Canaccord Genuity Group Increases Snap (NYSE:SNAP) Price Target to $15.00

Snap (NYSE:SNAP) had its price target raised by analysts at Canaccord Genuity Group from $14.00 to $15.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 31.58% from the company’s current price.

SNAP has been the topic of several other reports. Rosenblatt Securities raised their target price on Snap from $12.00 to $14.00 and gave the company a “neutral” rating in a report on Friday. Susquehanna raised their target price on Snap from $9.50 to $12.00 and gave the company a “neutral” rating in a report on Wednesday, February 7th. Stifel Nicolaus cut their target price on Snap from $14.00 to $12.00 and set a “hold” rating on the stock in a report on Tuesday, April 16th. Morgan Stanley cut their target price on Snap from $13.00 to $11.00 and set an “underweight” rating on the stock in a report on Wednesday, February 7th. Finally, The Goldman Sachs Group dropped their price objective on Snap from $15.00 to $13.50 and set a “neutral” rating on the stock in a research note on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Snap presently has a consensus rating of “Hold” and a consensus target price of $14.00.

Snap Stock Performance

Shares of Snap stock opened at $11.40 on Friday. The stock has a market cap of $18.82 billion, a PE ratio of -13.73 and a beta of 1.13. The business has a fifty day simple moving average of $11.19 and a 200-day simple moving average of $12.79. 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 12 month low of $7.86 and a 12 month high of $17.90.

Snap (NYSE:SNAP) last released its quarterly earnings data 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 firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Snap had a negative return on equity of 47.47% and a negative net margin of 28.71%. On average, sell-side analysts anticipate that Snap will post -0.58 EPS for the current fiscal year.

Insider Transactions at Snap

In other news, CFO Derek Andersen sold 96,953 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $10.99, for a total value of $1,065,513.47. Following the transaction, the chief financial officer now directly owns 2,534,689 shares of the company’s stock, valued at approximately $27,856,232.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Derek Andersen sold 96,953 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $10.99, for a total value of $1,065,513.47. Following the transaction, the chief financial officer now directly owns 2,534,689 shares of the company’s stock, valued at approximately $27,856,232.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 13,000 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $16.16, for a total value of $210,080.00. Following the transaction, the general counsel now directly owns 461,005 shares in the company, valued at approximately $7,449,840.80. The disclosure for this sale can be found here. Insiders have sold 470,482 shares of company stock valued at $5,284,091 in the last three months. 22.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. NBC Securities Inc. lifted its holdings in Snap by 2,580.4% during the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock worth $25,000 after buying an additional 1,445 shares in the last quarter. Allworth Financial LP raised its position in shares of Snap by 161.6% during the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after acquiring an additional 1,708 shares during the last quarter. ICA Group Wealth Management LLC bought a new stake in shares of Snap during the 4th quarter valued at $51,000. Rakuten Securities Inc. bought a new stake in shares of Snap during the 4th quarter valued at $73,000. Finally, Westpac Banking Corp raised its position in shares of Snap by 108.7% during the 4th quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock valued at $81,000 after acquiring an additional 2,506 shares during the last quarter. Institutional investors and hedge funds 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.