNAP. Citigroup upped their target price on shares of Snap from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, November 29th. The Goldman Sachs Group upped their price objective on Snap from $12.00 to $13.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group lifted their target price on Snap from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Truist Financial upped their price target on Snap from $13.00 to $14.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $640.00 price objective on shares of Snap in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $36.87.

Snap Stock Down 8.1 %

Shares of NYSE SNAP opened at $10.67 on Wednesday. The stock has a market cap of $17.89 billion, a PE ratio of -18.39 and a beta of 0.99. Snap has a 52-week low of $8.29 and a 52-week high of $17.50. The business has a 50-day moving average price of $11.51 and a 200 day moving average price of $10.89. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 1.63.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.13). Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. Equities research analysts forecast that Snap will post -0.39 earnings per share for the current year.

Insider Buying and Selling at Snap

In other news, CAO Rebecca Morrow sold 32,000 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $12.42, for a total value of $397,440.00. Following the completion of the transaction, the chief accounting officer now directly owns 433,064 shares of the company’s stock, valued at $5,378,654.88. The trade was a 6.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Derek Andersen sold 94,164 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $11.44, for a total value of $1,077,236.16. Following the completion of the sale, the chief financial officer now owns 2,193,806 shares in the company, valued at $25,097,140.64. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 445,184 shares of company stock worth $4,968,189.

Institutional Investors Weigh In On Snap

A number of hedge funds and other institutional investors have recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new position in shares of Snap during the third quarter valued at approximately $29,000. Paladin Wealth LLC acquired a new stake in shares of Snap during the third quarter worth $30,000. Advisors Asset Management Inc. grew its position in shares of Snap by 141.9% in the third quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock valued at $30,000 after purchasing an additional 1,632 shares during the period. Comprehensive Financial Planning Inc. PA acquired a new position in Snap in the fourth quarter valued at $32,000. Finally, Brooklyn Investment Group purchased a new position in Snap during the third quarter worth about $41,000. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

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.