Sanford C. Bernstein Issues Positive Forecast for Snap (NYSE:SNAP) Stock Price

Snap (NYSE:SNAP - Free Report) had its price objective raised by Sanford C. Bernstein from $9.00 to $10.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a market perform rating on the stock.

SNAP has been the topic of several other reports. Morgan Stanley increased their price objective on shares of Snap from $6.50 to $8.50 and gave the company an "equal weight" rating in a research report on Monday. JPMorgan Chase & Co. dropped their price target on Snap from $10.00 to $8.00 and set an "underweight" rating for the company in a research note on Tuesday, April 8th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $12.00 price objective on shares of Snap in a research note on Wednesday, April 30th. Loop Capital reduced their price objective on shares of Snap from $16.00 to $12.00 and set a "buy" rating on the stock in a research note on Friday, May 16th. Finally, Canaccord Genuity Group lowered their target price on Snap from $10.00 to $9.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Snap presently has a consensus rating of "Hold" and an average target price of $33.95.

Snap Stock Down 2.8%

Shares of NYSE:SNAP traded down $0.29 during midday trading on Tuesday, hitting $10.06. The stock had a trading volume of 28,230,382 shares, compared to its average volume of 31,552,664. Snap has a 12 month low of $7.08 and a 12 month high of $13.99. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.55. The business's 50-day simple moving average is $8.73 and its 200-day simple moving average is $9.33. The company has a market cap of $16.81 billion, a P/E ratio of -32.45 and a beta of 0.59.

Snap (NYSE:SNAP - Get Free Report) last released its 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 during the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the prior year, the business posted $0.03 earnings per share. Snap's quarterly revenue was up 14.1% compared to the same quarter last year. On average, sell-side analysts forecast that Snap will post -0.3 earnings per share for the current fiscal year.

Insider Activity at Snap

In other news, CAO Rebecca Morrow sold 9,202 shares of Snap stock in a transaction on Friday, May 16th. The stock was sold at an average price of $8.59, for a total transaction of $79,045.18. Following the sale, the chief accounting officer directly owned 448,881 shares in the company, valued at $3,855,887.79. The trade was a 2.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ajit Mohan sold 28,201 shares of Snap stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $9.40, for a total value of $265,089.40. Following the sale, the insider owned 5,676,293 shares in the company, valued at $53,357,154.20. The trade was a 0.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,667,802 shares of company stock worth $13,799,881. 22.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Snap

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Snap by 6.7% during the first quarter. Vanguard Group Inc. now owns 109,483,491 shares of the company's stock valued at $953,601,000 after buying an additional 6,921,841 shares during the period. Capital World Investors increased its position in shares of Snap by 38.9% during the fourth quarter. Capital World Investors now owns 84,137,317 shares of the company's stock valued at $906,161,000 after buying an additional 23,569,522 shares during the period. SRS Investment Management LLC increased its position in shares of Snap by 1.4% in the fourth quarter. SRS Investment Management LLC now owns 73,723,115 shares of the company's stock worth $793,998,000 after purchasing an additional 1,001,632 shares during the last quarter. Capital International Investors bought a new position in shares of Snap in the fourth quarter worth approximately $422,049,000. Finally, Geode Capital Management LLC increased its position in shares of Snap by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 11,831,472 shares of the company's stock worth $127,078,000 after purchasing an additional 134,017 shares during the last quarter. 47.52% of the stock is currently owned by institutional investors.

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.