The Goldman Sachs Group Raises Snap (NYSE:SNAP) Price Target to $13.50

Snap (NYSE:SNAP) had its price target raised by research analysts at The Goldman Sachs Group from $12.00 to $13.50 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective indicates a potential upside of 11.02% from the stock’s previous close.

Several other brokerages have also recently commented on SNAP. Citigroup decreased their price target on shares of Snap from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Evercore ISI lifted their price target on shares of Snap from $12.00 to $15.00 and gave the stock an “in-line” rating in a research note on Wednesday. Piper Sandler restated a “neutral” rating and issued a $13.00 price objective (up from $12.00) on shares of Snap in a research note on Wednesday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $16.00 target price on shares of Snap in a report on Wednesday. Finally, Bank of America lifted their target price on shares of Snap from $13.00 to $14.00 and gave the company a “neutral” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Snap has a consensus rating of “Hold” and an average price target of $14.25.

Snap Stock Down 3.6 %

Shares of NYSE SNAP opened at $12.16 on Wednesday. The company has a debt-to-equity ratio of 1.74, a current ratio of 3.98 and a quick ratio of 3.98. The company has a market capitalization of $19.96 billion, a P/E ratio of -15.01 and a beta of 1.01. The company has a 50 day simple moving average of $10.06 and a 200-day simple moving average of $12.69. Snap has a 1 year low of $8.29 and a 1 year high of $17.90.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.25 billion. On average, equities research analysts predict that Snap will post -0.47 earnings per share for the current year.

Insider Activity

In other news, CTO Robert C. Murphy sold 1,000,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $8.69, for a total value of $8,690,000.00. Following the sale, the chief technology officer now directly owns 58,553,813 shares in the company, valued at $508,832,634.97. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Evan Spiegel sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $8.85, for a total transaction of $1,327,500.00. Following the sale, the chief executive officer now owns 3,327,844 shares in the company, valued at approximately $29,451,419.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Robert C. Murphy sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total transaction of $8,690,000.00. Following the sale, the chief technology officer now owns 58,553,813 shares in the company, valued at approximately $508,832,634.97. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,490,617 shares of company stock worth $13,183,890 over the last ninety days. 22.68% of the stock is currently owned by insiders.

Institutional Trading of Snap

Hedge funds have recently bought and sold shares of the company. Hollencrest Capital Management purchased a new position in Snap during the second quarter worth approximately $33,000. Blue Trust Inc. raised its stake in Snap by 354.1% during the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after purchasing an additional 1,682 shares during the period. Rothschild Investment LLC purchased a new position in Snap during the second quarter worth approximately $40,000. V Square Quantitative Management LLC purchased a new position in Snap during the third quarter worth approximately $29,000. Finally, Paladin Wealth LLC purchased a new position in Snap during the third quarter worth approximately $30,000. 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.