Canaccord Genuity Group Increases Snap (NYSE:SNAP) Price Target to $15.00

Snap (NYSE:SNAP) had its price objective boosted by equities researchers at Canaccord Genuity Group from $14.00 to $15.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 3.09% from the stock’s current price.

A number of other brokerages also recently issued reports on SNAP. Rosenblatt Securities upped their price target on Snap from $12.00 to $14.00 and gave the company a “neutral” rating in a report on Friday. Stifel Nicolaus lowered their price target on Snap from $14.00 to $12.00 and set a “hold” rating for the company in a report on Tuesday, April 16th. Roth Mkm reaffirmed a “neutral” rating and issued a $14.00 price target on shares of Snap in a report on Tuesday, April 23rd. UBS Group lowered their price target on Snap from $14.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, April 16th. Finally, Piper Sandler boosted their price objective on Snap from $12.00 to $17.00 and gave the company a “neutral” rating in a research note on Wednesday, January 17th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Snap currently has a consensus rating of “Hold” and an average target price of $14.67.

Snap Stock Performance

Shares of Snap stock opened at $14.55 on Friday. Snap has a one year low of $7.86 and a one year high of $17.90. The company has a market cap of $24.02 billion, a PE ratio of -17.96 and a beta of 1.13. 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 business has a 50-day simple moving average of $11.26 and a 200-day simple moving average of $12.86.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Thursday, April 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.12 billion. Snap had a negative return on equity of 45.02% and a negative net margin of 26.99%. On average, equities research analysts forecast that Snap will post -0.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snap news, SVP Eric Young sold 120,472 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $11.13, for a total value of $1,340,853.36. Following the completion of the transaction, the senior vice president now owns 3,540,852 shares in the company, valued at $39,409,682.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Snap news, General Counsel Michael J. O’sullivan sold 13,000 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total value of $210,080.00. Following the sale, the general counsel now owns 461,005 shares of the company’s stock, valued at $7,449,840.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Eric Young sold 120,472 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $11.13, for a total value of $1,340,853.36. Following the completion of the sale, the senior vice president now directly owns 3,540,852 shares in the company, valued at approximately $39,409,682.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 470,482 shares of company stock worth $5,284,091. 22.68% of the stock is owned by corporate insiders.

Institutional Trading of Snap

Several large investors have recently bought and sold shares of SNAP. SRS Investment Management LLC grew its holdings in Snap by 23.6% in the fourth quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after purchasing an additional 12,452,415 shares during the last quarter. Carmignac Gestion acquired a new stake in shares of Snap during the fourth quarter valued at $110,103,000. Contrarius Investment Management Ltd acquired a new stake in shares of Snap during the fourth quarter valued at $80,644,000. Vanguard Group Inc. boosted its stake in shares of Snap by 3.8% during the fourth 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. boosted its stake in shares of Snap by 144.5% during the first 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. Institutional investors and hedge funds 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.