Snap (NYSE:SNAP) Price Target Raised to $34.50

Snap (NYSE:SNAP) had its price target increased by equities research analysts at Wedbush from $25.00 to $34.50 in a note issued to investors on Wednesday, Briefing.com reports. The brokerage presently has a “neutral” rating on the stock. Wedbush’s price target indicates a potential upside of 21.27% from the company’s current price.

Several other equities research analysts have also recently issued reports on the company. Needham & Company LLC initiated coverage on Snap in a report on Wednesday, July 22nd. They set a “hold” rating on the stock. Barclays reduced their target price on Snap from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Wednesday, July 22nd. KeyCorp lifted their target price on Snap from $29.00 to $35.00 and gave the company an “overweight” rating in a report on Monday. Jefferies Financial Group lifted their target price on Snap from $30.00 to $33.00 and gave the company a “buy” rating in a report on Tuesday. Finally, ValuEngine upgraded Snap from a “hold” rating to a “buy” rating in a report on Monday, August 3rd. One investment 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 currently has a consensus rating of “Buy” and an average target price of $30.36.

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 stock’s fifty 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. The stock has a market capitalization of $41.80 billion, a price-to-earnings ratio of -36.95 and a beta of 1.64.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, October 20th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the 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 analysts’ expectations of $551.36 million. During the same quarter last year, the firm earned ($0.04) earnings per share. The business’s revenue was up 52.1% on a year-over-year basis. As a group, analysts anticipate that Snap will post -0.71 earnings per share for the current fiscal year.

In related news, CAO Rebecca Morrow sold 8,778 shares of the business’s stock in a transaction dated Friday, October 16th. The stock was sold at an average price of $28.24, for a total value of $247,890.72. Following the completion of the sale, the chief accounting officer now directly owns 258,955 shares of the company’s stock, valued at $7,312,889.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joanna Coles sold 5,027 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $22.00, for a total value of $110,594.00. Following the completion of the sale, the director now directly owns 59,978 shares of the company’s stock, valued at $1,319,516. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,807,756 shares of company stock worth $108,726,157.

Institutional investors have recently made changes to their positions in the stock. Cullen Frost Bankers Inc. increased its holdings in Snap by 266.7% in the second quarter. Cullen Frost Bankers Inc. now owns 1,100 shares of the company’s stock valued at $26,000 after buying an additional 800 shares during the last quarter. San Francisco Sentry Investment Group CA bought a new stake in Snap in the third quarter valued at about $26,000. Jackson Square Capital LLC bought a new stake in Snap in the second quarter valued at about $35,000. Truewealth LLC increased its holdings in Snap by 70.1% in the second quarter. Truewealth LLC now owns 1,789 shares of the company’s stock valued at $42,000 after buying an additional 737 shares during the last quarter. Finally, M&R Capital Management Inc. increased its holdings in Snap by 160.0% in the third quarter. M&R Capital Management Inc. now owns 1,625 shares of the company’s stock valued at $42,000 after buying an additional 1,000 shares during the last quarter. 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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