Snap (NYSE:SNAP) Given New $7.00 Price Target at Truist Financial

Snap (NYSE:SNAP) had its price target lowered by research analysts at Truist Financial from $8.00 to $7.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s target price would indicate a potential upside of 21.21% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Mizuho set a $6.00 price target on shares of Snap in a report on Tuesday. Canaccord Genuity Group decreased their price objective on shares of Snap from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Tuesday, April 14th. Evercore set a $8.00 target price on shares of Snap in a research note on Tuesday. Stifel Nicolaus increased their target price on Snap from $4.50 to $5.25 and gave the company a “hold” rating in a report on Tuesday, April 21st. Finally, Cantor Fitzgerald raised their price target on Snap from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $7.57.

Snap Stock Up 14.6%

SNAP stock traded up $0.73 during mid-day trading on Tuesday, reaching $5.78. The company had a trading volume of 53,091,393 shares, compared to its average volume of 48,538,973. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.53 and a current ratio of 3.53. The company has a market capitalization of $9.75 billion, a price-to-earnings ratio of -23.94 and a beta of 1.03. The firm has a fifty day simple moving average of $4.96 and a 200 day simple moving average of $5.34. Snap has a fifty-two week low of $3.81 and a fifty-two week high of $9.55.

Snap (NYSE:SNAP) last announced its quarterly earnings data 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 return on equity of 18.92% and a negative net margin of 6.72%.The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the company posted ($0.16) earnings per share. The business’s revenue for the quarter was up 18.9% on a year-over-year basis. Analysts forecast that Snap will post -0.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snap news, CTO Robert C. Murphy sold 2,000,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $5.44, for a total value of $10,880,000.00. Following the completion of the transaction, the chief technology officer owned 47,012,324 shares in the company, valued at $255,747,042.56. This represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Douglas Hott sold 124,209 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.60, for a total value of $695,570.40. Following the transaction, the chief financial officer directly owned 2,571,149 shares in the company, valued at approximately $14,398,434.40. The trade was a 4.61% 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. In the last 90 days, insiders have sold 2,868,059 shares of company stock worth $15,855,631.

Institutional Trading of Snap

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Snap by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 101,251,557 shares of the company’s stock valued at $817,100,000 after buying an additional 641,271 shares during the last quarter. Capital World Investors grew its position in shares of Snap by 1.4% during the fourth quarter. Capital World Investors now owns 88,452,006 shares of the company’s stock worth $713,808,000 after acquiring an additional 1,179,543 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Snap in the 3rd quarter valued at $176,697,000. Geode Capital Management LLC increased its holdings in shares of Snap by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 13,525,119 shares of the company’s stock valued at $108,711,000 after acquiring an additional 469,795 shares during the period. Finally, Voloridge Investment Management LLC raised its position in Snap by 53.3% in the 3rd quarter. Voloridge Investment Management LLC now owns 10,300,911 shares of the company’s stock valued at $79,420,000 after purchasing an additional 3,582,223 shares during the last quarter. 47.52% of the stock is owned by institutional investors and hedge funds.

More Snap News

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Snap reported second-quarter revenue of $1.60 billion, up 18.9% year over year and above the $1.54 billion consensus estimate. The company also reported a GAAP loss of $0.10 per share, narrower than the expected $0.12 loss. Snap Second-Quarter Results
• Positive Sentiment: Advertising performance improved, supported by increased spending from large North American advertisers and demand tied to FIFA World Cup campaigns. Snap also highlighted AI tools, margin expansion and positive free cash flow. Snap Earnings and Outlook
• Positive Sentiment: Management issued third-quarter revenue guidance of approximately $1.7 billion, broadly in line with Wall Street expectations but viewed as constructive given improving advertising trends and the company’s stronger outlook. CNBC Snap Earnings Report
• Positive Sentiment: Snap is prioritizing free-cash-flow generation through advertising gains, subscription growth and disciplined spending on its Specs smart-glasses initiative, potentially supporting a more durable financial profile. Snap Q2 Earnings Call Highlights

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.