Canaccord Genuity Group Boosts Snap (NYSE:SNAP) Price Target to $15.00

Snap (NYSE:SNAP) had its price target lifted by Canaccord Genuity Group from $14.00 to $15.00 in a research note published on Friday, Benzinga reports. Canaccord Genuity Group currently has a hold rating on the stock.

SNAP has been the subject of several other reports. Royal Bank of Canada reduced their price objective on Snap from $17.00 to $13.00 and set a sector perform rating for the company in a research note on Wednesday, February 7th. Morgan Stanley cut their price objective on Snap from $13.00 to $11.00 and set an underweight rating for the company in a research report on Wednesday, February 7th. Wells Fargo & Company cut their price objective on Snap from $22.00 to $16.00 and set an overweight rating for the company in a research report on Wednesday, February 7th. UBS Group lowered their price target on shares of Snap from $14.00 to $13.00 and set a neutral rating for the company in a report on Tuesday, April 16th. Finally, HSBC raised 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 assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Snap presently has a consensus rating of Hold and a consensus target price of $14.67.

Snap Stock Up 27.6 %

Shares of NYSE:SNAP opened at $14.55 on Friday. The stock’s 50-day moving average price is $11.26 and its 200-day moving average price is $12.89. Snap has a 12-month low of $7.86 and a 12-month high of $17.90. The stock has a market capitalization of $24.02 billion, a P/E ratio of -17.96 and a beta of 1.13. The company has a current ratio of 4.39, a quick ratio of 4.39 and a debt-to-equity ratio of 1.55.

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

Insider Buying and Selling

In related news, CAO Rebecca Morrow sold 9,386 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $11.14, for a total transaction of $104,560.04. Following the transaction, the chief accounting officer now owns 495,526 shares of the company’s stock, valued at $5,520,159.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of Snap stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $16.16, for a total value of $210,080.00. Following the transaction, the general counsel now owns 461,005 shares of the company’s stock, valued at $7,449,840.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Rebecca Morrow sold 9,386 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $11.14, for a total transaction of $104,560.04. Following the completion of the sale, the chief accounting officer now owns 495,526 shares in the company, valued at approximately $5,520,159.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 470,482 shares of company stock worth $5,284,091. 22.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Snap

A number of institutional investors have recently bought and sold shares of the business. Sowell Financial Services LLC boosted its stake in Snap by 3.3% during the fourth quarter. Sowell Financial Services LLC now owns 23,139 shares of the company’s stock worth $392,000 after buying an additional 729 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of Snap by 2.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 41,245 shares of the company’s stock valued at $698,000 after purchasing an additional 891 shares in the last quarter. U.S. Capital Wealth Advisors LLC boosted its stake in shares of Snap by 3.3% in the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 31,499 shares of the company’s stock valued at $533,000 after purchasing an additional 1,000 shares in the last quarter. Impax Asset Management Group plc boosted its stake in shares of Snap by 4.5% in the 3rd quarter. Impax Asset Management Group plc now owns 23,434 shares of the company’s stock valued at $209,000 after purchasing an additional 1,017 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Snap by 7.1% in the 3rd quarter. Principal Financial Group Inc. now owns 15,373 shares of the company’s stock valued at $137,000 after purchasing an additional 1,025 shares in the last quarter. Institutional investors and hedge funds own 47.52% of the company’s stock.

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.