Snap (NYSE:SNAP) had its price objective raised by equities researchers at Barclays from $29.00 to $42.00 in a report released on Wednesday. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective suggests a potential upside of 47.63% from the company’s current price.
Several other research firms also recently commented on SNAP. Goldman Sachs Group increased their price objective on Snap from $28.00 to $47.00 and gave the company a “buy” rating in a research note on Wednesday. Guggenheim raised Snap from a “neutral” rating to a “buy” rating and raised their target price for the stock from $22.00 to $28.00 in a research note on Monday, September 28th. They noted that the move was a valuation call. SunTrust Banks raised their target price on Snap from $15.00 to $24.00 and gave the stock a “hold” rating in a research note on Monday, July 20th. ValuEngine upgraded Snap from a “hold” rating to a “buy” rating in a report on Monday, August 3rd. Finally, Pivotal Research increased their price target on Snap from $21.50 to $27.75 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. One 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. The stock currently has a consensus rating of “Buy” and a consensus target price of $30.36.
Shares of SNAP stock opened at $28.45 on Wednesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 5.99 and a quick ratio of 5.99. The company has a market cap of $41.80 billion, a price-to-earnings ratio of -36.95 and a beta of 1.64. The stock has a 50 day simple moving average of $25.22 and a 200-day simple moving average of $21.09. Snap has a 1-year low of $7.89 and a 1-year high of $29.08.
Snap (NYSE:SNAP) last posted its quarterly earnings data 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 firm had revenue of $678.67 million during the quarter, compared to the consensus estimate of $551.36 million. During the same period in the prior year, the company earned ($0.04) EPS. The firm’s revenue was up 52.1% compared to the same quarter last year. Analysts anticipate that Snap will post -0.71 earnings per share for the current fiscal year.
In other news, CFO Derek Andersen sold 14,731 shares of Snap stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $21.59, for a total value of $318,042.29. Following the completion of the transaction, the chief financial officer now owns 1,474,936 shares in the company, valued at approximately $31,843,868.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Rebecca Morrow sold 8,778 shares of Snap 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 completion of the transaction, the chief accounting officer now owns 258,955 shares of the company’s stock, valued at approximately $7,312,889.20. The disclosure for this sale can be found here. Insiders sold a total of 4,807,756 shares of company stock valued at $108,726,157 in the last quarter.
Institutional investors and hedge funds have recently made changes to their positions in the company. Koshinski Asset Management Inc. raised its position in shares of Snap by 4.8% during the 2nd quarter. Koshinski Asset Management Inc. now owns 10,878 shares of the company’s stock worth $256,000 after acquiring an additional 500 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in shares of Snap by 3.0% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 22,091 shares of the company’s stock worth $519,000 after acquiring an additional 640 shares in the last quarter. Truewealth LLC raised its position in shares of Snap by 70.1% during the 2nd quarter. Truewealth LLC now owns 1,789 shares of the company’s stock worth $42,000 after acquiring an additional 737 shares in the last quarter. Spearhead Capital Advisors LLC raised its position in shares of Snap by 5.7% during the 3rd quarter. Spearhead Capital Advisors LLC now owns 13,633 shares of the company’s stock worth $356,000 after acquiring an additional 739 shares in the last quarter. Finally, Cullen Frost Bankers Inc. raised its position in shares of Snap by 266.7% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,100 shares of the company’s stock worth $26,000 after acquiring an additional 800 shares in the last quarter. Institutional investors and hedge funds own 47.00% of the company’s stock.
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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