Snap (NYSE:SNAP) Given New $12.00 Price Target at Evercore ISI

Key Points

• Evercore ISI raised the price target for Snap (NYSE:SNAP) from $11.00 to $12.00, indicating a potential upside of 57.25% from the current price.
• Snap's stock is currently rated as "Hold" by analysts, with an average consensus price target of $34.41, despite various price adjustments from different brokerages.
• Insider transactions showed a notable decrease in holdings from key executives, with significant stock sales occurring in recent months.

Snap (NYSE:SNAP - Get Free Report) had its price objective boosted by stock analysts at Evercore ISI from $11.00 to $12.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an "in-line" rating on the stock. Evercore ISI's price target would suggest a potential upside of 61.51% from the stock's previous close.

SNAP has been the topic of a number of other reports. Royal Bank Of Canada restated a "sector perform" rating and set a $12.00 target price on shares of Snap in a report on Wednesday, April 30th. Citizens Jmp restated a "market perform" rating on shares of Snap in a report on Wednesday. Stifel Nicolaus decreased their price objective on shares of Snap from $11.00 to $8.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. BMO Capital Markets decreased their price objective on shares of Snap from $13.00 to $12.00 and set an "outperform" rating on the stock in a report on Wednesday. Finally, The Goldman Sachs Group decreased their price objective on shares of Snap from $9.50 to $8.50 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, twenty-three have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Snap has a consensus rating of "Hold" and an average price target of $34.16.

Snap Stock Down 1.5%

SNAP traded down $0.11 during trading on Wednesday, reaching $7.43. 49,673,172 shares of the stock were exchanged, compared to its average volume of 49,837,988. The stock has a market cap of $12.42 billion, a P/E ratio of -23.22 and a beta of 0.62. Snap has a twelve month low of $7.08 and a twelve month high of $13.28. The stock's 50 day moving average price is $8.89 and its two-hundred day moving average price is $9.11. The company has a debt-to-equity ratio of 1.73, a quick ratio of 4.30 and a current ratio of 3.88.

Snap (NYSE:SNAP - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.16) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.16). The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.34 billion. Snap had a negative net margin of 9.69% and a negative return on equity of 23.32%. The firm's revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.15) earnings per share. Equities analysts expect that Snap will post -0.3 EPS for the current year.

Insider Activity

In other Snap news, CFO Derek Andersen sold 208,525 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $9.03, for a total transaction of $1,882,980.75. Following the completion of the transaction, the chief financial officer owned 3,299,372 shares in the company, valued at approximately $29,793,329.16. This trade represents a 5.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Eric Young sold 117,592 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $8.59, for a total transaction of $1,010,115.28. Following the transaction, the senior vice president owned 3,348,290 shares of the company's stock, valued at approximately $28,761,811.10. The trade was a 3.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 667,802 shares of company stock worth $5,813,801 in the last 90 days. 22.68% of the stock is owned by company insiders.

Institutional Trading of Snap

Large investors have recently modified their holdings of the stock. Wealthcare Advisory Partners LLC acquired a new stake in Snap in the 1st quarter valued at $122,000. NBC Securities Inc. grew its position in Snap by 154,650.0% in the 1st quarter. NBC Securities Inc. now owns 3,095 shares of the company's stock valued at $26,000 after purchasing an additional 3,093 shares during the period. Ameriprise Financial Inc. grew its position in Snap by 2.4% in the 4th quarter. Ameriprise Financial Inc. now owns 157,118 shares of the company's stock valued at $1,692,000 after purchasing an additional 3,710 shares during the period. Sei Investments Co. acquired a new stake in Snap in the 4th quarter valued at $158,000. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in Snap by 12.2% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 26,841 shares of the company's stock valued at $234,000 after acquiring an additional 2,918 shares in the last quarter. Institutional investors and hedge funds 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.