Snap (NYSE:SNAP) Price Target Raised to $6.00

Snap (NYSE:SNAP) had its price target upped by Cantor Fitzgerald from $5.00 to $6.00 in a research report released on Tuesday, Marketbeat.com reports. They currently have a neutral rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Guggenheim increased their price objective on shares of Snap from $5.00 to $5.50 and gave the stock a “neutral” rating in a research report on Tuesday. Tigress Financial began coverage on Snap in a research report on Monday, April 27th. They issued a “buy” rating for the company. HSBC downgraded Snap from a “hold” rating to a “hold” rating in a research note on Monday, April 27th. Piper Sandler reiterated a “neutral” rating on shares of Snap in a report on Wednesday, June 17th. Finally, Citigroup reissued a “market perform” rating on shares of Snap in a research note on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.65.

Snap Stock Down 2.2%

Snap stock opened at $5.21 on Tuesday. The company has a market capitalization of $8.81 billion, a PE ratio of -28.97 and a beta of 1.03. Snap has a 12-month low of $3.81 and a 12-month high of $9.28. The firm’s fifty day moving average is $4.93 and its 200 day moving average is $5.29. The company has a quick ratio of 3.53, a current ratio of 2.94 and a debt-to-equity ratio of 1.75.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. Snap had a negative net margin of 4.90% and a negative return on equity of 14.61%. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the company posted ($0.16) earnings per share. The business’s quarterly revenue was up 18.9% on a year-over-year basis. As a group, sell-side analysts predict that Snap will post -0.07 EPS for the current fiscal year.

Insider Transactions at Snap

In related news, insider Ajit Mohan sold 6,923 shares of Snap stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $5.58, for a total transaction of $38,630.34. Following the transaction, the insider owned 5,050,968 shares of the company’s stock, valued at $28,184,401.44. The trade was a 0.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Douglas Hott sold 114,702 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $5.67, for a total value of $650,360.34. Following the sale, the chief financial officer owned 2,456,447 shares of the company’s stock, valued at $13,928,054.49. This trade represents a 4.46% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 2,868,059 shares of company stock valued at $15,855,631. Corporate insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

A number of hedge funds have recently bought and sold shares of the company. Allworth Financial LP grew its stake in shares of Snap by 92.3% in the 3rd quarter. Allworth Financial LP now owns 3,293 shares of the company’s stock worth $25,000 after acquiring an additional 1,581 shares in the last quarter. Oak Harvest Investment Services purchased a new stake in shares of Snap in the fourth quarter valued at about $26,000. Arax Advisory Partners lifted its position in shares of Snap by 220.0% during the fourth quarter. Arax Advisory Partners now owns 3,309 shares of the company’s stock valued at $27,000 after purchasing an additional 2,275 shares in the last quarter. V Square Quantitative Management LLC bought a new position in shares of Snap during the fourth quarter valued at about $29,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Snap by 561.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,618 shares of the company’s stock worth $29,000 after purchasing an additional 3,071 shares during the last quarter. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap News Summary

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Better-than-expected Q2 results support turnaround hopes. Snap reported adjusted EPS of $(0.10), ahead of the $(0.12) consensus estimate, while revenue of $1.60 billion exceeded forecasts and increased 18.9% year over year. The results have strengthened the case that advertising and user-growth improvements could support a recovery. Snap: Strong Q2 Earnings Bolster Hopes Of A Turnaround
• Positive Sentiment: Several analysts see upside. Cantor Fitzgerald issued a bullish forecast, Wells Fargo said the stock is expected to rise, and Citigroup raised its price target to $6.75. Heavy trading in Snap call options also indicates increased speculative interest following the earnings report. Cantor Fitzgerald Forecasts Strong Price Appreciation Wells Fargo Analyst Forecast Citigroup Raises Price Target
• Neutral Sentiment: Analyst views remain divided. Citizens JMP reiterated a Market Perform rating, suggesting the earnings improvement may already be reflected in the stock. A speculative article about a possible future acquisition of Snap offers no confirmed transaction or takeover discussions. Citizens JMP Reiterates Market Perform Who Might Buy Snap If Its Founders Ever Decide to Sell
• Negative Sentiment: Bearish ratings are limiting enthusiasm. Rosenblatt Securities issued a pessimistic forecast, while Zacks Research downgraded Snap to “Strong Sell.” Snap also remains unprofitable, with analysts expecting a loss for the full year, and its shares are near the 200-day moving average after retreating from the post-earnings surge. Rosenblatt Pessimistic Forecast Zacks Downgrade

About Snap

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.