Snap (NYSE:SNAP) had its price objective boosted by research analysts at Morgan Stanley from $10.00 to $11.00 in a report released on Wednesday. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s target price would indicate a potential downside of 40.15% from the company’s previous close.
A number of other equities analysts have also recently commented on the company. Vetr raised Snap from a “hold” rating to a “strong-buy” rating and set a $18.29 target price for the company in a report on Thursday, October 19th. Zacks Investment Research cut Snap from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. BidaskClub cut Snap from a “hold” rating to a “sell” rating in a report on Thursday, October 26th. Credit Suisse Group reissued a “buy” rating and set a $18.00 target price on shares of Snap in a report on Tuesday, January 9th. Finally, Pivotal Research reissued a “sell” rating and set a $8.00 target price (down previously from $9.00) on shares of Snap in a report on Wednesday, November 8th. Fifteen research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $17.70.
Snap (NYSE SNAP) traded up $4.32 during midday trading on Wednesday, reaching $18.38. The company had a trading volume of 85,285,094 shares, compared to its average volume of 20,179,977. The firm has a market cap of $16,930.00 and a PE ratio of -5.91. Snap has a 12 month low of $11.28 and a 12 month high of $29.44.
Snap (NYSE:SNAP) last announced its earnings results on Tuesday, November 7th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $207.90 million during the quarter, compared to analysts’ expectations of $236.71 million. The company’s revenue was up 62.2% compared to the same quarter last year. research analysts forecast that Snap will post -3.03 EPS for the current fiscal year.
In related news, CFO Andrew Vollero sold 70,566 shares of the stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $16.09, for a total value of $1,135,406.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Evan Spiegel sold 1,652,966 shares of the stock in a transaction that occurred 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 completion of 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. Insiders sold 3,513,592 shares of company stock valued at $45,994,369 over the last quarter.
Institutional investors have recently modified their holdings of the stock. First Manhattan Co. grew its position in Snap by 384.5% in the third quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock worth $110,000 after acquiring an additional 6,056 shares during the period. Steward Partners Investment Advisory LLC grew its position in Snap by 967.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 8,005 shares of the company’s stock worth $116,000 after acquiring an additional 7,255 shares during the period. WFG Advisors LP grew its position in 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 acquiring an additional 2,537 shares during the period. Nelson Roberts Investment Advisors LLC grew its position in Snap by 10,033.0% in the third quarter. Nelson Roberts Investment Advisors LLC now owns 10,133 shares of the company’s stock worth $147,000 after acquiring an additional 10,033 shares during the period. Finally, Westwood Holdings Group Inc. purchased a new position in Snap in the second quarter worth approximately $148,000. Institutional investors own 18.97% 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.