Snap (SNAP) Price Target Raised to $17.00

Snap (NYSE:SNAP) had its target price increased by analysts at Stifel Nicolaus from $13.00 to $17.00 in a research note issued on Wednesday. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 20.91% from the company’s previous close.

SNAP has been the topic of several other research reports. Barclays upgraded Snap from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $11.00 to $18.00 in a research note on Tuesday, December 5th. Bank of America upgraded Snap from a “neutral” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Wednesday. Evercore ISI assumed coverage on Snap in a research note on Tuesday, December 5th. They issued an “underperform” rating and a $7.00 price objective on the stock. Deutsche Bank restated a “hold” rating and issued a $13.00 price objective on shares of Snap in a research note on Monday, January 22nd. Finally, Susquehanna Bancshares restated a “negative” rating and issued a $22.00 price objective on shares of Snap in a research note on Wednesday. Fifteen equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Snap currently has an average rating of “Hold” and a consensus price target of $17.77.

Snap (SNAP) opened at $14.06 on Wednesday. Snap has a 52 week low of $11.28 and a 52 week high of $29.44.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.17. The company had revenue of $207.90 million during the quarter, compared to analysts’ expectations of $236.71 million. Snap had a negative return on equity of 107.36% and a negative net margin of 463.16%. Snap’s quarterly revenue was up 62.2% compared to the same quarter last year. equities research analysts forecast that Snap will post -3.03 EPS for the current fiscal year.

In related news, CEO Evan Spiegel sold 1,652,966 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $12.42, for a total transaction of $20,529,837.72. Following the completion of the transaction, the chief executive officer now directly owns 86,657,812 shares of the company’s stock, valued at approximately $1,076,290,025.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Michael J. O’sullivan sold 10,016 shares of the firm’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $12.54, for a total value of $125,600.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,513,592 shares of company stock worth $45,994,369.

Several hedge funds have recently bought and sold shares of SNAP. US Bancorp DE bought a new position in shares of Snap in the 1st quarter worth about $101,000. Seven Bridges Advisors LLC acquired a new stake in shares of Snap in the 2nd quarter valued at about $101,000. WFG Advisors LP acquired a new stake in shares of Snap in the 1st quarter valued at about $109,000. First Manhattan Co. grew its stake in shares of Snap by 384.5% in the 3rd quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock valued at $110,000 after buying an additional 6,056 shares during the period. Finally, Steward Partners Investment Advisory LLC grew its stake in shares of Snap by 967.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 8,005 shares of the company’s stock valued at $116,000 after buying an additional 7,255 shares during the period. 18.97% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Snap (NYSE:SNAP)

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