Snap (SNAP) Upgraded to “Overweight” by Barclays

Snap (NYSE:SNAP) was upgraded by research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report issued on Tuesday, Marketbeat.com reports. The brokerage currently has a $18.00 price target on the stock, up from their previous price target of $11.00. Barclays’ target price suggests a potential upside of 32.65% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on SNAP. Vetr upgraded Snap from a “hold” rating to a “strong-buy” rating and set a $18.29 price objective on the stock in a report on Thursday, October 19th. Drexel Hamilton restated a “buy” rating and set a $30.00 price objective on shares of Snap in a report on Thursday, September 14th. Morgan Stanley cut Snap from an “equal weight” rating to an “underweight” rating in a report on Thursday, November 9th. Cantor Fitzgerald restated a “buy” rating and set a $17.00 price objective (up previously from $15.00) on shares of Snap in a report on Friday, September 15th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $20.00 price objective on shares of Snap in a report on Sunday, October 8th. Fifteen equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $16.98.

Snap (NYSE SNAP) traded down $0.30 on Tuesday, hitting $13.57. The company had a trading volume of 28,799,200 shares, compared to its average volume of 25,370,379. Snap has a 1-year low of $11.28 and a 1-year 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. The company had revenue of $207.90 million for the quarter, compared to analyst estimates of $236.71 million. The company’s revenue was up 62.2% on a year-over-year basis. analysts expect that Snap will post -3.04 earnings per share for the current year.

In other news, Director Mitchell Lasky sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $12.38, for a total transaction of $309,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Timothy Sehn sold 400,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $14.85, for a total value of $5,940,000.00. The disclosure for this sale can be found here. Insiders sold 3,751,851 shares of company stock worth $49,485,124 over the last three months.

Several institutional investors have recently made changes to their positions in the company. Coatue Management LLC grew its stake in shares of Snap by 4.5% during the second quarter. Coatue Management LLC now owns 21,898,624 shares of the company’s stock valued at $389,139,000 after acquiring an additional 940,900 shares in the last quarter. BlackRock Inc. grew its stake in shares of Snap by 10.0% during the second quarter. BlackRock Inc. now owns 10,343,549 shares of the company’s stock valued at $183,805,000 after acquiring an additional 936,791 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Snap by 23.7% during the second quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock valued at $148,446,000 after acquiring an additional 1,601,170 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Snap by 11.6% during the third quarter. JPMorgan Chase & Co. now owns 7,650,826 shares of the company’s stock valued at $110,556,000 after acquiring an additional 797,290 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Snap by 873.8% during the third quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock valued at $85,555,000 after acquiring an additional 5,279,883 shares in the last quarter. Institutional investors own 18.88% 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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