Moffett Nathanson upgraded shares of Snap (NYSE:SNAP) from a sell rating to a neutral rating in a report released on Monday, Marketbeat reports. The brokerage currently has $15.00 price target on the stock.
SNAP has been the subject of several other reports. Goldman Sachs reaffirmed a buy rating and issued a $23.00 target price (up from $18.00) on shares of Snap in a research report on Thursday, February 8th. Bank of America raised Snap from a neutral rating to a buy rating and set a $16.00 target price for the company in a research report on Wednesday, February 7th. Jefferies Group reduced their target price on Snap to $14.00 and set a hold rating for the company in a research report on Wednesday, May 2nd. ValuEngine raised Snap from a sell rating to a hold rating in a research report on Saturday, February 17th. Finally, Deutsche Bank raised their target price on Snap to $15.00 and gave the stock a hold rating in a research report on Monday, April 30th. Twelve analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $15.66.
SNAP opened at $10.71 on Monday. Snap has a 1-year low of $10.50 and a 1-year high of $21.94. The company has a market capitalization of $13.31 billion, a PE ratio of -5.15 and a beta of -2.52.
Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, May 1st. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.16. The company had revenue of $230.70 million during the quarter, compared to analysts’ expectations of $244.57 million. Snap had a negative return on equity of 49.23% and a negative net margin of 179.04%. Snap’s revenue for the quarter was up 54.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($2.31) earnings per share. sell-side analysts anticipate that Snap will post -1.16 EPS for the current fiscal year.
In other news, CEO Evan Spiegel sold 1,501,300 shares of the firm’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $16.91, for a total value of $25,386,983.00. Following the completion of the sale, the chief executive officer now directly owns 83,830,471 shares in the company, valued at $1,417,573,264.61. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael Lynton sold 29,000 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $17.45, for a total value of $506,050.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,687,875 shares of company stock valued at $40,056,260.
Several large investors have recently made changes to their positions in the company. Summit Trail Advisors LLC increased its position in Snap by 454.3% in the first quarter. Summit Trail Advisors LLC now owns 1,697,037 shares of the company’s stock worth $1,697,000 after purchasing an additional 1,390,901 shares during the period. Adams Street Partners LLC acquired a new stake in Snap in the first quarter worth about $3,164,000. NEXT Financial Group Inc acquired a new stake in Snap in the first quarter worth about $163,000. Garde Capital Inc. increased its position in Snap by 86.3% in the first quarter. Garde Capital Inc. now owns 20,445 shares of the company’s stock worth $324,000 after purchasing an additional 9,472 shares during the period. Finally, Verition Fund Management LLC acquired a new stake in Snap in the first quarter worth about $300,000. Institutional investors own 21.36% 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 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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