Snap (NYSE:SNAP) had its price target hoisted by research analysts at Oppenheimer from $28.00 to $40.00 in a research note issued on Wednesday, Briefing.com reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price target would indicate a potential upside of 40.60% from the stock’s previous close.
Several other analysts have also recently commented on SNAP. Jefferies Financial Group upped their target price on shares of Snap from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Tuesday. Needham & Company LLC began coverage on shares of Snap in a report on Wednesday, July 22nd. They issued a “hold” rating for the company. Citigroup boosted their price target on shares of Snap from $14.00 to $19.00 and gave the company a “sell” rating in a report on Monday, August 24th. They noted that the move was a valuation call. Stifel Nicolaus reissued a “buy” rating and issued a $32.00 price target (up previously from $27.00) on shares of Snap in a report on Wednesday, October 14th. Finally, Bank of America reaffirmed a “buy” rating and issued a $28.50 target price on shares of Snap in a research note on Wednesday, July 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-six have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $30.36.
SNAP stock opened at $28.45 on Wednesday. Snap has a twelve month low of $7.89 and a twelve month high of $29.08. The company has a market cap of $41.80 billion, a PE ratio of -36.95 and a beta of 1.64. The business’s 50-day simple moving average is $25.22 and its 200 day simple moving average is $21.09. 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 posted its quarterly earnings data on Tuesday, October 20th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.06. The firm had revenue of $678.67 million during the quarter, compared to analysts’ expectations of $551.36 million. Snap had a negative net margin of 57.18% and a negative return on equity of 49.08%. Snap’s revenue was up 52.1% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.04) EPS. On average, equities research analysts anticipate that Snap will post -0.71 EPS for the current year.
In other news, CAO Rebecca Morrow sold 8,778 shares of the company’s stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $28.24, for a total value of $247,890.72. Following the sale, the chief accounting officer now directly owns 258,955 shares of the company’s stock, valued at approximately $7,312,889.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Joanna Coles sold 5,027 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $22.00, for a total transaction of $110,594.00. Following the completion of the sale, the director now directly owns 59,978 shares in the company, valued at $1,319,516. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,807,756 shares of company stock worth $108,726,157.
Several hedge funds have recently modified their holdings of SNAP. Public Employees Retirement Association of Colorado raised its holdings in shares of Snap by 11.3% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 109,102 shares of the company’s stock valued at $1,297,000 after purchasing an additional 11,076 shares during the period. Wellington Management Group LLP raised its holdings in shares of Snap by 90.4% in the 1st quarter. Wellington Management Group LLP now owns 518,842 shares of the company’s stock valued at $6,169,000 after purchasing an additional 246,286 shares during the period. Maverick Capital Ltd. bought a new stake in shares of Snap in the 1st quarter valued at about $1,157,000. APG Asset Management N.V. raised its holdings in shares of Snap by 109.3% in the 1st quarter. APG Asset Management N.V. now owns 940,804 shares of the company’s stock valued at $11,186,000 after purchasing an additional 491,300 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Snap by 7.2% in the 1st quarter. Invesco Ltd. now owns 1,504,030 shares of the company’s stock valued at $17,883,000 after purchasing an additional 100,877 shares during the period. 47.00% of the stock is currently owned by institutional investors.
Snap Company Profile
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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