Snap Inc. (NYSE:SNAP) Receives $7.91 Consensus Price Target from Analysts

Shares of Snap Inc. (NYSE:SNAP) have earned a consensus rating of “Hold” from the thirty-five research firms that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, twenty-two have assigned a hold recommendation, ten have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $7.9056.

Several research analysts have recently commented on the company. BNP Paribas Exane lowered Snap to a “neutral” rating in a report on Monday, April 27th. Evercore reaffirmed a “mixed” rating on shares of Snap in a research note on Thursday, February 5th. Morgan Stanley dropped their target price on shares of Snap from $9.50 to $6.50 and set an “equal weight” rating for the company in a research report on Sunday, February 22nd. Bank of America raised shares of Snap from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research note on Thursday, February 5th. Finally, Canaccord Genuity Group decreased their price target on shares of Snap from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Tuesday, April 14th.

Insider Activity at Snap

In other Snap news, CTO Robert C. Murphy sold 2,000,000 shares of Snap stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $5.44, for a total transaction of $10,880,000.00. Following the completion of the sale, the chief technology officer owned 47,012,324 shares of the company’s stock, valued at $255,747,042.56. The trade was a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ajit Mohan sold 28,058 shares of the company’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $6.02, for a total value of $168,909.16. Following the completion of the transaction, the insider owned 5,102,676 shares of the company’s stock, valued at $30,718,109.52. The trade was a 0.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 2,231,989 shares of company stock valued at $12,011,937 over the last ninety days.

Institutional Trading of Snap

A number of hedge funds have recently bought and sold shares of the company. Korea Investment CORP boosted its stake in shares of Snap by 573.6% in the 3rd quarter. Korea Investment CORP now owns 967,544 shares of the company’s stock valued at $7,460,000 after purchasing an additional 823,900 shares in the last quarter. Contrarius Group Holdings Ltd purchased a new position in Snap in the 3rd quarter worth $10,256,000. DNB Asset Management AS lifted its stake in Snap by 433.6% in the third quarter. DNB Asset Management AS now owns 1,042,873 shares of the company’s stock worth $8,041,000 after purchasing an additional 847,447 shares during the last quarter. Quantbot Technologies LP lifted its stake in Snap by 54.4% in the third quarter. Quantbot Technologies LP now owns 749,724 shares of the company’s stock worth $5,780,000 after purchasing an additional 264,156 shares during the last quarter. Finally, Ausdal Financial Partners Inc. boosted its position in Snap by 76.3% during the third quarter. Ausdal Financial Partners Inc. now owns 628,109 shares of the company’s stock valued at $4,843,000 after buying an additional 271,893 shares during the period. Institutional investors own 47.52% of the company’s stock.

Snap Trading Up 2.6%

Snap stock opened at $5.68 on Friday. The stock has a market cap of $9.58 billion, a P/E ratio of -23.65 and a beta of 1.05. Snap has a fifty-two week low of $3.81 and a fifty-two week high of $10.41. The firm’s fifty day moving average price is $5.19 and its 200-day moving average price is $6.47. The company has a debt-to-equity ratio of 1.67, a quick ratio of 3.53 and a current ratio of 3.53.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.14). The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Snap had a negative return on equity of 18.92% and a negative net margin of 6.72%.The company’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.08) EPS. Equities research analysts forecast that Snap will post -0.07 earnings per share for the current fiscal year.

Snap Company Profile

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.