Snap (NYSE:SNAP) Price Target Raised to $6.00

Snap (NYSE:SNAP) had its price target increased by Wells Fargo & Company from $5.00 to $6.00 in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has an equal weight rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Snap in a research report on Friday, July 17th. Wall Street Zen downgraded shares of Snap from a “buy” rating to a “hold” rating in a research note on Sunday, July 26th. Susquehanna reiterated a “neutral” rating on shares of Snap in a research report on Tuesday. DA Davidson started coverage on shares of Snap in a research note on Wednesday, July 8th. They issued a “neutral” rating and a $5.00 price objective for the company. Finally, Citigroup restated a “market perform” rating on shares of Snap in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $7.65.

Snap Stock Performance

NYSE SNAP opened at $5.21 on Tuesday. The stock has a market capitalization of $8.81 billion, a PE ratio of -28.97 and a beta of 1.03. The business has a 50 day simple moving average of $4.93 and a two-hundred day simple moving average of $5.29. The company has a debt-to-equity ratio of 1.75, a current ratio of 2.94 and a quick ratio of 3.53. Snap has a 1-year low of $3.81 and a 1-year high of $9.28.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.02. The business had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Snap had a negative return on equity of 14.61% and a negative net margin of 4.90%.The company’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.16) EPS. On average, research analysts predict that Snap will post -0.07 EPS for the current fiscal year.

Insider Buying and Selling

In other Snap news, CTO Robert C. Murphy sold 343,945 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $5.88, for a total transaction of $2,022,396.60. Following the transaction, the chief technology officer owned 4,963,581 shares in the company, valued at $29,185,856.28. The trade was a 6.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Rebecca Morrow sold 16,729 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.60, for a total transaction of $93,682.40. Following the completion of the sale, the chief accounting officer directly owned 512,811 shares in the company, valued at approximately $2,871,741.60. This represents a 3.16% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 2,868,059 shares of company stock valued at $15,855,631 over the last 90 days. 22.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Snap

Hedge funds have recently added to or reduced their stakes in the company. Saba Capital Management L.P. raised its position in Snap by 232.5% in the 1st quarter. Saba Capital Management L.P. now owns 4,727,808 shares of the company’s stock worth $21,748,000 after purchasing an additional 3,306,024 shares during the period. Empyrean Capital Partners LP purchased a new position in shares of Snap during the first quarter valued at approximately $25,300,000. Leonteq Securities AG purchased a new position in shares of Snap during the fourth quarter valued at approximately $1,620,000. Eurizon Capital SGR S.p.A. bought a new position in shares of Snap during the fourth quarter valued at approximately $1,629,000. Finally, Marsico Capital Management LLC bought a new position in shares of Snap during the fourth quarter valued at approximately $5,620,000. 47.52% of the stock is currently owned by institutional investors.

Trending Headlines about Snap

Here are the key news stories impacting Snap this week:

• Positive Sentiment: Better-than-expected Q2 results support turnaround hopes. Snap reported adjusted EPS of $(0.10), ahead of the $(0.12) consensus estimate, while revenue of $1.60 billion exceeded forecasts and increased 18.9% year over year. The results have strengthened the case that advertising and user-growth improvements could support a recovery. Snap: Strong Q2 Earnings Bolster Hopes Of A Turnaround
• Positive Sentiment: Several analysts see upside. Cantor Fitzgerald issued a bullish forecast, Wells Fargo said the stock is expected to rise, and Citigroup raised its price target to $6.75. Heavy trading in Snap call options also indicates increased speculative interest following the earnings report. Cantor Fitzgerald Forecasts Strong Price Appreciation Wells Fargo Analyst Forecast Citigroup Raises Price Target
• Neutral Sentiment: Analyst views remain divided. Citizens JMP reiterated a Market Perform rating, suggesting the earnings improvement may already be reflected in the stock. A speculative article about a possible future acquisition of Snap offers no confirmed transaction or takeover discussions. Citizens JMP Reiterates Market Perform Who Might Buy Snap If Its Founders Ever Decide to Sell
• Negative Sentiment: Bearish ratings are limiting enthusiasm. Rosenblatt Securities issued a pessimistic forecast, while Zacks Research downgraded Snap to “Strong Sell.” Snap also remains unprofitable, with analysts expecting a loss for the full year, and its shares are near the 200-day moving average after retreating from the post-earnings surge. Rosenblatt Pessimistic Forecast Zacks Downgrade

About Snap

Snap Inc is a camera and social media company best known for developing and operating Snapchat, a multimedia messaging application that allows users to send photos, videos and messages that disappear after being viewed. In addition to its core messaging service, Snap offers a suite of augmented reality (AR) tools, including custom Lenses and Filters, that enable users and third-party developers to create interactive and immersive experiences. The company also provides advertising solutions that allow brands to engage audiences through Snap Ads, Sponsored Lenses and Discover content on the platform.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snap has continually focused on innovation in camera technology and AR.