Royal Bank of Canada Boosts Snap (NYSE:SNAP) Price Target to $45.00

Snap (NYSE:SNAP) had its price target lifted by stock analysts at Royal Bank of Canada from $28.00 to $45.00 in a report issued on Wednesday, Briefing.com reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 58.17% from the stock’s previous close.

Several other equities analysts have also commented on SNAP. JMP Securities upped their price target on Snap from $28.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday. JPMorgan Chase & Co. upped their price target on Snap from $22.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Morgan Stanley boosted their price objective on Snap from $25.00 to $36.00 and gave the company an “equal weight” rating in a report on Wednesday. ValuEngine upgraded Snap from a “hold” rating to a “buy” rating in a report on Monday, August 3rd. Finally, SunTrust Banks boosted their price objective on Snap from $15.00 to $24.00 and gave the company a “hold” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $30.36.

Shares of Snap stock opened at $28.45 on Wednesday. Snap has a 52 week low of $7.89 and a 52 week high of $29.08. The business’s fifty day simple moving average is $25.22 and its 200-day simple moving average is $21.09. The firm has a market cap of $41.80 billion, a PE ratio of -36.95 and a beta of 1.64. The company has a quick ratio of 5.99, a current ratio of 5.99 and a debt-to-equity ratio of 0.87.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Tuesday, October 20th. The company reported $0.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.06. Snap had a negative return on equity of 49.08% and a negative net margin of 57.18%. The business had revenue of $678.67 million for the quarter, compared to analyst estimates of $551.36 million. During the same quarter in the prior year, the company posted ($0.04) EPS. The company’s quarterly revenue was up 52.1% on a year-over-year basis. As a group, equities analysts expect that Snap will post -0.71 earnings per share for the current year.

In related news, VP Jerry James Hunter sold 149,791 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $21.52, for a total value of $3,223,502.32. Following the completion of the sale, the vice president now directly owns 2,450,354 shares of the company’s stock, valued at approximately $52,731,618.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jeremi Gorman sold 15,924 shares of the company’s stock in a transaction dated Monday, October 19th. The shares were sold at an average price of $28.30, for a total value of $450,649.20. Following the completion of the sale, the insider now directly owns 2,169,331 shares of the company’s stock, valued at $61,392,067.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,807,756 shares of company stock worth $108,726,157.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cullen Frost Bankers Inc. boosted its position in shares of Snap by 266.7% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,100 shares of the company’s stock valued at $26,000 after purchasing an additional 800 shares during the period. San Francisco Sentry Investment Group CA acquired a new stake in shares of Snap in the 3rd quarter valued at about $26,000. Jackson Square Capital LLC acquired a new stake in shares of Snap in the 2nd quarter valued at about $35,000. Truewealth LLC boosted its position in shares of Snap by 70.1% in the 2nd quarter. Truewealth LLC now owns 1,789 shares of the company’s stock valued at $42,000 after purchasing an additional 737 shares during the period. Finally, M&R Capital Management Inc. boosted its position in shares of Snap by 160.0% in the 3rd quarter. M&R Capital Management Inc. now owns 1,625 shares of the company’s stock valued at $42,000 after purchasing an additional 1,000 shares during the period. 47.00% of the stock is owned by hedge funds and other 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 called Snaps. It also provides Camera, a tool to personalize and add context to Snaps; Chat 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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