Bank of America Increases Snap (NYSE:SNAP) Price Target to $14.50

Snap (NYSE:SNAP) had its price objective upped by Bank of America from $14.00 to $14.50 in a research note published on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts have also issued reports about the stock. Piper Sandler reiterated a “neutral” rating and issued a $13.00 price objective (up from $12.00) on shares of Snap in a research note on Wednesday, October 30th. Cantor Fitzgerald raised their price target on shares of Snap from $8.00 to $9.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Stifel Nicolaus cut their price target on shares of Snap from $13.00 to $11.00 and set a “hold” rating for the company in a report on Monday, October 14th. Evercore ISI raised their price target on shares of Snap from $12.00 to $15.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Finally, B. Riley raised their price target on shares of Snap from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-four have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Snap currently has an average rating of “Hold” and an average price target of $36.87.

Snap Stock Up 2.0 %

Snap stock opened at $10.91 on Wednesday. Snap has a 1-year low of $8.29 and a 1-year high of $17.33. The firm has a market capitalization of $18.29 billion, a price-to-earnings ratio of -18.80 and a beta of 0.99. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 1.63. The firm has a 50 day simple moving average of $11.49 and a 200 day simple moving average of $10.89.

Snap (NYSE:SNAP) last released its quarterly earnings data on Tuesday, February 4th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. On average, analysts predict that Snap will post -0.39 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Michael J. O’sullivan sold 12,315 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.54, for a total transaction of $129,800.10. Following the transaction, the general counsel now owns 1,195,567 shares in the company, valued at $12,601,276.18. The trade was a 1.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Rebecca Morrow sold 32,000 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $12.42, for a total transaction of $397,440.00. Following the sale, the chief accounting officer now directly owns 433,064 shares in the company, valued at $5,378,654.88. The trade was a 6.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 445,184 shares of company stock worth $4,968,189 in the last 90 days. 22.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new position in shares of Snap in the third quarter worth approximately $29,000. Paladin Wealth LLC purchased a new stake in Snap during the third quarter valued at approximately $30,000. Advisors Asset Management Inc. increased its holdings in Snap by 141.9% during the third quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock valued at $30,000 after buying an additional 1,632 shares during the last quarter. Comprehensive Financial Planning Inc. PA purchased a new stake in Snap during the fourth quarter valued at approximately $32,000. Finally, Brooklyn Investment Group purchased a new stake in Snap during the third quarter valued at approximately $41,000. Institutional investors own 47.52% of the company’s stock.

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.