Bank of America Forecasts Strong Price Appreciation for Snap (NYSE:SNAP) Stock

Snap (NYSE:SNAP) had its target price upped by Bank of America from $13.00 to $14.00 in a report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also recently commented on SNAP. Citigroup reduced their price objective on Snap from $16.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Benchmark restated a “hold” rating on shares of Snap in a research report on Friday, October 25th. Stifel Nicolaus reduced their price target on Snap from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Monday, October 14th. B. Riley upped their price target on Snap from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, The Goldman Sachs Group reduced their price target on Snap from $16.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. One 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $14.25.

Snap Stock Up 3.0 %

SNAP stock opened at $12.53 on Wednesday. Snap has a 1-year low of $8.29 and a 1-year high of $17.90. The business has a fifty day moving average price of $10.18 and a 200-day moving average price of $12.72. The company has a debt-to-equity ratio of 1.63, a current ratio of 4.04 and a quick ratio of 3.98. The stock has a market capitalization of $20.79 billion, a P/E ratio of -21.60 and a beta of 0.99.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the previous year, the business earned ($0.21) earnings per share. The company’s revenue was up 15.4% on a year-over-year basis. Equities analysts forecast that Snap will post -0.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snap news, SVP Eric Young sold 114,097 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.11, for a total transaction of $1,039,423.67. Following the sale, the senior vice president now owns 3,041,723 shares of the company’s stock, valued at approximately $27,710,096.53. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Snap news, SVP Eric Young sold 114,097 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $9.11, for a total transaction of $1,039,423.67. Following the sale, the senior vice president now owns 3,041,723 shares of the company’s stock, valued at approximately $27,710,096.53. This trade represents a 0.00 % decrease in their position. 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 on Tuesday, August 6th. The stock was sold at an average price of $8.69, for a total value of $8,690,000.00. Following the completion of the sale, the chief technology officer now directly owns 58,553,813 shares of the company’s stock, valued at $508,832,634.97. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,497,051 shares of company stock worth $13,261,098 in the last ninety days. 22.68% of the stock is owned by company insiders.

Institutional Trading of Snap

Institutional investors have recently made changes to their positions in the business. TB Alternative Assets Ltd. boosted its position in shares of Snap by 105.6% in the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock worth $85,406,000 after purchasing an additional 4,098,847 shares in the last quarter. Dynamic Advisor Solutions LLC acquired a new stake in Snap during the 3rd quarter worth about $832,000. Exchange Traded Concepts LLC lifted its position in Snap by 38.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 784,982 shares of the company’s stock worth $8,399,000 after acquiring an additional 219,111 shares during the period. APG Asset Management N.V. lifted its position in Snap by 3.9% during the 2nd quarter. APG Asset Management N.V. now owns 2,957,491 shares of the company’s stock worth $45,835,000 after acquiring an additional 112,135 shares during the period. Finally, Vontobel Holding Ltd. lifted its position in Snap by 17.0% during the 3rd quarter. Vontobel Holding Ltd. now owns 327,705 shares of the company’s stock worth $3,506,000 after acquiring an additional 47,717 shares during the period. 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.