Evercore ISI Raises Snap (NYSE:SNAP) Price Target to $14.00

Snap (NYSE:SNAP) had its price target boosted by equities researchers at Evercore ISI from $13.00 to $14.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “in-line” rating on the stock. Evercore ISI’s price target indicates a potential downside of 5.91% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Royal Bank of Canada increased their price objective on shares of Snap from $13.00 to $16.00 and gave the stock a “sector perform” rating in a research report on Friday. UBS Group cut their price objective on shares of Snap from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 16th. HSBC raised shares of Snap from a “reduce” rating to a “buy” rating in a research report on Friday. Truist Financial raised their price target on shares of Snap from $12.00 to $16.00 and gave the company a “hold” rating in a research report on Friday. Finally, Barclays raised their price target on shares of Snap from $15.00 to $17.00 and gave the company an “overweight” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $14.56.

Snap Trading Up 30.5 %

Snap stock traded up $3.48 during trading hours on Friday, reaching $14.88. 98,003,842 shares of the company’s stock were exchanged, compared to its average volume of 31,036,756. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 1.55. The firm’s 50 day simple moving average is $11.19 and its 200 day simple moving average is $12.79. Snap has a twelve month low of $7.86 and a twelve month high of $17.90. The firm has a market capitalization of $24.56 billion, a PE ratio of -17.93 and a beta of 1.13.

Snap (NYSE:SNAP) last released its quarterly earnings data on Thursday, April 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Snap had a negative net margin of 28.71% and a negative return on equity of 47.47%. Research analysts predict that Snap will post -0.58 earnings per share for the current year.

Insider Transactions at Snap

In other news, CEO Evan Spiegel sold 150,000 shares of Snap stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $11.11, for a total transaction of $1,666,500.00. Following the completion of the sale, the chief executive officer now directly owns 3,627,844 shares of the company’s stock, valued at approximately $40,305,346.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Snap news, CAO Rebecca Morrow sold 9,386 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $11.14, for a total value of $104,560.04. Following the completion of the sale, the chief accounting officer now directly owns 495,526 shares of the company’s stock, valued at $5,520,159.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Evan Spiegel sold 150,000 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $11.11, for a total transaction of $1,666,500.00. Following the completion of the sale, the chief executive officer now directly owns 3,627,844 shares of the company’s stock, valued at $40,305,346.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 470,482 shares of company stock valued at $5,284,091. Insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Hedge funds have recently modified their holdings of the company. NBC Securities Inc. increased its position in shares of Snap by 2,580.4% in the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after acquiring an additional 1,445 shares during the period. Allworth Financial LP increased its position in shares of Snap by 161.6% in the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after acquiring an additional 1,708 shares during the period. ICA Group Wealth Management LLC purchased a new position in shares of Snap in the fourth quarter valued at about $51,000. Rakuten Securities Inc. purchased a new position in shares of Snap during the fourth quarter valued at about $73,000. Finally, Westpac Banking Corp increased its position in shares of Snap by 108.7% during the fourth quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock valued at $81,000 after buying an additional 2,506 shares during the period. Hedge funds and other institutional investors own 47.52% of the company’s stock.

About Snap

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.