Goldman Sachs Group Upgrades Snap (NYSE:SNAP) to “Buy”

Snap (NYSE:SNAP) was upgraded by stock analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued on Friday, The Fly reports.

A number of other equities research analysts have also recently commented on SNAP. Wedbush restated an “outperform” rating and set a $95.00 target price on shares of Global Blood Therapeutics in a research note on Thursday, April 18th. Summit Insights upgraded shares of Snap from a “sell” rating to a “hold” rating and set a $11.50 target price on the stock in a research note on Friday, April 5th. Morgan Stanley raised their target price on shares of Canadian Pacific Railway from C$272.00 to C$277.00 in a research note on Wednesday, April 24th. Aegis cut shares of Shutterfly from a “buy” rating to a “hold” rating in a research note on Monday, June 17th. Finally, Barclays decreased their target price on shares of Waters from $218.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 24th. Four equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $11.66.

SNAP opened at $15.57 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 4.75 and a current ratio of 4.75. The stock has a market capitalization of $20.67 billion, a P/E ratio of -16.05 and a beta of 1.08. The business has a 50 day simple moving average of $13.72. Snap has a 12-month low of $4.82 and a 12-month high of $15.94.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). The business had revenue of $320.43 million during the quarter, compared to analysts’ expectations of $306.28 million. Snap had a negative return on equity of 47.71% and a negative net margin of 92.94%. The business’s quarterly revenue was up 38.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.17) EPS. As a group, research analysts predict that Snap will post -0.76 EPS for the current fiscal year.

In other news, CFO Derek Andersen sold 9,000 shares of Snap stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $12.00, for a total transaction of $108,000.00. Following the sale, the chief financial officer now owns 1,551,175 shares in the company, valued at $18,614,100. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Evan Spiegel sold 1,493,180 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $11.74, for a total transaction of $17,529,933.20. Following the completion of the sale, the chief executive officer now owns 71,496,734 shares in the company, valued at approximately $839,371,657.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,748,027 shares of company stock worth $34,004,202.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Providence Capital Advisors LLC bought a new stake in Snap in the first quarter worth $32,000. Valeo Financial Advisors LLC increased its position in Snap by 400.0% in the second quarter. Valeo Financial Advisors LLC now owns 2,500 shares of the company’s stock worth $36,000 after purchasing an additional 2,000 shares during the last quarter. TCI Wealth Advisors Inc. increased its position in Snap by 70.0% in the first quarter. TCI Wealth Advisors Inc. now owns 3,400 shares of the company’s stock worth $37,000 after purchasing an additional 1,400 shares during the last quarter. Stephens Inc. AR bought a new stake in Snap in the fourth quarter worth $66,000. Finally, Two Sigma Securities LLC increased its position in Snap by 168.9% in the fourth quarter. Two Sigma Securities LLC now owns 15,157 shares of the company’s stock worth $84,000 after purchasing an additional 37,157 shares during the last quarter. Institutional investors own 26.08% of the company’s stock.

Snap Company Profile

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 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 surfacing the stories and shows 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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