Rosenblatt Securities Boosts Snap (NYSE:SNAP) Price Target to $14.00

Snap (NYSE:SNAP) had its price target lifted by Rosenblatt Securities from $12.00 to $14.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other equities research analysts also recently issued reports on SNAP. Truist Financial increased their price objective on shares of Snap from $11.00 to $12.00 and gave the stock a hold rating in a research note on Wednesday, February 7th. HSBC upgraded shares of Snap from a reduce rating to a buy rating in a research note on Friday. Stifel Nicolaus reduced their price target on shares of Snap from $14.00 to $12.00 and set a hold rating on the stock in a research note on Tuesday, April 16th. Royal Bank of Canada reduced their price target on shares of Snap from $17.00 to $13.00 and set a sector perform rating on the stock in a research note on Wednesday, February 7th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Snap from a hold rating to a buy rating and raised their price target for the company from $10.00 to $19.00 in a research note on Friday, January 26th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $14.67.

Snap Price Performance

Shares of SNAP opened at $14.55 on Friday. The firm has a market capitalization of $24.02 billion, a PE ratio of -17.96 and a beta of 1.13. The company’s 50-day moving average is $11.26 and its 200-day moving average is $12.89. Snap has a fifty-two week low of $7.86 and a fifty-two week high of $17.90. 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 released its quarterly earnings results on Thursday, April 25th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.10. Snap had a negative net margin of 26.99% and a negative return on equity of 45.02%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.12 billion. Equities analysts forecast that Snap will post -0.58 EPS for the current year.

Insider Buying and Selling

In other Snap news, CAO Rebecca Morrow sold 2,442 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $11.00, for a total value of $26,862.00. Following the completion of the sale, the chief accounting officer now directly owns 493,084 shares in the company, valued at $5,423,924. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Snap news, CAO Rebecca Morrow sold 2,442 shares of the firm’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 value of $26,862.00. Following the sale, the chief accounting officer now directly owns 493,084 shares of the company’s stock, valued at $5,423,924. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Evan Spiegel sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were 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 in the company, valued at $40,305,346.84. The disclosure for this sale can be found here. Insiders sold 470,482 shares of company stock worth $5,284,091 in the last three months. 22.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Snap

A number of institutional investors have recently added to or reduced their stakes in 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 valued at $1,102,392,000 after purchasing an additional 12,452,415 shares during the period. Carmignac Gestion purchased a new stake in Snap in the fourth quarter valued at $110,103,000. Contrarius Investment Management Ltd purchased a new stake in Snap in the fourth quarter valued at $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 valued at $1,613,729,000 after purchasing an additional 3,503,230 shares during the period. 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 valued at $58,488,000 after purchasing an additional 3,011,400 shares during the period. 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.