Snap (NYSE:SNAP) Given New $12.00 Price Target at B. Riley

Snap (NYSE:SNAP) had its price target lifted by equities researchers at B. Riley from $11.00 to $12.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. B. Riley’s target price indicates a potential downside of 2.52% from the company’s current price.

Several other equities research analysts have also recently issued reports on SNAP. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $8.00 target price on shares of Snap in a report on Monday, October 7th. Piper Sandler restated a “neutral” rating and issued a $13.00 target price (up from $12.00) on shares of Snap in a report on Wednesday. Hsbc Global Res cut Snap from a “strong-buy” rating to a “hold” rating in a report on Friday, August 2nd. Stifel Nicolaus dropped their target price on Snap from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Monday, October 14th. Finally, HSBC cut Snap from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Snap has an average rating of “Hold” and an average target price of $14.23.

Snap Stock Performance

Shares of SNAP traded up $1.42 on Wednesday, reaching $12.31. The company’s stock had a trading volume of 65,772,313 shares, compared to its average volume of 27,165,137. The stock’s 50 day simple moving average is $9.99 and its two-hundred day simple moving average is $12.69. The stock has a market capitalization of $20.20 billion, a P/E ratio of -15.31 and a beta of 1.01. Snap has a 12-month low of $8.29 and a 12-month high of $17.90. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.25 billion. Research analysts forecast that Snap will post -0.47 earnings per share for the current fiscal year.

Insider Transactions at Snap

In other Snap news, CAO Rebecca Morrow sold 8,923 shares of Snap stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.10, for a total transaction of $81,199.30. Following the completion of the sale, the chief accounting officer now directly owns 472,405 shares in the company, valued at approximately $4,298,885.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Snap news, CFO Derek Andersen sold 97,608 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $9.29, for a total value of $906,778.32. Following the completion of the transaction, the chief financial officer now directly owns 2,287,970 shares of the company’s stock, valued at approximately $21,255,241.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Rebecca Morrow sold 8,923 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $9.10, for a total value of $81,199.30. Following the completion of the sale, the chief accounting officer now owns 472,405 shares in the company, valued at approximately $4,298,885.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,490,617 shares of company stock worth $13,183,890 over the last three months. 22.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snap

Several large investors have recently made changes to their positions in SNAP. V Square Quantitative Management LLC purchased a new position in Snap during the third quarter worth approximately $29,000. Paladin Wealth LLC acquired a new position in shares of Snap during the 3rd quarter worth approximately $30,000. Hollencrest Capital Management purchased a new position in shares of Snap during the 2nd quarter valued at approximately $33,000. Blue Trust Inc. grew its stake in Snap by 354.1% in the 2nd quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock valued at $36,000 after acquiring an additional 1,682 shares during the period. Finally, Rothschild Investment LLC purchased a new stake in Snap in the 2nd quarter worth $40,000. 47.52% of the stock is currently 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.