Snap (NYSE:SNAP) Price Target Raised to $16.00 at Truist Financial

Snap (NYSE:SNAP) had its price target hoisted by Truist Financial from $12.00 to $16.00 in a research report report published on Friday, Benzinga reports. Truist Financial currently has a hold rating on the stock.

Other research analysts have also recently issued research reports about the company. The Goldman Sachs Group dropped their price target on Snap from $15.00 to $13.50 and set a neutral rating for the company in a research report on Thursday, February 8th. Stifel Nicolaus cut their target price on shares of Snap from $14.00 to $12.00 and set a hold rating for the company in a research report on Tuesday, April 16th. Royal Bank of Canada increased their price target on shares of Snap from $13.00 to $16.00 and gave the company a sector perform rating in a research report on Friday. UBS Group cut their price objective on Snap from $14.00 to $13.00 and set a neutral rating for the company in a research report on Tuesday, April 16th. Finally, Barclays upped their target price on Snap from $15.00 to $17.00 and gave the company an overweight rating in a research note on Friday. Two investment 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 MarketBeat, the company 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 52-week low of $7.86 and a 52-week high of $17.90. The company has a 50-day simple moving average of $11.26 and a 200-day simple moving average of $12.84. The company has a market capitalization of $23.98 billion, a PE ratio of -17.94 and a beta of 1.13.

Snap (NYSE:SNAP) last issued its 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 company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Snap had a negative net margin of 26.99% and a negative return on equity of 45.02%. Equities research analysts predict that Snap will post -0.58 earnings per share for the current fiscal year.

Insider Activity at Snap

In other news, CAO Rebecca Morrow sold 9,386 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $11.14, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of the firm’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total transaction of $210,080.00. Following the transaction, the general counsel now directly owns 461,005 shares of the company’s stock, valued at $7,449,840.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Rebecca Morrow sold 9,386 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $11.14, for a total value of $104,560.04. Following the sale, the chief accounting officer now directly owns 495,526 shares in the company, valued at approximately $5,520,159.64. The disclosure for this sale can be found here. Insiders have sold 470,482 shares of company stock valued at $5,284,091 over the last ninety days. Corporate insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

A number of institutional investors and hedge funds have recently modified their holdings of SNAP. Vanguard Group Inc. lifted its position in shares of Snap by 3.8% in the 4th 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 in the last quarter. SRS Investment Management LLC raised its holdings in Snap by 23.6% in the 4th quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after acquiring an additional 12,452,415 shares in the last quarter. Capital World Investors grew its position in Snap by 0.6% during the 4th quarter. Capital World Investors now owns 45,887,082 shares of the company’s stock worth $776,868,000 after acquiring an additional 274,176 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in Snap by 4.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 8,267,765 shares of the company’s stock valued at $73,666,000 after purchasing an additional 327,038 shares in the last quarter. Finally, Carmignac Gestion bought a new position in Snap in the 4th quarter valued at $110,103,000. 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.