Snap (NYSE:SNAP) Price Target Raised to $16.00 at Loop Capital

Snap (NYSE:SNAP) had its target price raised by Loop Capital from $14.00 to $16.00 in a research report report published on Tuesday, Benzinga reports. Loop Capital currently has a buy rating on the stock.

Several other brokerages also recently issued reports on SNAP. Cantor Fitzgerald boosted their price objective on Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Truist Financial lifted their price objective on shares of Snap from $13.00 to $14.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Evercore ISI increased their price objective on shares of Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Morgan Stanley upgraded Snap from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $12.00 to $16.00 in a research report on Tuesday, July 23rd. Finally, UBS Group lifted their target price on Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.31.

Snap Stock Up 0.6 %

Shares of Snap stock opened at $12.19 on Tuesday. The stock has a market capitalization of $20.23 billion, a price-to-earnings ratio of -21.02 and a beta of 0.99. Snap has a twelve month low of $8.29 and a twelve month high of $17.90. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 1.63. The business’s 50 day simple moving average is $10.28 and its 200-day simple moving average is $12.74.

Snap (NYSE:SNAP) last posted its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. The company had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The firm’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same period last year, the business posted ($0.21) earnings per share. Equities research analysts forecast that Snap will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other Snap news, Director Joanna Coles sold 6,434 shares of the business’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total value of $77,208.00. Following the completion of the sale, the director now owns 54,761 shares of the company’s stock, valued at $657,132. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Joanna Coles sold 6,434 shares of Snap stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total value of $77,208.00. Following the transaction, the director now directly owns 54,761 shares in the company, valued at approximately $657,132. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $12.50, for a total transaction of $12,500,000.00. Following the completion of the sale, the chief technology officer now owns 57,210,989 shares in the company, valued at approximately $715,137,362.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,365,051 shares of company stock worth $15,965,178.

Institutional Trading of Snap

Hedge funds have recently modified their holdings of the company. Private Advisor Group LLC boosted its stake in Snap by 69.6% during the first quarter. Private Advisor Group LLC now owns 77,061 shares of the company’s stock worth $885,000 after buying an additional 31,631 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its stake in Snap by 51.1% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 80,821 shares of the company’s stock valued at $928,000 after acquiring an additional 27,335 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Snap in the first quarter worth about $225,000. Empowered Funds LLC lifted its stake in Snap by 37.0% during the first quarter. Empowered Funds LLC now owns 30,878 shares of the company’s stock worth $354,000 after purchasing an additional 8,338 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in Snap by 2,224.6% during the first quarter. SG Americas Securities LLC now owns 343,486 shares of the company’s stock valued at $3,943,000 after purchasing an additional 328,710 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.