Snap (NYSE:SNAP) had its target price raised by Bank of America from $12.00 to $17.00 in a report released on Thursday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the stock.
SNAP has been the subject of several other reports. Wedbush reaffirmed an outperform rating and issued a $95.00 price objective on shares of Global Blood Therapeutics in a report on Thursday, April 18th. ValuEngine raised Yirendai from a strong sell rating to a sell rating in a report on Friday, May 3rd. Credit Suisse Group raised Laredo Petroleum from an underperform rating to a neutral rating and set a $2.83 price objective for the company in a report on Tuesday, July 9th. They noted that the move was a valuation call. Canaccord Genuity set a C$16.50 price objective on Detour Gold and gave the company a buy rating in a report on Wednesday, April 24th. Finally, Vertical Group lowered Snap from a mixed rating to a negative rating in a research note on Thursday, April 18th. Four equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and ten have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $12.09.
Shares of NYSE SNAP opened at $15.61 on Thursday. The firm has a market cap of $21.09 billion, a PE ratio of -16.09 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.75 and a quick ratio of 4.75. The firm has a fifty day moving average of $13.81. Snap has a fifty-two week low of $4.82 and a fifty-two week high of $16.24.
Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported ($0.23) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.02). The company had revenue of $320.43 million during the quarter, compared to analyst estimates of $306.28 million. Snap had a negative net margin of 92.94% and a negative return on equity of 47.71%. Snap’s revenue was up 38.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.17) earnings per share. As a group, equities research analysts expect that Snap will post -0.76 earnings per share for the current fiscal year.
In related news, insider Jeremi Gorman sold 56,687 shares of the business’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $11.55, for a total transaction of $654,734.85. Following the sale, the insider now owns 2,966,878 shares in the company, valued at approximately $34,267,440.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jerry James Hunter sold 8,770 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $11.72, for a total value of $102,784.40. Following the sale, the vice president now owns 1,677,417 shares in the company, valued at approximately $19,659,327.24. The disclosure for this sale can be found here. Insiders have sold a total of 2,748,027 shares of company stock worth $34,004,202 in the last 90 days.
A number of hedge funds have recently modified their holdings of SNAP. Xact Kapitalforvaltning AB lifted its stake in shares of Snap by 157.1% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 123,720 shares of the company’s stock valued at $1,769,000 after purchasing an additional 75,606 shares during the period. Valeo Financial Advisors LLC raised its stake in Snap by 400.0% during the 2nd quarter. Valeo Financial Advisors LLC now owns 2,500 shares of the company’s stock worth $36,000 after buying an additional 2,000 shares during the period. Gulf International Bank UK Ltd acquired a new position in Snap during the 2nd quarter worth approximately $2,352,000. DNB Asset Management AS acquired a new position in Snap during the 2nd quarter worth approximately $976,000. Finally, Gilder Gagnon Howe & Co. LLC raised its stake in Snap by 5,462.3% during the 1st quarter. Gilder Gagnon Howe & Co. LLC now owns 145,175 shares of the company’s stock worth $1,600,000 after buying an additional 142,565 shares during the period. Institutional investors and hedge funds own 26.08% of the company’s stock.
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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