Credit Suisse Group reaffirmed their buy rating on shares of Snap (NYSE:SNAP) in a research note issued to investors on Tuesday morning. The brokerage currently has a $18.00 price objective on the stock.
SNAP has been the subject of several other reports. JPMorgan Chase & Co. reiterated a neutral rating and set a $14.00 price target (down from $16.00) on shares of Snap in a research report on Monday, September 25th. Barclays upgraded Snap from an equal weight rating to an overweight rating and boosted their price target for the stock from $11.00 to $18.00 in a research report on Tuesday, December 5th. Evercore ISI began coverage on Snap in a research report on Tuesday, December 5th. They set an underperform rating and a $7.00 price target for the company. Bank of America dropped their price target on Snap from $17.00 to $16.00 and set a neutral rating for the company in a research report on Wednesday, November 8th. Finally, Deutsche Bank cut Snap from a buy rating to a hold rating and dropped their price target for the stock from $20.00 to $17.00 in a research report on Monday, September 11th. Eighteen analysts have rated the stock with a sell rating, nineteen have issued a hold rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $17.23.
Shares of Snap (NYSE:SNAP) traded down $0.49 during mid-day trading on Tuesday, hitting $14.11. The stock had a trading volume of 21,006,938 shares, compared to its average volume of 19,130,000. The firm has a market cap of $16,990.00 and a P/E ratio of -4.44. Snap has a twelve month low of $11.28 and a twelve month high of $29.44.
Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.17. Snap had a negative return on equity of 107.36% and a negative net margin of 463.16%. The firm had revenue of $207.90 million during the quarter, compared to analysts’ expectations of $236.71 million. The firm’s revenue was up 62.2% compared to the same quarter last year. equities analysts expect that Snap will post -3.04 earnings per share for the current fiscal year.
In other news, Director Mitchell Lasky sold 25,000 shares of the stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $14.11, for a total transaction of $352,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Evan Spiegel sold 1,652,966 shares of the stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $12.42, for a total value of $20,529,837.72. Following the transaction, the chief executive officer now owns 86,657,812 shares of the company’s stock, valued at $1,076,290,025.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,815,711 shares of company stock valued at $50,490,018.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers acquired a new position in Snap during the 2nd quarter worth about $331,000. Bank of New York Mellon Corp lifted its stake in Snap by 57.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 36,643 shares of the company’s stock worth $651,000 after acquiring an additional 13,336 shares in the last quarter. Prudential Financial Inc. lifted its stake in Snap by 41.2% during the 2nd quarter. Prudential Financial Inc. now owns 16,800 shares of the company’s stock worth $299,000 after acquiring an additional 4,900 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Snap by 8.3% during the 2nd quarter. Pacer Advisors Inc. now owns 9,869 shares of the company’s stock worth $175,000 after acquiring an additional 757 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in Snap by 21.1% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 19,816 shares of the company’s stock worth $352,000 after acquiring an additional 3,447 shares in the last quarter. Institutional investors and hedge funds own 18.88% of the company’s stock.
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.