Bank of America Increases Snap (NYSE:SNAP) Price Target to $14.50

Snap (NYSE:SNAP) had its price objective raised by analysts at Bank of America from $14.00 to $14.50 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 35.83% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. Stifel Nicolaus reduced their target price on shares of Snap from $13.00 to $11.00 and set a “hold” rating for the company in a report on Monday, October 14th. Cantor Fitzgerald boosted their price target on Snap from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Guggenheim restated a “buy” rating and set a $12.11 price target on shares of Snap in a research note on Tuesday, December 3rd. Royal Bank of Canada restated a “sector perform” rating and set a $16.00 price target on shares of Snap in a research note on Wednesday, October 30th. Finally, Evercore ISI boosted their price target on Snap from $12.00 to $15.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, twenty-three have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $36.87.

Snap Stock Performance

Shares of Snap stock opened at $10.68 on Wednesday. The company has a market capitalization of $17.90 billion, a PE ratio of -18.40 and a beta of 0.99. The company has a debt-to-equity ratio of 1.63, a quick ratio of 4.04 and a current ratio of 4.04. The company has a 50-day simple moving average of $11.51 and a two-hundred day simple moving average of $10.89. Snap has a one year low of $8.29 and a one year high of $17.33.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. Research analysts expect that Snap will post -0.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Eric Young sold 112,020 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.55, for a total transaction of $1,181,811.00. Following the transaction, the senior vice president now owns 2,791,048 shares in the company, valued at $29,445,556.40. This trade represents a 3.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Michael J. O’sullivan sold 12,315 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.54, for a total value of $129,800.10. Following the transaction, the general counsel now owns 1,195,567 shares in the company, valued at $12,601,276.18. This trade represents a 1.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 445,184 shares of company stock worth $4,968,189.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. V Square Quantitative Management LLC purchased a new position in Snap in the 3rd quarter valued at $29,000. Paladin Wealth LLC purchased a new position in Snap in the 3rd quarter valued at $30,000. Advisors Asset Management Inc. lifted its holdings in Snap by 141.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,782 shares of the company’s stock valued at $30,000 after purchasing an additional 1,632 shares in the last quarter. Comprehensive Financial Planning Inc. PA purchased a new position in Snap in the 4th quarter valued at $32,000. Finally, Brooklyn Investment Group purchased a new position in Snap in the 3rd quarter valued at $41,000. Hedge funds and other institutional investors own 47.52% of the company’s stock.

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.