Cantor Fitzgerald restated their buy rating on shares of Snap Inc. (NYSE:SNAP) in a report published on Friday morning. They currently have a $17.00 price objective on the stock, up from their previous price objective of $15.00.
“Monetization per minute has significant upside potential… We’re modeling for Snap’s 2017 US ad revenue per DAU (ARPU) to rise 53.4% y/y to $9.56 (vs. FB’s (OW) $103.31), and for its 2017 US ad rev per min (x 1,000) to also rise by 53.4% y/y to $0.87 (vs. FB’s $5.66). On both counts, we believe Snap’s monetization has room to go substantially higher as bid density improves on the self-serve platform and as mobile video/ads in the Discover tab ramp up.”,” the firm’s analyst commented.
Several other brokerages have also recently weighed in on SNAP. Wedbush started coverage on shares of Snap in a research report on Wednesday, August 30th. They issued a neutral rating and a $12.00 price target on the stock. Vetr upgraded shares of Snap from a sell rating to a hold rating and set a $13.95 price target on the stock in a research report on Tuesday, July 25th. Monness Crespi & Hardt cut shares of Snap from a buy rating to a neutral rating in a research report on Friday, August 11th. Deutsche Bank AG cut shares of Snap from a buy rating to a hold rating and reduced their price target for the stock from $20.00 to $17.00 in a research report on Monday, September 11th. Finally, Aegis restated a hold rating on shares of Snap in a research report on Wednesday, May 31st. Ten research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of Hold and an average price target of $18.31.
Snap (NYSE:SNAP) traded up 2.28% during trading on Friday, reaching $15.25. 34,145,892 shares of the company’s stock were exchanged. Snap has a 12-month low of $14.82 and a 12-month high of $29.44. The company’s market cap is $18.26 billion. The stock’s 50-day moving average is $15.12 and its 200-day moving average is $18.17.
Snap (NYSE:SNAP) last released its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.07). The firm had revenue of $181.70 million for the quarter, compared to analysts’ expectations of $186.49 million. The company’s revenue was up 153.1% on a year-over-year basis. Analysts predict that Snap will post ($0.64) EPS for the current fiscal year.
In related news, VP Timothy Sehn sold 400,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $12.50, for a total value of $5,000,000.00. Following the sale, the vice president now owns 2,204,168 shares in the company, valued at $27,552,100. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Imran Khan sold 350,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $15.00, for a total value of $5,250,000.00. Following the completion of the sale, the insider now owns 9,946,464 shares in the company, valued at approximately $149,196,960. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,695,724 shares of company stock worth $23,209,887.
A number of hedge funds and other institutional investors have recently modified their holdings of SNAP. US Bancorp DE purchased a new stake in Snap in the first quarter valued at approximately $101,000. Seven Bridges Advisors LLC purchased a new stake in Snap in the 2nd quarter worth approximately $101,000. WFG Advisors LP purchased a new stake in Snap in the 1st quarter worth approximately $109,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in Snap by 654.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock worth $134,000 after purchasing an additional 6,540 shares in the last quarter. Finally, Dubuque Bank & Trust Co. purchased a new stake in Snap in the 2nd quarter worth approximately $137,000. Hedge funds and other institutional investors own 16.40% of the company’s stock.
Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.
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