Citigroup Issues Positive Forecast for Snap (NYSE:SNAP) Stock Price

Snap (NYSE:SNAP) had its price objective increased by Citigroup from $13.00 to $13.50 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other analysts also recently issued research reports about the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $16.00 price target on shares of Snap in a research report on Wednesday, October 30th. Needham & Company LLC reiterated a “buy” rating and set a $640.00 price objective on shares of Snap in a report on Thursday, December 5th. Barclays restated an “overweight” rating on shares of Snap in a report on Wednesday. Stifel Nicolaus cut 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, Truist Financial raised their target price on Snap from $13.00 to $14.00 and gave the company a “hold” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-three have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $36.87.

Snap Price Performance

Shares of NYSE SNAP opened at $10.67 on Wednesday. The firm has a market capitalization of $17.89 billion, a P/E ratio of -18.39 and a beta of 0.99. The firm’s 50-day moving average price is $11.51 and its 200-day moving average price is $10.89. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 1.63. Snap has a 1-year low of $8.29 and a 1-year high of $17.50.

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

Insider Transactions at Snap

In other news, CAO Rebecca Morrow sold 2,812 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $11.44, for a total value of $32,169.28. Following the completion of the transaction, the chief accounting officer now directly owns 430,252 shares of the company’s stock, valued at $4,922,082.88. This trade represents a 0.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction on Friday, January 31st. The shares were sold at an average price of $11.49, for a total value of $206,820.00. Following the completion of the transaction, the general counsel now owns 480,498 shares of the company’s stock, valued at approximately $5,520,922.02. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 445,184 shares of company stock worth $4,968,189.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SNAP. Generali Investments Towarzystwo Funduszy Inwestycyjnych bought a new stake in shares of Snap during the fourth quarter valued at about $54,000. Versor Investments LP increased its holdings in Snap by 252.0% during the 4th quarter. Versor Investments LP now owns 123,200 shares of the company’s stock worth $1,327,000 after acquiring an additional 88,200 shares during the period. Checchi Capital Advisers LLC lifted its stake in Snap by 3.0% in the 4th quarter. Checchi Capital Advisers LLC now owns 31,126 shares of the company’s stock worth $335,000 after purchasing an additional 901 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in Snap in the 4th quarter valued at $7,614,000. Finally, Bank of New York Mellon Corp grew its position in shares of Snap by 2.0% during the 4th quarter. Bank of New York Mellon Corp now owns 1,538,111 shares of the company’s stock valued at $16,565,000 after purchasing an additional 29,526 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.