Snap (SNAP) Rating Reiterated by Goldman Sachs Group

Snap (NYSE:SNAP)‘s stock had its “buy” rating reiterated by analysts at Goldman Sachs Group in a report released on Thursday. They currently have a $23.00 target price on the stock, up from their previous target price of $18.00. Goldman Sachs Group’s target price points to a potential upside of 18.62% from the stock’s previous close.

SNAP has been the topic of a number of other research reports. Bank of America raised Snap from a “neutral” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Wednesday. SunTrust Banks reiterated a “sell” rating and set a $10.00 price objective on shares of Snap in a research note on Thursday, October 12th. BidaskClub lowered shares of Snap from a “hold” rating to a “sell” rating in a research note on Thursday, October 26th. Raymond James Financial reiterated an “underperform” rating on shares of Snap in a research note on Friday, January 12th. Finally, Wedbush reiterated a “hold” rating and set a $12.00 price objective on shares of Snap in a research note on Friday, November 3rd. Fourteen research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $18.25.

Snap (SNAP) traded down $1.36 on Thursday, hitting $19.39. The stock had a trading volume of 119,603,959 shares, compared to its average volume of 23,830,000. The company has a market capitalization of $23,350.00 and a PE ratio of -5.86. Snap has a 52 week low of $11.28 and a 52 week high of $29.44.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.17. The company had revenue of $207.90 million for the quarter, compared to analysts’ expectations of $236.71 million. Snap had a negative return on equity of 97.08% and a negative net margin of 417.61%. The business’s revenue for the quarter was up 62.2% on a year-over-year basis. analysts forecast that Snap will post -1.09 earnings per share for the current year.

In other Snap news, insider Imran Khan sold 150,000 shares of Snap stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $12.46, for a total transaction of $1,869,000.00. Following the transaction, the insider now directly owns 10,122,665 shares in the company, valued at approximately $126,128,405.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mitchell Lasky sold 25,000 shares of Snap stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $13.98, for a total transaction of $349,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,885,626 shares of company stock worth $25,814,031.

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Treasurer State of Michigan purchased a new position in Snap during the 3rd quarter worth approximately $15,714,000. Hodges Capital Management Inc. purchased a new position in Snap during the 3rd quarter worth approximately $7,997,000. Lehman Financial Resources Inc. purchased a new position in Snap during the 3rd quarter worth approximately $3,275,000. Vanguard Group Inc. grew its position in Snap by 23.7% during the 2nd quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock worth $148,446,000 after purchasing an additional 1,601,170 shares in the last quarter. Finally, TB Alternative Assets Ltd. grew its position in Snap by 117.1% during the 4th quarter. TB Alternative Assets Ltd. now owns 546,600 shares of the company’s stock worth $7,986,000 after purchasing an additional 294,800 shares in the last quarter. Hedge funds and other institutional investors own 18.97% of the company’s stock.

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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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