Snap (NYSE:SNAP) Given New $13.00 Price Target at Morgan Stanley

Snap (NYSE:SNAP) had its price objective upped by Morgan Stanley from $9.00 to $13.00 in a report published on Monday morning, BenzingaRatingsTable reports. They currently have an underweight rating on the stock.

Several other research analysts have also recently commented on SNAP. Summit Insights upgraded Snap from a sell rating to a hold rating and set a $11.50 price target on the stock in a research note on Friday, April 5th. Stifel Nicolaus cut Owens Corning from a buy rating to a hold rating and set a $52.45 price target on the stock. in a research note on Wednesday, April 24th. Goldman Sachs Group set a €135.00 ($156.98) price target on SAP and gave the stock a buy rating in a research note on Friday, July 12th. Zacks Investment Research cut Heritage Insurance from a hold rating to a strong sell rating in a research note on Friday, April 26th. Finally, Canaccord Genuity set a C$16.50 price objective on Detour Gold and gave the company a buy rating in a research note on Wednesday, April 24th. Four research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and ten have issued a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $12.23.

NYSE:SNAP opened at $14.55 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 4.75 and a current ratio of 4.75. Snap has a one year low of $4.82 and a one year high of $16.24. The stock has a 50-day simple moving average of $14.24. The firm has a market capitalization of $20.18 billion, a PE ratio of -15.00 and a beta of 1.08.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, April 23rd. The company reported ($0.23) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.02). Snap had a negative return on equity of 47.71% and a negative net margin of 92.94%. The business had revenue of $320.43 million during the quarter, compared to analyst estimates of $306.28 million. During the same quarter last year, the firm posted ($0.17) EPS. The company’s revenue was up 38.9% compared to the same quarter last year. As a group, equities research analysts expect that Snap will post -0.76 EPS for the current fiscal year.

In other news, CFO Derek Andersen sold 8,136 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $15.32, for a total transaction of $124,643.52. Following the completion of the transaction, the chief financial officer now directly owns 1,493,748 shares of the company’s stock, valued at $22,884,219.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeremi Gorman sold 9,975 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $11.99, for a total value of $119,600.25. Following the transaction, the insider now directly owns 2,933,596 shares of the company’s stock, valued at $35,173,816.04. The disclosure for this sale can be found here. Insiders have sold 2,726,202 shares of company stock valued at $34,345,539 over the last ninety days.

Several large investors have recently bought and sold shares of SNAP. Hillhouse Capital Advisors Ltd. bought a new position in shares of Snap during the fourth quarter valued at approximately $38,157,000. Miracle Mile Advisors LLC grew its holdings in Snap by 1,687.3% in the 1st quarter. Miracle Mile Advisors LLC now owns 1,429,858 shares of the company’s stock worth $15,757,000 after buying an additional 1,349,858 shares in the last quarter. KCL Capital L.P. bought a new position in Snap in the 1st quarter worth approximately $12,122,000. Marshall Wace North America L.P. bought a new position in Snap in the 1st quarter worth approximately $8,059,000. Finally, FMR LLC grew its holdings in Snap by 2.8% in the 4th quarter. FMR LLC now owns 22,150,589 shares of the company’s stock worth $122,050,000 after buying an additional 606,983 shares in the last quarter. 25.81% of the stock is owned by institutional investors.

About Snap

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.

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Analyst Recommendations for Snap (NYSE:SNAP)

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