Morgan Stanley Boosts Snap (NYSE:SNAP) Price Target to $12.00

Snap (NYSE:SNAP) had its price objective boosted by Morgan Stanley from $11.00 to $12.00 in a report published on Friday morning, Benzinga reports. The firm currently has an underweight rating on the stock.

A number of other analysts also recently issued reports on SNAP. Deutsche Bank Aktiengesellschaft upgraded shares of Snap from a hold rating to a buy rating and raised their price target for the stock from $10.00 to $19.00 in a report on Friday, January 26th. Barclays raised their target price on Snap from $15.00 to $17.00 and gave the stock an overweight rating in a research note on Friday. Stifel Nicolaus upped their price target on Snap from $12.00 to $13.00 and gave the company a hold rating in a research note on Friday. Piper Sandler increased their price target on Snap from $12.00 to $17.00 and gave the stock a neutral rating in a report on Wednesday, January 17th. Finally, Wells Fargo & Company reduced their price objective on shares of Snap from $22.00 to $16.00 and set an overweight rating on the stock in a report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Snap has a consensus rating of Hold and an average target price of $14.79.

Snap Stock Performance

Shares of Snap stock opened at $14.49 on Friday. The business’s 50 day moving average price is $11.33 and its 200 day moving average price is $12.93. The company has a market cap of $23.92 billion, a price-to-earnings ratio of -17.89 and a beta of 1.13. The company has a debt-to-equity ratio of 1.55, a quick ratio of 4.39 and a current ratio of 4.39. Snap has a one year low of $7.86 and a one year high of $17.90.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, April 25th. The company reported ($0.14) EPS for the quarter, topping 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 analyst estimates of $1.12 billion. On average, research analysts predict that Snap will post -0.58 EPS for the current year.

Insider Buying and Selling

In other Snap news, CFO Derek Andersen sold 96,953 shares of Snap stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $10.99, for a total transaction of $1,065,513.47. Following the completion of the sale, the chief financial officer now directly owns 2,534,689 shares of the company’s stock, valued at approximately $27,856,232.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, General Counsel Michael J. O’sullivan sold 18,000 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $11.53, for a total value of $207,540.00. Following the transaction, the general counsel now directly owns 474,812 shares of the company’s stock, valued at approximately $5,474,582.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Derek Andersen sold 96,953 shares of the business’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $10.99, for a total transaction of $1,065,513.47. Following the completion of the sale, the chief financial officer now directly owns 2,534,689 shares of the company’s stock, valued at $27,856,232.11. The disclosure for this sale can be found here. Over the last quarter, insiders sold 470,482 shares of company stock worth $5,284,091. Corporate insiders own 22.68% of the company’s stock.

Hedge Funds Weigh In On Snap

Several hedge funds have recently made changes to their positions in SNAP. Vanguard Group Inc. boosted its position in shares of Snap by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 91,814,471 shares of the company’s stock valued at $818,067,000 after purchasing an additional 1,352,655 shares during the period. Jump Financial LLC boosted its holdings in shares of Snap by 565.4% in the third quarter. Jump Financial LLC now owns 262,952 shares of the company’s stock valued at $2,343,000 after acquiring an additional 223,432 shares during the period. Allworth Financial LP grew its position in shares of Snap by 161.6% during the fourth quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after acquiring an additional 1,708 shares during the last quarter. Illinois Municipal Retirement Fund acquired a new position in shares of Snap in the 3rd quarter valued at $423,000. Finally, Korea Investment CORP raised its position in Snap by 191.7% in the 3rd quarter. Korea Investment CORP now owns 415,635 shares of the company’s stock valued at $3,703,000 after purchasing an additional 273,156 shares during the last quarter. Hedge funds and other institutional investors 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.