Snap Inc. (NYSE:SNAP) Receives $13.76 Average Target Price from Brokerages

Shares of Snap Inc. (NYSE:SNAP) have been assigned an average recommendation of “Hold” from the thirty-two research firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, twenty-four have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $14.00.

Several equities research analysts recently weighed in on the stock. Benchmark reiterated a “hold” rating on shares of Snap in a research note on Tuesday, August 6th. Bank of America cut their price target on Snap from $16.00 to $13.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. lowered their price objective on Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a research note on Friday, August 2nd. Argus raised Snap to a “hold” rating in a research report on Thursday, August 8th. Finally, Piper Sandler restated a “neutral” rating and set a $12.00 price target (down previously from $15.00) on shares of Snap in a research report on Friday, August 2nd.

Insider Activity

In related news, CAO Rebecca Morrow sold 8,923 shares of Snap stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.10, for a total value of $81,199.30. Following the transaction, the chief accounting officer now directly owns 472,405 shares in the company, valued at approximately $4,298,885.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Snap news, General Counsel Michael J. O’sullivan sold 59,053 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $9.29, for a total transaction of $548,602.37. Following the sale, the general counsel now directly owns 1,258,278 shares of the company’s stock, valued at approximately $11,689,402.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Rebecca Morrow sold 8,923 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.10, for a total value of $81,199.30. Following the completion of the sale, the chief accounting officer now directly owns 472,405 shares of the company’s stock, valued at approximately $4,298,885.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,493,540 shares of company stock worth $13,271,826. Insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Several hedge funds have recently bought and sold shares of the business. Carmignac Gestion acquired a new position in shares of Snap in the 4th quarter valued at about $110,103,000. APG Asset Management N.V. grew its position in Snap by 3.9% during the second quarter. APG Asset Management N.V. now owns 2,957,491 shares of the company’s stock valued at $45,835,000 after purchasing an additional 112,135 shares in the last quarter. TCW Group Inc. acquired a new position in Snap in the 4th quarter valued at approximately $275,000. V Square Quantitative Management LLC lifted its position in Snap by 72.7% in the 4th quarter. V Square Quantitative Management LLC now owns 11,119 shares of the company’s stock worth $188,000 after buying an additional 4,679 shares in the last quarter. Finally, Alta Park Capital LP acquired a new stake in shares of Snap during the 4th quarter valued at $13,845,000. 47.52% of the stock is owned by hedge funds and other institutional investors.

Snap Trading Up 2.9 %

NYSE:SNAP opened at $10.87 on Monday. The company has a market cap of $18.04 billion, a PE ratio of -13.42 and a beta of 1.00. The business’s 50 day moving average is $10.11 and its two-hundred day moving average is $12.78. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.74. Snap has a 52 week low of $8.29 and a 52 week high of $17.90.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.02. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.25 billion. On average, analysts predict that Snap will post -0.47 EPS for the current year.

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.