Snap (NYSE:SNAP) had its price objective raised by stock analysts at Barclays from $29.00 to $42.00 in a research note issued on Wednesday, AR Network reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price target points to a potential upside of 47.63% from the stock’s previous close.
Several other analysts have also recently commented on the stock. Royal Bank of Canada upped their target price on shares of Snap from $28.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday. Bank of America reiterated a “buy” rating and set a $28.50 target price on shares of Snap in a research report on Wednesday, July 15th. Oppenheimer upped their target price on shares of Snap from $28.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday. Pivotal Research upped their target price on shares of Snap from $21.50 to $27.75 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, Guggenheim raised shares of Snap from a “neutral” rating to a “buy” rating and boosted their price target for the company from $22.00 to $28.00 in a report on Monday, September 28th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-six have given a buy rating to the company’s stock. Snap currently has a consensus rating of “Buy” and an average price target of $30.36.
SNAP stock opened at $28.45 on Wednesday. The company has a 50 day moving average price of $25.22 and a 200 day moving average price of $21.09. The stock has a market capitalization of $41.80 billion, a PE ratio of -36.95 and a beta of 1.64. Snap has a fifty-two week low of $7.89 and a fifty-two week high of $29.08. The company has a debt-to-equity ratio of 0.87, a current ratio of 5.99 and a quick ratio of 5.99.
Snap (NYSE:SNAP) last issued its earnings results on Tuesday, October 20th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.06. The company 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%. The business’s revenue for the quarter was up 52.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.04) EPS. As a group, equities analysts expect that Snap will post -0.71 earnings per share for the current fiscal 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.
Hedge funds have recently modified their holdings of the company. San Francisco Sentry Investment Group CA bought a new stake in shares of Snap in the 3rd quarter valued at about $26,000. Cullen Frost Bankers Inc. raised its holdings in 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 acquiring an additional 800 shares during the period. Jackson Square Capital LLC bought a new position in Snap in the 2nd quarter valued at about $35,000. M&R Capital Management Inc. raised its holdings in 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 acquiring an additional 1,000 shares during the period. Finally, Truewealth LLC raised its holdings in 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 acquiring an additional 737 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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