Snap (NYSE:SNAP) Price Target Raised to $15.00 at Evercore ISI

Snap (NYSE:SNAP) had its price objective boosted by Evercore ISI from $12.00 to $15.00 in a research note issued to investors on Wednesday, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

SNAP has been the subject of a number of other research reports. Barclays decreased their price objective on shares of Snap from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. The Goldman Sachs Group decreased their price objective on shares of Snap from $16.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Morgan Stanley raised shares of Snap from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $12.00 to $16.00 in a research report on Tuesday, July 23rd. Wells Fargo & Company decreased their price objective on shares of Snap from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, October 4th. Finally, JMP Securities upgraded shares of Snap from a “market perform” rating to an “outperform” rating and set a $17.00 target price for the company in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Snap currently has an average rating of “Hold” and an average price target of $14.25.

Snap Stock Up 15.7 %

Snap stock opened at $12.60 on Wednesday. The company has a market cap of $20.68 billion, a P/E ratio of -15.56 and a beta of 1.01. Snap has a 1-year low of $8.29 and a 1-year high of $17.90. The company has a fifty day simple moving average of $9.99 and a 200 day simple moving average of $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 (NYSE:SNAP) last released its earnings results on Thursday, August 1st. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.25 billion. Snap had a negative net margin of 23.49% and a negative return on equity of 42.84%. Research analysts anticipate that Snap will post -0.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $10.81, for a total transaction of $194,580.00. Following the sale, the general counsel now directly owns 489,058 shares of the company’s stock, valued at $5,286,716.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, SVP Eric Young sold 114,097 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.11, for a total value of $1,039,423.67. Following the transaction, the senior vice president now owns 3,041,723 shares in the company, valued at approximately $27,710,096.53. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the business’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 completion of the transaction, the general counsel now owns 489,058 shares in the company, valued at $5,286,716.98. 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 valued at $13,183,890 in the last ninety days. 22.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SNAP. Marshall Wace LLP lifted its position in shares of Snap by 587.3% during the 2nd quarter. Marshall Wace LLP now owns 14,667,597 shares of the company’s stock valued at $243,629,000 after acquiring an additional 12,533,653 shares during the period. TB Alternative Assets Ltd. lifted its position in shares of Snap by 105.6% during the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after acquiring an additional 4,098,847 shares during the period. Discovery Capital Management LLC CT acquired a new position in shares of Snap during the 2nd quarter valued at $22,591,000. Assenagon Asset Management S.A. lifted its position in shares of Snap by 74.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 2,824,354 shares of the company’s stock valued at $46,913,000 after acquiring an additional 1,201,565 shares during the period. Finally, Curated Wealth Partners LLC lifted its position in shares of Snap by 200.0% during the 2nd quarter. Curated Wealth Partners LLC now owns 536,541 shares of the company’s stock valued at $8,912,000 after acquiring an additional 1,073,082 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.