Snap (NYSE:SNAP) Price Target Increased to $16.00 by Analysts 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 research note issued to investors on Friday morning, Benzinga reports. They currently have a sector perform rating on the stock.

A number of other brokerages have also recently commented on SNAP. Rosenblatt Securities upped their target price on shares of Snap from $12.00 to $14.00 and gave the company a neutral rating in a report on Friday. Stifel Nicolaus decreased their target price on Snap from $14.00 to $12.00 and set a hold rating on the stock in a report on Tuesday, April 16th. Roth Mkm reissued a neutral rating and set a $14.00 price target on shares of Snap in a report on Tuesday, April 23rd. Morgan Stanley decreased their price objective on Snap from $13.00 to $11.00 and set an underweight rating on the stock in a research note on Wednesday, February 7th. Finally, Truist Financial boosted their price objective on Snap from $11.00 to $12.00 and gave the company a hold rating in a research note on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Snap currently has a consensus rating of Hold and an average target price of $14.79.

Snap Stock Performance

Shares of SNAP opened at $14.49 on Friday. The firm has a market capitalization of $23.92 billion, a P/E ratio of -17.89 and a beta of 1.13. The company has a debt-to-equity ratio of 1.55, a current ratio of 4.39 and a quick ratio of 4.39. Snap has a one year low of $7.86 and a one year high of $17.90. The business has a fifty day moving average of $11.33 and a 200 day moving average of $12.93.

Snap (NYSE:SNAP) last announced its earnings results on Thursday, April 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.10. Snap had a negative return on equity of 45.02% and a negative net margin of 26.99%. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.12 billion. As a group, sell-side analysts anticipate that Snap will post -0.58 EPS for the current year.

Insider Activity at Snap

In related 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 value of $104,560.04. Following the completion of the transaction, the chief accounting officer now owns 495,526 shares in the company, valued at $5,520,159.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $11.53, for a total transaction of $207,540.00. Following the transaction, the general counsel now owns 474,812 shares in the company, valued at $5,474,582.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Rebecca Morrow sold 9,386 shares of the firm’s 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 completion of the sale, the chief accounting officer now owns 495,526 shares of the company’s stock, valued at approximately $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 valued at $5,284,091 over the last 90 days. 22.68% of the stock is owned by corporate insiders.

Institutional Trading of Snap

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. HCR Wealth Advisors boosted its position in shares of Snap by 10.0% during the third quarter. HCR Wealth Advisors now owns 23,162 shares of the company’s stock valued at $206,000 after buying an additional 2,098 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in shares of Snap by 7.6% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 191,542 shares of the company’s stock worth $1,707,000 after acquiring an additional 13,500 shares during the last quarter. Compass Advisory Group LLC boosted its holdings in Snap by 13.2% during the 3rd quarter. Compass Advisory Group LLC now owns 13,678 shares of the company’s stock valued at $122,000 after acquiring an additional 1,591 shares during the period. Avaii Wealth Management LLC grew its position in Snap by 24.2% in the 3rd quarter. Avaii Wealth Management LLC now owns 15,819 shares of the company’s stock valued at $141,000 after acquiring an additional 3,080 shares during the last quarter. Finally, Forsta AP Fonden increased its stake in Snap by 3.6% in the third quarter. Forsta AP Fonden now owns 238,700 shares of the company’s stock worth $2,127,000 after purchasing an additional 8,400 shares during the period. 47.52% of the stock is owned by hedge funds and other institutional investors.

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.