Snap (NYSE:SNAP) Stock Price Expected to Rise, Citigroup Analyst Says

Snap (NYSE:SNAP) had its target price lifted by Citigroup from $11.00 to $13.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 9.06% from the company’s previous close.

A number of other research firms have also recently weighed in on SNAP. Benchmark reiterated a “hold” rating on shares of Snap in a report on Friday, October 25th. Loop Capital lifted their price target on shares of Snap from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Barclays lowered their price objective on shares of Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. The Goldman Sachs Group upped their price target on Snap from $12.00 to $13.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Bank of America lifted their price objective on Snap from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.39.

Snap Stock Performance

SNAP traded up $0.31 on Friday, reaching $11.92. The stock had a trading volume of 4,161,078 shares, compared to its average volume of 27,616,924. Snap has a 12-month low of $8.29 and a 12-month high of $17.90. 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 company has a market cap of $19.99 billion, a P/E ratio of -20.55 and a beta of 0.99. The business’s 50-day moving average price is $11.01 and its two-hundred day moving average price is $12.36.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.03. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same period last year, the firm posted ($0.21) earnings per share. The company’s revenue for the quarter was up 15.4% on a year-over-year basis. Sell-side analysts forecast that Snap will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In other Snap news, SVP Eric Young sold 112,020 shares of Snap stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.55, for a total transaction of $1,181,811.00. Following the transaction, the senior vice president now owns 2,791,048 shares of the company’s stock, valued at $29,445,556.40. The trade was a 3.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $12.50, for a total value of $12,500,000.00. Following the completion of the sale, the chief technology officer now directly owns 57,210,989 shares of the company’s stock, valued at $715,137,362.50. The trade was a 1.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,388,709 shares of company stock valued at $16,448,087. 22.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snap

A number of institutional investors have recently modified their holdings of the business. Hollencrest Capital Management purchased a new position in Snap during the 2nd quarter worth $33,000. Blue Trust Inc. grew its holdings in shares of Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after buying an additional 1,682 shares during the last quarter. Rothschild Investment LLC acquired a new position in Snap in the 2nd quarter valued at about $40,000. V Square Quantitative Management LLC purchased a new stake in Snap during the 3rd quarter valued at approximately $29,000. Finally, Paladin Wealth LLC acquired a new stake in Snap during the 3rd quarter worth approximately $30,000. 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.