Snap (NYSE:SNAP) Price Target Raised to $16.00 at The Goldman Sachs Group

Snap (NYSE:SNAP) had its price objective lifted by research analysts at The Goldman Sachs Group from $13.50 to $16.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 9.97% from the stock’s current price.

Several other equities research analysts have also weighed in on the stock. Stifel Nicolaus increased their price objective on shares of Snap from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Friday. UBS Group dropped their price objective on shares of Snap from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 16th. Canaccord Genuity Group increased their price objective on shares of Snap from $14.00 to $15.00 and gave the stock a “hold” rating in a research note on Friday. BMO Capital Markets dropped their price objective on shares of Snap from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 7th. Finally, HSBC upgraded shares of Snap from a “reduce” rating to a “buy” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $14.67.

Snap Stock Performance

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

Snap (NYSE:SNAP) last issued its earnings results on Thursday, April 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.12 billion. Snap had a negative net margin of 26.99% and a negative return on equity of 45.02%. Equities analysts forecast that Snap will post -0.58 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Eric Young sold 120,472 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were 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 directly owns 3,540,852 shares in the company, valued at $39,409,682.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Derek Andersen sold 96,953 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $10.99, for a total transaction of $1,065,513.47. Following the completion of the sale, the chief financial officer now directly owns 2,534,689 shares in the company, valued at $27,856,232.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Eric Young sold 120,472 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now owns 3,540,852 shares of the company’s stock, valued at $39,409,682.76. The disclosure for this sale can be found here. Insiders sold 470,482 shares of company stock worth $5,284,091 over the last three months. Corporate insiders own 22.68% of the company’s stock.

Institutional Trading of Snap

Large investors have recently added to or reduced their stakes in the business. NBC Securities Inc. boosted its holdings in Snap by 2,580.4% during the fourth quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock worth $25,000 after buying an additional 1,445 shares in the last quarter. Allworth Financial LP boosted its holdings in Snap by 161.6% during the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after buying an additional 1,708 shares in the last quarter. ICA Group Wealth Management LLC bought a new stake in Snap during the fourth quarter worth approximately $51,000. Rakuten Securities Inc. bought a new stake in Snap during the fourth quarter worth approximately $73,000. Finally, Westpac Banking Corp lifted its position in shares of Snap by 108.7% in the 4th quarter. Westpac Banking Corp now owns 4,812 shares of the company’s stock valued at $81,000 after acquiring an additional 2,506 shares in 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.