Snap (NYSE:SNAP) PT Raised to $16.00 at The Goldman Sachs Group

Snap (NYSE:SNAP) had its target price hoisted by stock analysts at The Goldman Sachs Group from $13.50 to $16.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 7.53% from the stock’s previous close.

A number of other brokerages have also recently commented on SNAP. Roth Mkm reaffirmed a “neutral” rating and set a $14.00 price objective on shares of Snap in a research note on Tuesday. Piper Sandler raised their price objective on shares of Snap from $12.00 to $17.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 17th. Canaccord Genuity Group increased their target price on Snap from $14.00 to $15.00 and gave the company a “hold” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft upgraded Snap from a “hold” rating to a “buy” rating and increased their target price for the company from $10.00 to $19.00 in a research report on Friday, January 26th. Finally, Royal Bank of Canada increased their target price on Snap from $13.00 to $16.00 and gave the company a “sector perform” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $14.56.

Snap Stock Performance

NYSE:SNAP traded up $3.48 during midday trading on Friday, hitting $14.88. The company’s stock had a trading volume of 98,003,842 shares, compared to its average volume of 31,036,756. The firm has a market cap of $24.56 billion, a P/E ratio of -17.93 and a beta of 1.13. Snap has a fifty-two week low of $7.86 and a fifty-two week high of $17.90. The firm’s 50 day moving average is $11.19 and its 200-day moving average is $12.79. 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) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Snap had a negative net margin of 28.71% and a negative return on equity of 47.47%. Equities analysts anticipate that Snap will post -0.58 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Evan Spiegel sold 150,000 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $11.11, for a total value of $1,666,500.00. Following the completion of the sale, the chief executive officer now directly owns 3,627,844 shares of the company’s stock, valued at $40,305,346.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Rebecca Morrow sold 2,442 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $11.00, for a total transaction of $26,862.00. Following the completion of the sale, the chief accounting officer now owns 493,084 shares in the company, valued at $5,423,924. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Evan Spiegel sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $11.11, for a total value of $1,666,500.00. Following the sale, the chief executive officer now owns 3,627,844 shares of the company’s stock, valued at approximately $40,305,346.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 470,482 shares of company stock valued at $5,284,091. 22.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SNAP. SRS Investment Management LLC raised its position in Snap by 23.6% in the fourth quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock worth $1,102,392,000 after acquiring an additional 12,452,415 shares in the last quarter. Carmignac Gestion purchased a new position in Snap in the fourth quarter worth $110,103,000. Contrarius Investment Management Ltd purchased a new position in Snap in the fourth quarter worth $80,644,000. Vanguard Group Inc. raised its position in Snap by 3.8% in the fourth quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock worth $1,613,729,000 after acquiring an additional 3,503,230 shares in the last quarter. Finally, TB Alternative Assets Ltd. raised its position in Snap by 144.5% in the first quarter. TB Alternative Assets Ltd. now owns 5,094,800 shares of the company’s stock worth $58,488,000 after acquiring an additional 3,011,400 shares in the last quarter. Hedge funds and other 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.