Snap (NYSE:SNAP) had its price target lifted by Morgan Stanley from $17.00 to $20.00 in a research note released on Tuesday, BenzingaRatingsTable reports. They currently have an equal weight rating on the stock.
SNAP has been the subject of several other reports. Loop Capital upgraded shares of Snap from a hold rating to a buy rating and set a $20.00 price objective for the company in a research note on Monday, November 25th. Stifel Nicolaus reaffirmed a buy rating and issued a $19.00 price objective on shares of Snap in a report on Monday, October 21st. Aegis began coverage on shares of Snap in a research note on Wednesday, December 11th. They issued a buy rating and a $24.00 price objective on the stock. Needham & Company LLC raised shares of Snap from an underperform rating to a hold rating in a report on Wednesday, October 23rd. Finally, Wedbush raised their target price on shares of Snap from $14.75 to $15.25 and gave the stock a neutral rating in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-two have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $18.45.
Shares of NYSE:SNAP opened at $19.00 on Tuesday. The company has a quick ratio of 7.25, a current ratio of 7.25 and a debt-to-equity ratio of 0.50. Snap has a 52-week low of $5.87 and a 52-week high of $19.29. The stock has a market cap of $26.75 billion, a price-to-earnings ratio of -26.39 and a beta of 1.11. The business has a 50-day moving average price of $16.25 and a 200-day moving average price of $15.64.
Snap (NYSE:SNAP) last issued its earnings results on Tuesday, October 22nd. The company reported ($0.04) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.14. Snap had a negative return on equity of 44.16% and a negative net margin of 63.75%. The firm had revenue of $446.20 million for the quarter, compared to analyst estimates of $436.00 million. During the same quarter in the prior year, the firm earned ($0.12) earnings per share. Snap’s revenue for the quarter was up 49.9% on a year-over-year basis. As a group, equities analysts anticipate that Snap will post -0.69 EPS for the current fiscal year.
In other news, CTO Robert C. Murphy sold 698,913 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $14.34, for a total value of $10,022,412.42. Following the transaction, the chief technology officer now owns 86,977,075 shares in the company, valued at $1,247,251,255.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Derek Andersen sold 8,194 shares of Snap stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $14.53, for a total value of $119,058.82. Following the completion of the sale, the chief financial officer now directly owns 1,374,497 shares in the company, valued at $19,971,441.41. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,039,944 shares of company stock worth $45,985,230.
Hedge funds and other institutional investors have recently modified their holdings of the company. Optimum Investment Advisors acquired a new position in Snap during the third quarter worth about $32,000. Cascade Investment Advisors Inc. raised its holdings in Snap by 60.3% in the 3rd quarter. Cascade Investment Advisors Inc. now owns 2,325 shares of the company’s stock valued at $37,000 after acquiring an additional 875 shares during the last quarter. Lenox Wealth Advisors LLC raised its holdings in Snap by 7,446.8% in the 3rd quarter. Lenox Wealth Advisors LLC now owns 3,547 shares of the company’s stock valued at $56,000 after acquiring an additional 3,500 shares during the last quarter. Penserra Capital Management LLC purchased a new position in Snap in the 3rd quarter worth approximately $58,000. Finally, Stonehage Fleming Financial Services Holdings Ltd purchased a new position in Snap in the 2nd quarter worth approximately $72,000. Institutional investors and hedge funds own 32.79% 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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