Barclays Increases Snap (NYSE:SNAP) Price Target to $17.00

Snap (NYSE:SNAP) had its price target lifted by equities researchers at Barclays from $15.00 to $17.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price objective suggests a potential upside of 16.84% from the company’s current price.

SNAP has been the subject of a number of other reports. Stifel Nicolaus decreased their price target on Snap from $14.00 to $12.00 and set a “hold” rating for the company in a research note on Tuesday, April 16th. Piper Sandler increased their price target on Snap from $12.00 to $17.00 and gave the company a “neutral” rating in a research note on Wednesday, January 17th. Wells Fargo & Company decreased their price target on Snap from $22.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, February 7th. Royal Bank of Canada decreased their price target on Snap from $17.00 to $13.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 7th. Finally, Truist Financial raised their price objective on Snap from $11.00 to $12.00 and gave the stock 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 given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Snap presently has a consensus rating of “Hold” and a consensus target price of $14.67.

Snap Stock Performance

Shares of SNAP stock opened at $14.55 on Friday. Snap has a 12-month low of $7.86 and a 12-month high of $17.90. The firm has a market capitalization of $24.02 billion, a price-to-earnings ratio of -17.96 and a beta of 1.13. The business has a 50 day simple moving average of $11.26 and a 200 day simple moving average of $12.86. 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 (NYSE:SNAP) last issued its quarterly earnings data on Thursday, April 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.12 billion. Snap had a negative return on equity of 45.02% and a negative net margin of 26.99%. On average, equities research analysts anticipate that Snap will post -0.58 EPS for the current year.

Insider Buying and Selling at Snap

In other Snap news, General Counsel Michael J. O’sullivan sold 13,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at $7,449,840.80. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total value of $210,080.00. Following the sale, 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 document filed with the SEC, which is available at the SEC website. Also, CAO Rebecca Morrow sold 9,386 shares of the firm’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 directly owns 495,526 shares in the company, valued at $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 worth $5,284,091 over the last three months. Corporate insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Snap by 1.5% in the third quarter. Vanguard Group Inc. now owns 91,814,471 shares of the company’s stock valued at $818,067,000 after purchasing an additional 1,352,655 shares during the last quarter. Jump Financial LLC grew its position in Snap by 565.4% during the third quarter. Jump Financial LLC now owns 262,952 shares of the company’s stock worth $2,343,000 after buying an additional 223,432 shares in the last quarter. Allworth Financial LP grew its position in Snap by 161.6% during the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after buying an additional 1,708 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new stake in Snap during the third quarter worth about $423,000. Finally, Korea Investment CORP grew its position in Snap by 191.7% during the third quarter. Korea Investment CORP now owns 415,635 shares of the company’s stock worth $3,703,000 after buying an additional 273,156 shares in the last quarter. 47.52% of the stock is owned by institutional investors and hedge funds.

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.