Cantor Fitzgerald Forecasts Strong Price Appreciation for Snap (NYSE:SNAP) Stock

Snap (NYSE:SNAP) had its target price increased by stock analysts at Cantor Fitzgerald from $8.00 to $9.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Cantor Fitzgerald’s price target suggests a potential downside of 25.99% from the company’s previous close.

Several other equities research analysts have also weighed in on SNAP. Truist Financial raised their price objective on Snap from $13.00 to $14.00 and gave the stock a “hold” rating in a research note on Wednesday. Citigroup dropped their price objective on Snap from $16.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Bank of America lifted their target price on Snap from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Wednesday. Argus raised Snap to a “hold” rating in a research report on Thursday, August 8th. Finally, Hsbc Global Res downgraded Snap from a “strong-buy” rating to a “hold” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, twenty-two have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $14.25.

Snap Stock Performance

Shares of NYSE:SNAP opened at $12.16 on Wednesday. Snap has a 12 month low of $8.29 and a 12 month high of $17.90. The business has a 50-day moving average of $10.06 and a two-hundred day moving average of $12.69. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. The firm has a market capitalization of $19.96 billion, a PE ratio of -15.01 and a beta of 1.01.

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

Insider Buying and Selling at Snap

In other news, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the completion of the transaction, the chief technology officer now owns 58,553,813 shares of the company’s stock, valued at approximately $508,832,634.97. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Eric Young sold 114,097 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.11, for a total transaction of $1,039,423.67. Following the completion of the transaction, the senior vice president now directly owns 3,041,723 shares of the company’s stock, valued at $27,710,096.53. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the transaction, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at $508,832,634.97. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,490,617 shares of company stock worth $13,183,890 over the last quarter. Corporate insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Snap by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 96,148,590 shares of the company’s stock worth $1,103,786,000 after purchasing an additional 830,889 shares during the period. Capital World Investors grew its stake in shares of Snap by 0.8% in the first quarter. Capital World Investors now owns 46,272,273 shares of the company’s stock worth $531,206,000 after acquiring an additional 385,191 shares during the period. Marshall Wace LLP grew its stake in shares of Snap by 587.3% in the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock worth $243,629,000 after acquiring an additional 12,533,653 shares during the period. Ossiam grew its position in Snap by 7.1% during the first quarter. Ossiam now owns 11,334,804 shares of the company’s stock valued at $130,124,000 after buying an additional 751,846 shares during the period. Finally, TB Alternative Assets Ltd. grew its position in Snap by 105.6% during the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after buying an additional 4,098,847 shares during the period. 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.