Snap (SNAP) Stock Rating Upgraded by Citigroup

Snap (NYSE:SNAP) was upgraded by research analysts at Citigroup from a “sell” rating to a “neutral” rating in a report issued on Monday, Marketbeat.com reports. The firm presently has a $7.00 price target on the stock. Citigroup‘s price objective suggests a potential upside of 9.89% from the company’s current price.

A number of other equities research analysts also recently commented on the company. Bank of America downgraded Snap from a “buy” rating to a “neutral” rating in a report on Friday, October 26th. Jefferies Financial Group dropped their price objective on Snap from $11.00 to $8.00 and set a “hold” rating for the company in a report on Friday, October 26th. Aegis dropped their price objective on Snap from $12.00 to $10.00 and set a “hold” rating for the company in a report on Friday, September 21st. Goldman Sachs Group downgraded Snap from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $10.00 to $6.00 in a report on Friday, January 4th. Finally, Pivotal Research upgraded Snap from a “hold” rating to a “buy” rating and dropped their price objective for the company from $9.00 to $8.00 in a report on Friday, October 12th. Five equities research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $10.79.

Shares of SNAP traded up $0.09 during trading hours on Monday, hitting $6.37. 232,875 shares of the stock traded hands, compared to its average volume of 17,244,305. Snap has a 1-year low of $4.82 and a 1-year high of $21.22. The firm has a market capitalization of $8.11 billion, a PE ratio of -3.06 and a beta of 0.13.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Thursday, October 25th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.05. The business had revenue of $297.70 million for the quarter, compared to analyst estimates of $283.54 million. Snap had a negative return on equity of 49.42% and a negative net margin of 131.39%. As a group, equities analysts predict that Snap will post -1.01 EPS for the current fiscal year.

In related news, CEO Evan Spiegel sold 1,495,200 shares of the stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $6.43, for a total transaction of $9,614,136.00. Following the completion of the transaction, the chief executive officer now directly owns 80,452,061 shares in the company, valued at $517,306,752.23. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Imran Khan sold 200,000 shares of the stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $6.93, for a total value of $1,386,000.00. Following the transaction, the insider now owns 7,791,577 shares of the company’s stock, valued at $53,995,628.61. The disclosure for this sale can be found here. Insiders sold 2,047,386 shares of company stock valued at $13,200,659 over the last 90 days.

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Snap by 57.6% in the third quarter. Vanguard Group Inc. now owns 47,237,907 shares of the company’s stock valued at $400,578,000 after buying an additional 17,260,731 shares during the last quarter. Vanguard Group Inc lifted its position in shares of Snap by 57.6% in the third quarter. Vanguard Group Inc now owns 47,237,907 shares of the company’s stock valued at $400,578,000 after buying an additional 17,260,731 shares during the last quarter. FMR LLC lifted its position in shares of Snap by 18.4% in the second quarter. FMR LLC now owns 24,968,882 shares of the company’s stock valued at $326,842,000 after buying an additional 3,886,373 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Snap by 87.8% in the third quarter. First Trust Advisors LP now owns 18,981,815 shares of the company’s stock valued at $160,966,000 after buying an additional 8,872,583 shares during the last quarter. Finally, BlackRock Inc. lifted its position in shares of Snap by 22.1% in the second quarter. BlackRock Inc. now owns 15,367,441 shares of the company’s stock valued at $201,159,000 after buying an additional 2,779,756 shares during the last quarter. Institutional investors and hedge funds own 23.92% of the company’s stock.

About Snap

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.

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Analyst Recommendations for Snap (NYSE:SNAP)

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