Raymond James Reiterates Outperform Rating for Snap (NYSE:SNAP)

Snap (NYSE:SNAP)‘s stock had its “outperform” rating reaffirmed by Raymond James in a report released on Friday, Benzinga reports. They currently have a $16.00 price target on the stock, up from their previous price target of $15.00. Raymond James’ target price indicates a potential upside of 9.97% from the stock’s current price.

Several other brokerages have also issued reports on SNAP. Deutsche Bank Aktiengesellschaft raised Snap from a “hold” rating to a “buy” rating and upped their target price for the stock from $10.00 to $19.00 in a research note on Friday, January 26th. Evercore ISI upped their target price on Snap from $13.00 to $14.00 and gave the stock an “in-line” rating in a research note on Friday. Piper Sandler upped their target price on Snap from $12.00 to $17.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 17th. Royal Bank of Canada upped their target price on Snap from $13.00 to $16.00 and gave the stock a “sector perform” rating in a research note on Friday. Finally, Rosenblatt Securities upped their target price on Snap from $12.00 to $14.00 and gave the stock a “neutral” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $14.67.

Snap Stock Up 27.6 %

SNAP stock opened at $14.55 on Friday. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 1.55. The company’s 50 day moving average is $11.26 and its 200 day moving average is $12.84. The stock has a market cap of $24.02 billion, a price-to-earnings ratio of -17.96 and a beta of 1.13. Snap has a 1-year low of $7.86 and a 1-year high of $17.90.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Thursday, April 25th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.10. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Snap had a negative net margin of 26.99% and a negative return on equity of 45.02%. Sell-side analysts predict that Snap will post -0.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other Snap news, SVP Eric Young sold 120,472 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $11.13, for a total value of $1,340,853.36. Following the completion of the transaction, the senior vice president now owns 3,540,852 shares in the company, valued at $39,409,682.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Eric Young sold 120,472 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $11.13, for a total transaction of $1,340,853.36. Following the completion of the transaction, the senior vice president now directly owns 3,540,852 shares in the company, valued at $39,409,682.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $11.53, for a total value of $207,540.00. Following the transaction, the general counsel now owns 474,812 shares of the company’s stock, valued at $5,474,582.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 470,482 shares of company stock worth $5,284,091. 22.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snap

Several institutional investors and hedge funds have recently modified their holdings of SNAP. NBC Securities Inc. increased its holdings in shares of Snap by 2,580.4% during the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock valued at $25,000 after acquiring an additional 1,445 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Snap by 161.6% during the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock valued at $47,000 after acquiring an additional 1,708 shares in the last quarter. ICA Group Wealth Management LLC bought a new position in shares of Snap during the fourth quarter valued at $51,000. Rakuten Securities Inc. purchased a new stake in shares of Snap during the fourth quarter valued at $73,000. Finally, Westpac Banking Corp boosted its position in shares of Snap by 108.7% during the fourth quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock valued at $81,000 after buying an additional 2,506 shares during the last quarter. 47.52% of the stock is currently 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.