Snap (NYSE:SNAP) Given New $45.00 Price Target at Royal Bank of Canada

Snap (NYSE:SNAP) had its price objective boosted by research analysts at Royal Bank of Canada from $28.00 to $45.00 in a research note issued on Wednesday, Briefing.com reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 58.17% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Oppenheimer upped their target price on shares of Snap from $18.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. Jefferies Financial Group upped their target price on shares of Snap from $30.00 to $33.00 and gave the company a “buy” rating in a report on Tuesday. Rosenblatt Securities upped their target price on shares of Snap from $23.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Needham & Company LLC assumed coverage on shares of Snap in a report on Wednesday, July 22nd. They issued a “hold” rating on the stock. Finally, Truist raised shares of Snap from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-six have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $30.36.

Shares of NYSE:SNAP opened at $28.45 on Wednesday. The company’s 50-day moving average price is $25.22 and its two-hundred day moving average price is $21.09. The company has a debt-to-equity ratio of 0.87, a current ratio of 5.99 and a quick ratio of 5.99. Snap has a one year low of $7.89 and a one year high of $29.08. The stock has a market capitalization of $41.80 billion, a PE ratio of -36.95 and a beta of 1.64.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, October 20th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.06. The firm had revenue of $678.67 million for the quarter, compared to analysts’ expectations of $551.36 million. Snap had a negative net margin of 57.18% and a negative return on equity of 49.08%. The company’s revenue for the quarter was up 52.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.04) EPS. On average, analysts anticipate that Snap will post -0.71 earnings per share for the current fiscal year.

In related news, VP Jerry James Hunter sold 88,644 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $21.42, for a total transaction of $1,898,754.48. Following the sale, the vice president now owns 2,450,354 shares in the company, valued at approximately $52,486,582.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Rebecca Morrow sold 8,778 shares of the stock in a transaction that occurred on Friday, October 16th. The stock was sold at an average price of $28.24, for a total transaction of $247,890.72. Following the sale, the chief accounting officer now owns 258,955 shares in the company, valued at approximately $7,312,889.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,807,756 shares of company stock worth $108,726,157.

Large investors have recently modified their holdings of the stock. APG Asset Management N.V. lifted its stake in Snap by 109.3% in the 1st quarter. APG Asset Management N.V. now owns 940,804 shares of the company’s stock valued at $11,186,000 after purchasing an additional 491,300 shares during the last quarter. Wellington Management Group LLP lifted its stake in Snap by 90.4% in the 1st quarter. Wellington Management Group LLP now owns 518,842 shares of the company’s stock valued at $6,169,000 after purchasing an additional 246,286 shares during the last quarter. Valeo Financial Advisors LLC lifted its stake in Snap by 174.0% in the 2nd quarter. Valeo Financial Advisors LLC now owns 7,262 shares of the company’s stock valued at $171,000 after purchasing an additional 4,612 shares during the last quarter. FMR LLC lifted its stake in Snap by 239.5% in the 2nd quarter. FMR LLC now owns 12,131,595 shares of the company’s stock valued at $284,970,000 after purchasing an additional 8,557,956 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Snap by 5.6% in the 2nd quarter. AQR Capital Management LLC now owns 63,521 shares of the company’s stock valued at $1,467,000 after purchasing an additional 3,378 shares during the last quarter. 47.00% of the stock is owned by institutional investors and hedge funds.

About Snap

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images called Snaps. It also provides Camera, a tool to personalize and add context to Snaps; Chat that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community based on a user's subscriptions and interests.

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