Sanford C. Bernstein Boosts Snap (NYSE:SNAP) Price Target to $10.00

Snap (NYSE:SNAP - Get Free Report) had its target price hoisted by stock analysts at Sanford C. Bernstein from $9.00 to $10.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a "market perform" rating on the stock. Sanford C. Bernstein's price target indicates a potential downside of 3.09% from the stock's current price.

Other equities research analysts also recently issued research reports about the stock. Cantor Fitzgerald set a $7.00 price target on shares of Snap and gave the company a "neutral" rating in a research note on Wednesday, April 30th. JPMorgan Chase & Co. decreased their price target on shares of Snap from $10.00 to $8.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 8th. Bank of America decreased their price target on shares of Snap from $14.50 to $10.50 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Canaccord Genuity Group decreased their price target on shares of Snap from $10.00 to $9.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Finally, The Goldman Sachs Group reduced their target price on shares of Snap from $9.50 to $8.50 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $33.95.

Snap Stock Performance

NYSE SNAP traded up $0.44 during trading hours on Tuesday, hitting $10.32. 25,764,121 shares of the company's stock traded hands, compared to its average volume of 31,398,897. The business's fifty day moving average price is $8.69 and its two-hundred day moving average price is $9.34. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.55. The firm has a market capitalization of $17.24 billion, a P/E ratio of -33.31 and a beta of 0.59. Snap has a 52 week low of $7.08 and a 52 week high of $15.35.

Snap (NYSE:SNAP - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.12). Snap had a negative net margin of 9.63% and a negative return on equity of 21.53%. The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the prior year, the firm earned $0.03 EPS. Snap's revenue for the quarter was up 14.1% compared to the same quarter last year. Equities research analysts predict that Snap will post -0.3 EPS for the current year.

Insider Activity at Snap

In other Snap news, General Counsel Michael J. O'sullivan sold 24,000 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $8.71, for a total transaction of $209,040.00. Following the sale, the general counsel directly owned 510,984 shares in the company, valued at $4,450,670.64. This represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Derek Andersen sold 33,886 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $8.04, for a total transaction of $272,443.44. Following the sale, the chief financial officer owned 3,204,418 shares in the company, valued at $25,763,520.72. The trade was a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,667,802 shares of company stock valued at $13,799,881.

Hedge Funds Weigh In On Snap

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNAP. NBC Securities Inc. raised its stake in shares of Snap by 154,650.0% during the first quarter. NBC Securities Inc. now owns 3,095 shares of the company's stock worth $26,000 after purchasing an additional 3,093 shares during the last quarter. Signaturefd LLC raised its position in Snap by 169.9% in the second quarter. Signaturefd LLC now owns 2,942 shares of the company's stock worth $26,000 after acquiring an additional 1,852 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in Snap in the fourth quarter worth $30,000. Rakuten Securities Inc. increased its position in shares of Snap by 155.4% in the first quarter. Rakuten Securities Inc. now owns 3,489 shares of the company's stock valued at $30,000 after buying an additional 2,123 shares in the last quarter. Finally, Quarry LP purchased a new position in shares of Snap in the first quarter valued at $34,000. 47.52% of the stock is 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.

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