Snap (NYSE:SNAP) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Snap (NYSE:SNAP) had its price target boosted by research analysts at Canaccord Genuity Group from $12.00 to $13.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 6.91% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Stifel Nicolaus lowered their price objective on Snap from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Monday, October 14th. JPMorgan Chase & Co. decreased their price target on Snap from $13.00 to $11.00 and set an “underweight” rating for the company in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $14.00 price target on shares of Snap in a research note on Wednesday, September 18th. Hsbc Global Res lowered Snap from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, Bank of America raised their price target on Snap from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $14.25.

Snap Price Performance

Shares of Snap stock opened at $12.16 on Wednesday. The stock has a 50 day moving average of $10.06 and a 200 day moving average of $12.69. Snap has a 12 month low of $8.29 and a 12 month high of $17.90. The firm has a market cap of $19.96 billion, a PE ratio of -15.01 and a beta of 1.01. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.25 billion. Snap had a negative return on equity of 42.84% and a negative net margin of 23.49%. On average, research analysts expect that Snap will post -0.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snap news, CTO Robert C. Murphy sold 1,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the completion of the sale, the chief technology officer now directly owns 58,553,813 shares in the company, valued at approximately $508,832,634.97. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Evan Spiegel sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.85, for a total value of $1,327,500.00. Following the transaction, the chief executive officer now directly owns 3,327,844 shares in the company, valued at approximately $29,451,419.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total value of $8,690,000.00. Following the completion of the transaction, the chief technology officer now owns 58,553,813 shares in the company, 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. In the last three months, insiders sold 1,490,617 shares of company stock worth $13,183,890. Corporate insiders own 22.68% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SNAP. Marshall Wace LLP increased its holdings in Snap by 587.3% in the second quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after buying an additional 12,533,653 shares during the last quarter. TB Alternative Assets Ltd. lifted its position in shares of Snap by 105.6% during the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after acquiring an additional 4,098,847 shares during the period. Discovery Capital Management LLC CT purchased a new position in shares of Snap during the 2nd quarter worth approximately $22,591,000. Assenagon Asset Management S.A. raised its holdings in Snap by 74.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 2,824,354 shares of the company’s stock valued at $46,913,000 after acquiring an additional 1,201,565 shares during the last quarter. Finally, Curated Wealth Partners LLC increased its holdings in shares of Snap by 200.0% during the 2nd quarter. Curated Wealth Partners LLC now owns 536,541 shares of the company’s stock worth $8,912,000 after buying an additional 1,073,082 shares during the last quarter. 47.52% of the stock is currently 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.