Snap (NYSE:SNAP) Stock Price Expected to Rise, TD Cowen Analyst Says

Snap (NYSE:SNAP) had its target price lifted by research analysts at TD Cowen from $9.00 to $10.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “hold” rating on the stock. TD Cowen’s target price indicates a potential upside of 3.54% from the stock’s current price.

Several other research firms have also recently commented on SNAP. Truist Financial lowered their target price on Snap from $14.00 to $11.00 and set a “hold” rating for the company in a research note on Wednesday, April 30th. Canaccord Genuity Group lowered their target price on Snap from $10.00 to $9.00 and set a “hold” rating for the company in a research note on Wednesday, April 30th. JMP Securities set a $12.00 target price on Snap in a research note on Friday, April 25th. Royal Bank Of Canada reissued a “sector perform” rating and set a $12.00 target price on shares of Snap in a research note on Wednesday, April 30th. Finally, BMO Capital Markets lowered their target price on Snap from $16.00 to $13.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, twenty-two have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $34.79.

Snap Trading Up 1.9%

Shares of NYSE SNAP opened at $9.66 on Tuesday. Snap has a twelve month low of $7.08 and a twelve month high of $15.75. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.55. The stock has a fifty day simple moving average of $8.62 and a 200-day simple moving average of $9.37. The stock has a market capitalization of $16.14 billion, a PE ratio of -31.15 and a beta of 0.59.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, April 29th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.12). Snap had a negative return on equity of 21.53% and a negative net margin of 9.63%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the firm earned $0.03 earnings per share. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, equities analysts forecast that Snap will post -0.3 earnings per share for the current year.

Insider Activity at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 68,845 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $8.59, for a total transaction of $591,378.55. Following the completion of the sale, the general counsel directly owned 2,173,950 shares of the company’s stock, valued at approximately $18,674,230.50. This trade represents a 3.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $8.03, for a total value of $8,030,000.00. Following the sale, the chief technology officer directly owned 54,517,308 shares of the company’s stock, valued at $437,773,983.24. The trade was a 1.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,639,601 shares of company stock valued at $13,534,791 over the last 90 days. 22.68% of the stock is owned by insiders.

Institutional Trading of Snap

Hedge funds have recently added to or reduced their stakes in the stock. Capital International Investors purchased a new position in Snap in the 4th quarter valued at approximately $422,049,000. Capital World Investors increased its stake in Snap by 38.9% in the 4th quarter. Capital World Investors now owns 84,137,317 shares of the company’s stock valued at $906,161,000 after purchasing an additional 23,569,522 shares in the last quarter. Vanguard Group Inc. increased its stake in Snap by 6.7% in the 1st quarter. Vanguard Group Inc. now owns 109,483,491 shares of the company’s stock valued at $953,601,000 after purchasing an additional 6,921,841 shares in the last quarter. AQR Capital Management LLC increased its stake in Snap by 110.4% in the 1st quarter. AQR Capital Management LLC now owns 11,300,874 shares of the company’s stock valued at $95,549,000 after purchasing an additional 5,930,766 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Snap by 121.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 6,848,370 shares of the company’s stock valued at $59,649,000 after purchasing an additional 3,761,629 shares in the last quarter. 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.