Credit Suisse Group reiterated their outperform rating on shares of Snap Inc. (NYSE:SNAP) in a research note released on Wednesday morning. The firm currently has a $20.00 price target on the stock, up from their prior price target of $17.00. The analysts noted that the move was a valuation call.
SNAP has been the topic of several other reports. J P Morgan Chase & Co restated a neutral rating and set a $14.00 price objective (down from $16.00) on shares of Snap in a research note on Monday, September 25th. Wedbush began coverage on shares of Snap in a research note on Wednesday, August 30th. They set a neutral rating and a $12.00 price objective on the stock. Vetr upgraded shares of Snap from a sell rating to a hold rating and set a $13.95 price objective on the stock in a research note on Tuesday, July 25th. Monness Crespi & Hardt lowered shares of Snap from a buy rating to a neutral rating in a research note on Friday, August 11th. Finally, Deutsche Bank AG lowered shares of Snap from a buy rating to a hold rating and lowered their price objective for the stock from $20.00 to $17.00 in a research note on Monday, September 11th. Ten analysts have rated the stock with a sell rating, twenty-four have given a hold rating and thirteen have assigned a buy rating to the stock. Snap has an average rating of Hold and an average target price of $18.03.
Snap (NYSE:SNAP) traded up 3.57% during midday trading on Wednesday, reaching $16.55. 63,130,106 shares of the company’s stock were exchanged. The company’s market cap is $19.81 billion. The firm has a 50-day moving average price of $14.66 and a 200 day moving average price of $17.36. Snap has a 52 week low of $11.28 and a 52 week high of $29.44.
Snap (NYSE:SNAP) last released its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.07). The firm had revenue of $181.70 million for the quarter, compared to the consensus estimate of $186.49 million. The company’s revenue for the quarter was up 153.1% compared to the same quarter last year. Analysts anticipate that Snap will post ($0.64) EPS for the current year.
In other news, VP Timothy Sehn sold 400,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $12.50, for a total transaction of $5,000,000.00. Following the completion of the sale, the vice president now owns 2,204,168 shares of the company’s stock, valued at approximately $27,552,100. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 195,100 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $2,438,750.00. Following the sale, the chief financial officer now directly owns 1,882,280 shares of the company’s stock, valued at approximately $23,528,500. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,133,598 shares of company stock valued at $29,704,362.
Several institutional investors have recently modified their holdings of SNAP. US Bancorp DE bought a new stake in shares of Snap during the 1st quarter worth approximately $101,000. Seven Bridges Advisors LLC acquired a new position in Snap during the 2nd quarter worth approximately $101,000. WFG Advisors LP increased its position in Snap by 52.4% during the 2nd quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after purchasing an additional 2,537 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its position in Snap by 654.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock worth $134,000 after purchasing an additional 6,540 shares in the last quarter. Finally, Dubuque Bank & Trust Co. acquired a new position in Snap during the 2nd quarter worth approximately $137,000. 16.40% of the stock is owned by institutional investors.
Snap Company Profile
Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.
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