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

Snap (NYSE:SNAP - Get Free Report) had its target price hoisted by investment analysts at Bank of America from $14.00 to $14.50 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Bank of America's price target indicates a potential upside of 32.97% from the stock's previous close.

A number of other brokerages have also recently commented on SNAP. UBS Group boosted their price target on Snap from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Loop Capital raised their price target on Snap from $14.00 to $16.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. Citigroup increased their price objective on shares of Snap from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Friday, November 29th. Cantor Fitzgerald upped their target price on shares of Snap from $8.00 to $9.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. Finally, B. Riley raised their price target on shares of Snap from $11.00 to $12.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-four have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Snap has an average rating of "Hold" and a consensus target price of $36.87.

Snap Trading Up 2.0 %

SNAP stock traded up $0.22 during trading on Wednesday, reaching $10.91. The company had a trading volume of 31,558,889 shares, compared to its average volume of 35,096,188. The business has a 50 day moving average of $11.47 and a 200 day moving average of $10.86. The company has a debt-to-equity ratio of 1.47, a current ratio of 3.95 and a quick ratio of 4.04. The company has a market cap of $18.29 billion, a P/E ratio of -25.96 and a beta of 0.99. Snap has a 52 week low of $8.29 and a 52 week high of $17.33.

Snap (NYSE:SNAP - Get Free Report) last released 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 net margin of 13.02% and a negative return on equity of 25.67%. As a group, sell-side analysts forecast that Snap will post -0.26 earnings per share for the current fiscal year.

Insider Activity at Snap

In related news, CFO Derek Andersen sold 94,164 shares of the company's stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $11.44, for a total transaction of $1,077,236.16. Following the transaction, the chief financial officer now directly owns 2,193,806 shares in the company, valued at approximately $25,097,140.64. This represents a 4.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Rebecca Morrow sold 32,000 shares of the firm's stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $12.42, for a total transaction of $397,440.00. Following the completion of the sale, the chief accounting officer now directly owns 433,064 shares of the company's stock, valued at approximately $5,378,654.88. The trade was a 6.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 445,184 shares of company stock valued at $4,968,189. Corporate insiders own 22.68% of the company's stock.

Institutional Investors Weigh In On Snap

A number of institutional investors and hedge funds have recently modified their holdings of SNAP. TB Alternative Assets Ltd. grew its stake in Snap by 105.6% in the third quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company's stock worth $85,406,000 after purchasing an additional 4,098,847 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Snap by 62.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company's stock valued at $66,462,000 after buying an additional 2,386,519 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Snap by 49.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,910,459 shares of the company's stock valued at $41,842,000 after acquiring an additional 1,297,348 shares in the last quarter. Groupama Asset Managment purchased a new stake in Snap in the third quarter worth about $13,032,000. Finally, Assenagon Asset Management S.A. grew its holdings in Snap by 51.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,086,741 shares of the company's stock worth $33,244,000 after acquiring an additional 1,050,501 shares in the last quarter. 47.52% of the stock is owned by institutional investors.

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.