Snap (NYSE:SNAP) Given New $14.00 Price Target at TD Cowen

Snap (NYSE:SNAP) had its target price lifted by stock analysts at TD Cowen from $11.00 to $14.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “hold” rating on the stock. TD Cowen’s price objective indicates a potential downside of 4.11% from the company’s previous close.

Several other equities analysts also recently weighed in on SNAP. Wells Fargo & Company raised their price target on Snap from $16.00 to $18.00 and gave the stock an “overweight” rating in a research report on Friday. Truist Financial lifted their price objective on Snap from $12.00 to $16.00 and gave the company a “hold” rating in a research report on Friday. Benchmark reaffirmed a “hold” rating on shares of Snap in a research report on Friday. HSBC raised Snap from a “reduce” rating to a “buy” rating in a research report on Friday. Finally, Royal Bank of Canada lifted their price objective on Snap from $13.00 to $16.00 and gave the company a “sector perform” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $14.67.

Snap Stock Performance

Snap stock traded up $3.20 during mid-day trading on Friday, reaching $14.60. 109,326,296 shares of the company were exchanged, compared to its average volume of 31,199,594. Snap has a twelve month low of $7.86 and a twelve month high of $17.90. The firm’s 50-day simple moving average is $11.19 and its two-hundred day simple moving average is $12.79. The company has a debt-to-equity ratio of 1.55, a quick ratio of 4.39 and a current ratio of 4.39. The firm has a market cap of $24.10 billion, a PE ratio of -17.55 and a beta of 1.13.

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

Insiders Place Their Bets

In other news, CAO Rebecca Morrow sold 9,386 shares of Snap stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $11.14, for a total transaction of $104,560.04. Following the sale, the chief accounting officer now directly owns 495,526 shares of the company’s stock, valued at $5,520,159.64. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $11.53, for a total transaction of $207,540.00. Following the sale, the general counsel now directly owns 474,812 shares in the company, valued at approximately $5,474,582.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Rebecca Morrow sold 9,386 shares of Snap stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $11.14, for a total value of $104,560.04. Following the sale, the chief accounting officer now owns 495,526 shares in the company, valued at $5,520,159.64. The disclosure for this sale can be found here. Insiders have sold a total of 470,482 shares of company stock worth $5,284,091 over the last quarter. 22.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Snap

Several hedge funds and other institutional investors have recently bought and sold shares of the business. SRS Investment Management LLC increased its holdings in shares of Snap by 23.6% in the 4th quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after acquiring an additional 12,452,415 shares during the last quarter. Carmignac Gestion bought a new stake in shares of Snap in the 4th quarter valued at approximately $110,103,000. Contrarius Investment Management Ltd bought a new stake in shares of Snap in the 4th quarter valued at approximately $80,644,000. Vanguard Group Inc. increased its holdings in shares of Snap by 3.8% in the 4th quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock valued at $1,613,729,000 after acquiring an additional 3,503,230 shares during the last quarter. Finally, TB Alternative Assets Ltd. increased its holdings in shares of Snap by 144.5% in the 1st quarter. TB Alternative Assets Ltd. now owns 5,094,800 shares of the company’s stock valued at $58,488,000 after acquiring an additional 3,011,400 shares during the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

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.