Snap (NYSE:SNAP) Price Target Raised to $12.00 at Morgan Stanley

Snap (NYSE:SNAP) had its price objective boosted by Morgan Stanley from $11.00 to $12.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have an underweight rating on the stock.

Several other analysts have also weighed in on SNAP. Wells Fargo & Company lowered their target price on shares of Snap from $22.00 to $16.00 and set an overweight rating for the company in a research note on Wednesday, February 7th. UBS Group lowered their target price on shares of Snap from $14.00 to $13.00 and set a neutral rating for the company in a research note on Tuesday, April 16th. Canaccord Genuity Group boosted their target price on shares of Snap from $14.00 to $15.00 and gave the company a hold rating in a research note on Friday. Rosenblatt Securities boosted their price target on shares of Snap from $12.00 to $14.00 and gave the company a neutral rating in a report on Friday. Finally, Truist Financial boosted their price target on shares of Snap from $12.00 to $16.00 and gave the company a hold rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Snap currently has an average rating of Hold and a consensus price target of $14.67.

Snap Trading Up 27.5 %

NYSE SNAP opened at $14.53 on Friday. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 1.55. The company’s fifty day simple moving average is $11.26 and its 200-day simple moving average is $12.84. The stock has a market cap of $23.98 billion, a P/E ratio of -17.94 and a beta of 1.13. Snap has a 52 week low of $7.86 and a 52 week high of $17.90.

Snap (NYSE:SNAP) last issued its quarterly earnings results 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. Snap had a negative net margin of 26.99% and a negative return on equity of 45.02%. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.12 billion. Equities research analysts predict that Snap will post -0.58 EPS for the current fiscal year.

Insider Buying and Selling at Snap

In other Snap news, CFO Derek Andersen sold 96,953 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $10.99, for a total transaction of $1,065,513.47. Following the completion of the sale, the chief financial officer now directly owns 2,534,689 shares of the company’s stock, valued at $27,856,232.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Eric Young sold 120,472 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $11.13, for a total transaction of $1,340,853.36. Following the transaction, the senior vice president now owns 3,540,852 shares of the company’s stock, valued at $39,409,682.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Derek Andersen sold 96,953 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $10.99, for a total value of $1,065,513.47. Following the transaction, the chief financial officer now owns 2,534,689 shares in the company, valued at approximately $27,856,232.11. The disclosure for this sale can be found here. In the last three months, insiders sold 470,482 shares of company stock valued at $5,284,091. 22.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Snap

Several hedge funds and other institutional investors have recently modified their holdings of SNAP. SRS Investment Management LLC grew its stake in shares of Snap by 23.6% in the fourth quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock worth $1,102,392,000 after acquiring an additional 12,452,415 shares during the last quarter. Carmignac Gestion acquired a new stake in Snap during the fourth quarter worth $110,103,000. Contrarius Investment Management Ltd acquired a new stake in Snap during the fourth quarter worth $80,644,000. Vanguard Group Inc. boosted its stake in Snap by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock worth $1,613,729,000 after buying an additional 3,503,230 shares in the last quarter. Finally, TB Alternative Assets Ltd. boosted its stake in Snap by 144.5% during the first quarter. TB Alternative Assets Ltd. now owns 5,094,800 shares of the company’s stock worth $58,488,000 after buying an additional 3,011,400 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

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.