Snap (NYSE:SNAP) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Snap (NYSE:SNAP) had its target price hoisted by analysts at The Goldman Sachs Group from $12.00 to $13.50 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential upside of 7.14% from the stock’s previous close.

A number of other equities analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $14.00 price target on shares of Snap in a research note on Wednesday, September 18th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $16.00 target price on shares of Snap in a research report on Wednesday. JMP Securities upgraded Snap from a “market perform” rating to an “outperform” rating and set a $17.00 price target on the stock in a research report on Wednesday, October 23rd. UBS Group upped their price objective on Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Canaccord Genuity Group increased their price objective on Snap from $12.00 to $13.00 and gave the company a “hold” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Snap has an average rating of “Hold” and a consensus target price of $14.29.

Snap Price Performance

Shares of Snap stock traded up $1.71 on Wednesday, reaching $12.60. The stock had a trading volume of 75,793,633 shares, compared to its average volume of 27,212,857. The business’s 50 day moving average is $9.99 and its two-hundred day moving average is $12.69. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.74. Snap has a 1 year low of $8.29 and a 1 year high of $17.90. The company has a market cap of $20.68 billion, a P/E ratio of -15.40 and a beta of 1.01.

Snap (NYSE:SNAP) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.25 billion. As a group, research analysts anticipate that Snap will post -0.47 EPS for the current year.

Insider Activity

In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of Snap stock in a transaction on Monday, September 30th. The shares were sold at an average price of $10.81, for a total value of $194,580.00. Following the sale, the general counsel now owns 489,058 shares in the company, valued at $5,286,716.98. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $10.81, for a total transaction of $194,580.00. Following the transaction, the general counsel now owns 489,058 shares in the company, valued at approximately $5,286,716.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Derek Andersen sold 97,608 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $9.29, for a total value of $906,778.32. Following the completion of the transaction, the chief financial officer now owns 2,287,970 shares of the company’s stock, valued at approximately $21,255,241.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,490,617 shares of company stock valued at $13,183,890. Company insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Large investors have recently made changes to their positions in the business. V Square Quantitative Management LLC bought a new position in shares of Snap during the third quarter valued at $29,000. Paladin Wealth LLC bought a new stake in Snap during the 3rd quarter valued at about $30,000. Hollencrest Capital Management bought a new stake in Snap during the 2nd quarter valued at about $33,000. Blue Trust Inc. raised its holdings in Snap by 354.1% in the second quarter. Blue Trust Inc. now owns 2,157 shares of the company’s stock worth $36,000 after buying an additional 1,682 shares during the last quarter. Finally, Rothschild Investment LLC bought a new position in shares of Snap in the second quarter worth approximately $40,000. 47.52% of the stock is currently owned by hedge funds and other institutional investors.

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.