Snap (NYSE:SNAP) Price Target Raised to $13.00 at Canaccord Genuity Group

Snap (NYSE:SNAPFree Report) had its target price raised by Canaccord Genuity Group from $12.00 to $13.00 in a research report report published on Wednesday morning, Benzinga reports. Canaccord Genuity Group currently has a hold rating on the stock.

A number of other research analysts also recently issued reports on SNAP. Royal Bank of Canada reiterated a “sector perform” rating and set a $16.00 price objective on shares of Snap in a report on Wednesday. Susquehanna decreased their price target on shares of Snap from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Wells Fargo & Company cut their price objective on shares of Snap from $15.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, October 4th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $8.00 target price on shares of Snap in a research report on Monday, October 7th. Finally, Barclays cut their price target on shares of Snap from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $14.25.

View Our Latest Stock Report on SNAP

Snap Stock Up 15.7 %

Shares of SNAP stock opened at $12.60 on Wednesday. Snap has a 12-month low of $8.29 and a 12-month high of $17.90. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.74. The firm has a fifty day moving average of $9.99 and a 200-day moving average of $12.69. The company has a market capitalization of $20.68 billion, a price-to-earnings ratio of -15.56 and a beta of 1.01.

Snap (NYSE:SNAPGet Free Report) last released its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. As a group, equities research analysts predict that Snap will post -0.47 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $10.81, for a total transaction of $194,580.00. Following the completion of the sale, the general counsel now directly owns 489,058 shares of the company’s stock, valued at approximately $5,286,716.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $10.81, for a total transaction of $194,580.00. Following the transaction, the general counsel now directly owns 489,058 shares of the company’s stock, valued at approximately $5,286,716.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the transaction, the chief technology officer now owns 58,553,813 shares in the company, valued at approximately $508,832,634.97. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,490,617 shares of company stock valued at $13,183,890. 22.68% of the stock is owned by insiders.

Institutional Trading of Snap

Institutional investors have recently modified their holdings of the stock. Hollencrest Capital Management bought a new position in shares of Snap in the second quarter worth $33,000. Blue Trust Inc. grew its stake in Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after buying an additional 1,682 shares in the last quarter. Rothschild Investment LLC bought a new position in Snap in the 2nd quarter valued at about $40,000. V Square Quantitative Management LLC acquired a new position in shares of Snap in the 3rd quarter valued at approximately $29,000. Finally, Paladin Wealth LLC bought a new stake in shares of Snap during the 3rd quarter worth approximately $30,000. 47.52% of the stock is currently owned by institutional investors.

Snap Company Profile

(Get Free Report)

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.

Featured Stories

Analyst Recommendations for Snap (NYSE:SNAP)

Receive News & Ratings for Snap Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap and related companies with MarketBeat.com's FREE daily email newsletter.