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

Snap (NYSE:SNAP) 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.

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:SNAP) 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

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.