Citigroup Raises Snap (NYSE:SNAP) Price Target to $13.00

Snap (NYSE:SNAP) had its price objective raised by Citigroup from $11.00 to $13.00 in a research note published on Friday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other equities analysts also recently issued reports on SNAP. Barclays lowered their price objective on Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Bank of America boosted their price target on shares of Snap from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald increased their price objective on shares of Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Truist Financial lifted their target price on shares of Snap from $13.00 to $14.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group upped their price target on shares of Snap from $12.00 to $13.50 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Snap presently has an average rating of “Hold” and a consensus target price of $14.33.

Snap Trading Up 1.7 %

Shares of NYSE SNAP opened at $11.81 on Friday. The firm has a 50 day moving average price of $11.04 and a two-hundred day moving average price of $12.29. The stock has a market cap of $19.81 billion, a P/E ratio of -20.36 and a beta of 0.99. Snap has a 52-week low of $8.29 and a 52-week high of $17.90. The company has a debt-to-equity ratio of 1.63, a quick ratio of 4.04 and a current ratio of 4.04.

Snap (NYSE:SNAP) last issued its quarterly earnings data 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. The company had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Snap had a negative net margin of 18.49% and a negative return on equity of 35.60%. Snap’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. As a group, equities analysts forecast that Snap will post -0.4 EPS for the current year.

Insider Buying and Selling

In related news, SVP Eric Young sold 50,000 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $10.54, for a total transaction of $527,000.00. Following the completion of the sale, the senior vice president now owns 752,110 shares in the company, valued at approximately $7,927,239.40. This represents a 6.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction 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. Insiders have sold 1,388,709 shares of company stock worth $16,448,087 in the last quarter. Insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GraniteShares Advisors LLC grew its position in shares of Snap by 2.5% during the 2nd quarter. GraniteShares Advisors LLC now owns 38,154 shares of the company’s stock valued at $634,000 after acquiring an additional 941 shares during the period. Concurrent Investment Advisors LLC boosted its holdings in Snap by 4.0% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 26,998 shares of the company’s stock valued at $448,000 after purchasing an additional 1,048 shares during the period. Metis Global Partners LLC boosted its stake in Snap by 6.9% during the third quarter. Metis Global Partners LLC now owns 19,352 shares of the company’s stock valued at $207,000 after buying an additional 1,255 shares during the period. Intech Investment Management LLC raised its holdings in shares of Snap by 1.9% in the 3rd quarter. Intech Investment Management LLC now owns 77,592 shares of the company’s stock valued at $830,000 after acquiring an additional 1,433 shares in the last quarter. Finally, DMC Group LLC raised its stake in Snap by 10.5% in the second quarter. DMC Group LLC now owns 15,583 shares of the company’s stock valued at $259,000 after purchasing an additional 1,477 shares in the last quarter. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

Snap Company Profile

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.