Snap Inc (SNAP) Given “Buy” Rating at Cantor Fitzgerald
Snap Inc (NYSE:SNAP)‘s stock had its “buy” rating reiterated by analysts at Cantor Fitzgerald in a report released on Wednesday. They currently have a $15.00 price target on the stock. Cantor Fitzgerald’s target price indicates a potential downside of 2.22% from the company’s current price.
Several other equities research analysts have also issued reports on SNAP. Cowen and Company reissued an “outperform” rating and issued a $26.00 price objective on shares of Snap in a research report on Tuesday, May 9th. UBS AG raised shares of Snap from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $24.00 to $19.00 in a research report on Thursday, May 11th. Stifel Nicolaus dropped their price objective on shares of Snap from $27.00 to $24.00 and set a “hold” rating for the company in a research report on Thursday, May 11th. J P Morgan Chase & Co dropped their price objective on shares of Snap from $24.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, May 11th. Finally, Oppenheimer Holdings, Inc. raised shares of Snap from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research report on Thursday, May 11th. Ten analysts have rated the stock with a sell rating, twenty-three have given a hold rating and thirteen have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $18.33.
Shares of Snap (NYSE:SNAP) traded up 1.25% during trading on Wednesday, reaching $15.34. 36,588,463 shares of the company’s stock traded hands. The company’s market capitalization is $18.36 billion. Snap has a 1-year low of $11.28 and a 1-year high of $29.44. The stock has a 50-day moving average of $13.91 and a 200-day moving average of $18.44.
Snap (NYSE:SNAP) last released its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by $0.07. Snap had a negative return on equity of 48.85% and a negative net margin of 243.90%. The business had revenue of $181.70 million during the quarter, compared to analyst estimates of $186.49 million. Snap’s quarterly revenue was up 153.1% compared to the same quarter last year. On average, equities analysts predict that Snap will post ($0.63) EPS for the current fiscal year.
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In other Snap news, insider Imran Khan sold 350,000 shares of the stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $15.00, for a total transaction of $5,250,000.00. Following the sale, the insider now directly owns 9,946,464 shares of the company’s stock, valued at $149,196,960. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Timothy Sehn sold 400,000 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $5,000,000.00. Following the sale, the vice president now directly owns 2,204,168 shares in the company, valued at $27,552,100. The disclosure for this sale can be found here. Insiders have sold 1,695,724 shares of company stock worth $23,209,887 over the last three months.
Several large investors have recently modified their holdings of the business. FMR LLC acquired a new stake in shares of Snap in the 1st quarter worth about $737,133,000. Coatue Management LLC increased its holdings in shares of Snap by 4.5% in the 2nd quarter. Coatue Management LLC now owns 21,898,624 shares of the company’s stock worth $389,139,000 after acquiring an additional 940,900 shares during the period. JPMorgan Chase & Co. acquired a new stake in shares of Snap in the 1st quarter worth about $252,388,000. BlackRock Inc. increased its holdings in shares of Snap by 10.0% in the 2nd quarter. BlackRock Inc. now owns 10,343,549 shares of the company’s stock worth $183,805,000 after acquiring an additional 936,791 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Snap by 23.7% in the 2nd quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock worth $148,446,000 after acquiring an additional 1,601,170 shares during the period. 16.40% of the stock is currently owned by institutional investors.
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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