Snap (NYSE:SNAP) Price Target Raised to $13.00

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Snap (NYSE:SNAP) had its target price increased by Morgan Stanley from $9.00 to $13.00 in a research note published on Monday morning, BenzingaRatingsTable reports. The firm currently has an underweight rating on the stock.

A number of other equities research analysts also recently issued reports on the stock. Stifel Nicolaus downgraded shares of Owens Corning from a buy rating to a hold rating and set a $52.45 price objective on the stock. in a research note on Wednesday, April 24th. Zacks Investment Research downgraded shares of Heritage Insurance from a hold rating to a strong sell rating in a research note on Friday, April 26th. Summit Insights upgraded shares of Snap from a sell rating to a hold rating and set a $11.50 price objective on the stock in a research note on Friday, April 5th. Goldman Sachs Group set a €135.00 ($156.98) price objective on shares of SAP and gave the stock a buy rating in a research note on Friday, July 12th. Finally, Moffett Nathanson reiterated a neutral rating and set a $10.00 price objective (up from $8.00) on shares of Snap in a research note on Monday, July 1st. Four research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and ten have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $12.23.

Shares of Snap stock opened at $14.93 on Monday. The firm has a market capitalization of $20.25 billion, a P/E ratio of -15.39 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.75 and a quick ratio of 4.75. Snap has a 12-month low of $4.82 and a 12-month high of $16.24. The business’s 50-day moving average price is $14.18.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). The firm had revenue of $320.43 million for the quarter, compared to analyst estimates of $306.28 million. Snap had a negative return on equity of 47.71% and a negative net margin of 92.94%. The company’s quarterly revenue was up 38.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.17) earnings per share. On average, research analysts forecast that Snap will post -0.76 earnings per share for the current year.

In related news, CAO Lara Sweet sold 71,833 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $13.74, for a total value of $986,985.42. Following the completion of the transaction, the chief accounting officer now owns 1,259,565 shares in the company, valued at approximately $17,306,423.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Michael Lynton sold 127,663 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $15.04, for a total transaction of $1,920,051.52. Following the completion of the transaction, the director now owns 68,149 shares of the company’s stock, valued at approximately $1,024,960.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,555,550 shares of company stock valued at $31,759,774.

Hedge funds and other institutional investors have recently modified their holdings of the stock. TCI Wealth Advisors Inc. raised its holdings in Snap by 70.0% during the 1st quarter. TCI Wealth Advisors Inc. now owns 3,400 shares of the company’s stock worth $37,000 after purchasing an additional 1,400 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Snap by 8.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 18,403 shares of the company’s stock worth $203,000 after purchasing an additional 1,450 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in Snap by 8.8% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 18,057 shares of the company’s stock worth $199,000 after purchasing an additional 1,463 shares during the last quarter. NEXT Financial Group Inc raised its holdings in Snap by 76.6% during the 2nd quarter. NEXT Financial Group Inc now owns 4,503 shares of the company’s stock worth $64,000 after purchasing an additional 1,953 shares during the last quarter. Finally, Valeo Financial Advisors LLC raised its holdings in Snap by 400.0% during the 2nd quarter. Valeo Financial Advisors LLC now owns 2,500 shares of the company’s stock worth $36,000 after purchasing an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 25.81% of the company’s stock.

Snap Company Profile

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.

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