Goldman Sachs Group Upgrades Snap (NYSE:SNAP) to “Buy”

Snap (NYSE:SNAP) was upgraded by investment analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. The firm presently has a $18.00 price target on the stock, up from their prior price target of $13.00. Goldman Sachs Group’s price objective would suggest a potential upside of 15.31% from the company’s previous close.

Other analysts have also issued reports about the company. China Renaissance Securities assumed coverage on Facebook in a research note on Wednesday, May 29th. They issued a “buy” rating and a $245.00 target price for the company. Wedbush restated an “outperform” rating and issued a $95.00 target price on shares of Global Blood Therapeutics in a research note on Thursday, April 18th. SunTrust Banks raised their target price on Polaris Industries to $102.00 and gave the company a “hold” rating in a research note on Wednesday, April 24th. Deutsche Bank raised their target price on Snap from $10.00 to $13.00 and gave the company a “hold” rating in a research note on Friday, April 5th. Finally, Morgan Stanley raised their target price on Canadian Pacific Railway from C$272.00 to C$277.00 in a research note on Wednesday, April 24th. Four analysts have rated the stock with a sell rating, twenty have issued a hold rating and ten have given a buy rating to the stock. Snap currently has a consensus rating of “Hold” and an average price target of $12.09.

Shares of NYSE SNAP opened at $15.61 on Friday. The company has a market capitalization of $21.09 billion, a PE ratio of -16.09 and a beta of 1.08. The firm’s fifty day moving average is $13.81. Snap has a 52-week low of $4.82 and a 52-week high of $16.24. The company has a debt-to-equity ratio of 0.15, a quick ratio of 4.75 and a current ratio of 4.75.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, April 23rd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($0.02). The company had revenue of $320.43 million for the quarter, compared to the consensus estimate of $306.28 million. Snap had a negative net margin of 92.94% and a negative return on equity of 47.71%. The firm’s revenue was up 38.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.17) earnings per share. Equities analysts forecast that Snap will post -0.76 EPS for the current year.

In other Snap news, Director Michael Lynton sold 127,663 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $15.04, for a total value of $1,920,051.52. Following the sale, the director now owns 68,149 shares in the company, valued at approximately $1,024,960.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Michael J. O’sullivan sold 36,621 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $11.28, for a total value of $413,084.88. Following the completion of the sale, the general counsel now owns 1,746,578 shares in the company, valued at approximately $19,701,399.84. The disclosure for this sale can be found here. Insiders sold a total of 2,748,027 shares of company stock worth $34,004,202 in the last 90 days.

Several large investors have recently bought and sold shares of the business. TCI Wealth Advisors Inc. increased its position in shares of Snap by 70.0% during the 1st quarter. TCI Wealth Advisors Inc. now owns 3,400 shares of the company’s stock worth $37,000 after purchasing an additional 1,400 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Snap by 8.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 18,403 shares of the company’s stock worth $203,000 after purchasing an additional 1,450 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Snap by 8.8% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 18,057 shares of the company’s stock worth $199,000 after purchasing an additional 1,463 shares during the last quarter. Valeo Financial Advisors LLC increased its position in shares of Snap by 400.0% during the 2nd quarter. Valeo Financial Advisors LLC now owns 2,500 shares of the company’s stock worth $36,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Providence Capital Advisors LLC acquired a new position in shares of Snap during the 1st quarter worth approximately $32,000. 26.08% of the stock is currently owned by hedge funds and other 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. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page 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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Analyst Recommendations for Snap (NYSE:SNAP)

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