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

Snap (NYSE:SNAP) had its price target lifted by Wedbush from $25.00 to $34.50 in a note issued to investors on Wednesday, Briefing.com reports. The firm presently has a “neutral” rating on the stock. Wedbush’s price target points to a potential upside of 21.27% from the stock’s previous close.

SNAP has been the topic of several other research reports. Wells Fargo & Company lifted their price target on shares of Snap from $28.00 to $33.00 and gave the company an “overweight” rating in a report on Monday. Barclays cut their price target on shares of Snap from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Wednesday, July 22nd. Royal Bank of Canada reiterated a “buy” rating and issued a $28.00 price target on shares of Snap in a report on Monday, July 20th. Truist upgraded shares of Snap from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a report on Wednesday. Finally, KeyCorp boosted their target price on shares of Snap from $29.00 to $35.00 and gave the company an “overweight” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-six have given a buy rating to the company’s stock. Snap has an average rating of “Buy” and an average price target of $30.36.

SNAP stock opened at $28.45 on Wednesday. The company has a market capitalization of $41.80 billion, a PE ratio of -36.95 and a beta of 1.64. Snap has a one year low of $7.89 and a one year high of $29.08. The company’s 50 day moving average price is $25.22 and its two-hundred day moving average price is $21.09. The company has a debt-to-equity ratio of 0.87, a quick ratio of 5.99 and a current ratio of 5.99.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, October 20th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.06. The business had revenue of $678.67 million for 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 firm’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 business posted ($0.04) earnings per share. On average, research analysts predict that Snap will post -0.71 EPS for the current year.

In related news, 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 value of $110,594.00. Following the transaction, the director now owns 59,978 shares in the company, valued at approximately $1,319,516. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Jerry James Hunter sold 7,721 shares of the business’s stock in a transaction dated Monday, October 19th. The stock was sold at an average price of $28.30, for a total value of $218,504.30. Following the completion of the transaction, the vice president now directly owns 2,003,121 shares of the company’s stock, valued at approximately $56,688,324.30. 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.

Institutional investors have recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. boosted its stake in Snap by 266.7% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,100 shares of the company’s stock worth $26,000 after purchasing an additional 800 shares during the period. San Francisco Sentry Investment Group CA bought a new position in shares of Snap during the 3rd quarter valued at approximately $26,000. Jackson Square Capital LLC bought a new position in shares of Snap during the 2nd quarter valued at approximately $35,000. Truewealth LLC boosted 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 valued at $42,000 after acquiring an additional 737 shares during the last quarter. Finally, M&R Capital Management Inc. boosted its position in shares of Snap by 160.0% during 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 last quarter. 47.00% of the stock is owned by 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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