Snap Inc. (SNAP) Given Outperform Rating at Credit Suisse Group
Snap Inc. (NYSE:SNAP)‘s stock had its “outperform” rating reaffirmed by research analysts at Credit Suisse Group in a report issued on Wednesday, The Fly reports. They presently have a $20.00 target price on the stock, up from their previous target price of $17.00. Credit Suisse Group’s target price points to a potential upside of 39.47% from the stock’s previous close. The analysts noted that the move was a valuation call.
Several other brokerages also recently issued reports on SNAP. Vetr downgraded shares of Snap from a “buy” rating to a “hold” rating and set a $17.51 target price on the stock. in a research note on Monday, July 3rd. Drexel Hamilton reiterated a “buy” rating and issued a $30.00 target price on shares of Snap in a research note on Wednesday, July 5th. Aegis dropped their target price on shares of Snap from $20.00 to $19.00 and set a “hold” rating on the stock in a research note on Wednesday, June 21st. Royal Bank Of Canada reiterated a “buy” rating and issued a $31.00 target price on shares of Snap in a research note on Tuesday, July 11th. Finally, Morgan Stanley downgraded shares of Snap from an “overweight” rating to an “equal weight” rating and set a $16.00 target price on the stock. in a research note on Tuesday, July 11th. Ten research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and thirteen have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $18.03.
Snap (SNAP) opened at 14.34 on Wednesday. The company’s market cap is $17.17 billion. The firm’s 50 day moving average is $14.62 and its 200 day moving average is $17.38. Snap has a 52-week low of $11.28 and a 52-week high of $29.44.
Snap (NYSE:SNAP) last announced its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.07). The business had revenue of $181.70 million for the quarter, compared to analyst estimates of $186.49 million. The business’s revenue was up 153.1% on a year-over-year basis. Analysts forecast that Snap will post ($0.64) EPS for the current fiscal year.
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In other news, VP Timothy Sehn sold 400,000 shares of the stock in a transaction on Monday, August 14th. The shares were sold at an average price of $12.50, for a total value of $5,000,000.00. Following the completion of the sale, the vice president now directly owns 2,204,168 shares of the company’s stock, valued at $27,552,100. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 37,874 shares of the stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $14.64, for a total transaction of $554,475.36. Following the completion of the sale, the chief financial officer now directly owns 1,797,644 shares of the company’s stock, valued at $26,317,508.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,133,598 shares of company stock valued at $29,704,362.
Hedge funds and other institutional investors have recently made changes to their positions in the company. US Bancorp DE purchased a new stake in shares of Snap in the first quarter worth $101,000. Seven Bridges Advisors LLC purchased a new stake in shares of Snap in the second quarter worth $101,000. WFG Advisors LP increased its stake in shares of Snap by 52.4% in the second 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 stake in shares of Snap by 654.0% in the second 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. purchased a new stake in shares of Snap in the second quarter worth $137,000. 16.40% of the stock is owned by hedge funds and other 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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