Snap (NYSE:SNAP) Price Target Raised to $16.00 at Royal Bank of Canada

Snap (NYSE:SNAP) had its price objective increased by Royal Bank of Canada from $13.00 to $16.00 in a report issued on Friday, Benzinga reports. They currently have a sector perform rating on the stock.

Several other research firms have also weighed in on SNAP. Barclays boosted their target price on Snap from $15.00 to $17.00 and gave the stock an overweight rating in a report on Friday. Rosenblatt Securities upped their price objective on shares of Snap from $12.00 to $14.00 and gave the stock a neutral rating in a report on Friday. UBS Group dropped their price objective on Snap from $14.00 to $13.00 and set a neutral rating on the stock in a research note on Tuesday, April 16th. Piper Sandler upped their target price on shares of Snap from $12.00 to $17.00 and gave the company a neutral rating in a research note on Wednesday, January 17th. Finally, Roth Mkm reaffirmed a neutral rating and set a $14.00 price objective on shares of Snap in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $14.67.

Snap Stock Performance

Shares of SNAP opened at $14.53 on Friday. The company has a quick ratio of 4.39, a current ratio of 4.39 and a debt-to-equity ratio of 1.55. Snap has a 12 month low of $7.86 and a 12 month high of $17.90. The company’s fifty day moving average is $11.26 and its 200-day moving average is $12.84. The firm has a market cap of $23.98 billion, a price-to-earnings ratio of -17.94 and a beta of 1.13.

Snap (NYSE:SNAP) last posted its earnings results on Thursday, April 25th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.12 billion. Equities analysts expect that Snap will post -0.58 EPS for the current fiscal year.

Insider Transactions at Snap

In related news, General Counsel Michael J. O’sullivan sold 13,000 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total transaction of $210,080.00. Following the transaction, the general counsel now owns 461,005 shares in the company, valued at approximately $7,449,840.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Snap news, General Counsel Michael J. O’sullivan sold 13,000 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total value of $210,080.00. Following the completion of the sale, the general counsel now owns 461,005 shares in the company, valued at approximately $7,449,840.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Evan Spiegel sold 150,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 3,627,844 shares in the company, valued at $40,305,346.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 470,482 shares of company stock worth $5,284,091. Insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Snap by 1.5% in the third quarter. Vanguard Group Inc. now owns 91,814,471 shares of the company’s stock valued at $818,067,000 after acquiring an additional 1,352,655 shares during the last quarter. Jump Financial LLC boosted its stake in shares of Snap by 565.4% in the 3rd quarter. Jump Financial LLC now owns 262,952 shares of the company’s stock valued at $2,343,000 after purchasing an additional 223,432 shares during the last quarter. Allworth Financial LP grew its position in shares of Snap by 161.6% during the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after buying an additional 1,708 shares during the period. Illinois Municipal Retirement Fund bought a new stake in shares of Snap during the third quarter worth approximately $423,000. Finally, Korea Investment CORP lifted its holdings in Snap by 191.7% in the third quarter. Korea Investment CORP now owns 415,635 shares of the company’s stock valued at $3,703,000 after buying an additional 273,156 shares during the period. 47.52% of the stock is owned by institutional investors and hedge funds.

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.