Snap (NYSE:SNAP) Price Target Raised to $8.50

Snap (NYSE:SNAP - Get Free Report) had its price target boosted by stock analysts at Morgan Stanley from $6.50 to $8.50 in a report issued on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's price objective would suggest a potential downside of 15.04% from the company's previous close.

A number of other equities analysts also recently weighed in on the company. B. Riley dropped their target price on Snap from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. The Goldman Sachs Group dropped their target price on Snap from $9.50 to $8.50 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Wells Fargo & Company upped their target price on Snap from $8.00 to $11.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Piper Sandler dropped their target price on Snap from $13.00 to $10.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Finally, Susquehanna dropped their target price on Snap from $13.00 to $8.00 and set a "neutral" rating on the stock in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $34.87.

Snap Trading Down 0.0%

SNAP stock traded down $0.01 during mid-day trading on Monday, reaching $10.01. 14,231,061 shares of the stock traded hands, compared to its average volume of 31,332,895. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.55. Snap has a 52-week low of $7.08 and a 52-week high of $15.35. The company has a market cap of $16.72 billion, a P/E ratio of -31.92 and a beta of 0.59. The stock's fifty day moving average is $8.69 and its 200-day moving average is $9.34.

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

Insiders Place Their Bets

In other news, General Counsel Michael J. O'sullivan sold 24,000 shares of the firm's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $8.71, for a total value of $209,040.00. Following the sale, the general counsel owned 510,984 shares in the company, valued at approximately $4,450,670.64. This trade represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Derek Andersen sold 33,886 shares of the firm's stock in a transaction 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 completion of the sale, the chief financial officer owned 3,204,418 shares in the company, valued at approximately $25,763,520.72. The trade was a 1.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,667,802 shares of company stock valued at $13,799,881 in the last 90 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in shares of Snap during the fourth quarter valued at $3,291,000. Xponance Inc. lifted its holdings in shares of Snap by 6.2% during the fourth quarter. Xponance Inc. now owns 52,450 shares of the company's stock valued at $565,000 after acquiring an additional 3,042 shares during the period. Virtu Financial LLC bought a new position in shares of Snap during the fourth quarter valued at $765,000. Sei Investments Co. bought a new position in shares of Snap during the fourth quarter valued at $158,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Snap during the fourth quarter valued at $5,002,000. 47.52% of the stock is 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.

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