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 research report issued to clients and investors on Friday. They currently have a $17.00 price target on the stock. Cantor Fitzgerald’s target price points to a potential upside of 14.09% from the company’s previous close.
The analysts wrote, “Monetization per minute has significant upside potential… We’re modeling for Snap’s 2017 US ad revenue per DAU (ARPU) to rise 53.4% y/y to $9.56 (vs. FB’s (OW) $103.31), and for its 2017 US ad rev per min (x 1,000) to also rise by 53.4% y/y to $0.87 (vs. FB’s $5.66). On both counts, we believe Snap’s monetization has room to go substantially higher as bid density improves on the self-serve platform and as mobile video/ads in the Discover tab ramp up.””
Several other equities analysts have also recently weighed in on SNAP. Aegis reiterated a “hold” rating and set a $22.00 price objective on shares of Snap in a report on Friday, May 19th. Jefferies Group LLC reiterated a “buy” rating and set a $30.00 price objective on shares of Snap in a report on Monday, May 22nd. Drexel Hamilton reiterated a “buy” rating and set a $30.00 price objective on shares of Snap in a report on Wednesday, May 24th. Vetr cut Snap from a “strong-buy” rating to a “buy” rating and set a $24.14 price objective on the stock. in a report on Thursday, May 25th. Finally, Instinet reiterated a “sell” rating on shares of Snap in a report on Friday, June 2nd. Ten investment analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and twelve have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $18.31.
Shares of Snap (SNAP) opened at 14.90 on Friday. Snap has a 52-week low of $14.82 and a 52-week high of $29.44. The stock has a 50 day moving average of $15.09 and a 200-day moving average of $18.65. The stock’s market capitalization is $17.84 billion.
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 Thomson Reuters’ consensus estimate of ($0.29) by ($0.07). The firm had revenue of $181.70 million during the quarter, compared to analyst estimates of $186.49 million. The company’s revenue was up 153.1% on a year-over-year basis. On average, equities research analysts predict that Snap will post ($0.64) EPS for the current fiscal year.
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In related news, insider Imran Khan sold 350,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $15.00, for a total transaction of $5,250,000.00. Following the transaction, the insider now directly owns 9,946,464 shares of the company’s stock, valued at approximately $149,196,960. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Timothy Sehn sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $15.00, for a total value of $2,250,000.00. Following the transaction, the vice president now directly owns 2,679,168 shares in the company, valued at $40,187,520. The disclosure for this sale can be found here. Insiders have sold a total of 1,695,724 shares of company stock worth $23,209,887 over the last three months.
Several hedge funds have recently bought and sold shares of SNAP. KPCB DGF Associates LLC acquired a new position in shares of Snap during the 1st quarter worth approximately $40,911,000. Edge Wealth Management LLC acquired a new position in shares of Snap during the 1st quarter worth approximately $257,000. Prospera Financial Services Inc acquired a new position in shares of Snap during the 1st quarter worth approximately $418,000. Narwhal Capital Management acquired a new position in shares of Snap during the 1st quarter worth approximately $282,000. Finally, Essex Investment Management Co. LLC acquired a new position in shares of Snap during the 1st quarter worth approximately $2,012,000. 16.40% of the stock is currently owned by institutional investors and hedge funds.
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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