Credit Suisse Group Increases Snap (NYSE:SNAP) Price Target to $18.00

Snap (NYSE:SNAP) had its price target boosted by research analysts at Credit Suisse Group from $15.00 to $18.00 in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage presently has an “outperform” rating on the stock. Credit Suisse Group’s price objective would suggest a potential upside of 15.61% from the company’s previous close.

Several other research firms have also recently issued reports on SNAP. Moffett Nathanson reissued a “neutral” rating and set a $10.00 target price (up from $8.00) on shares of Snap in a research note on Monday, July 1st. Royal Bank of Canada raised Snap from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $10.00 to $17.00 in a research note on Friday, April 5th. Deutsche Bank boosted their target price on Snap from $10.00 to $13.00 and gave the company a “hold” rating in a research note on Friday, April 5th. Canaccord Genuity set a C$16.50 target price on Detour Gold and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, Wedbush reissued an “outperform” rating and set a $95.00 target price on shares of Global Blood Therapeutics in a research note on Thursday, April 18th. Four investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and nine have issued a buy rating to the company. Snap presently has a consensus rating of “Hold” and a consensus target price of $11.66.

SNAP stock traded up $0.31 during midday trading on Tuesday, hitting $15.57. The company had a trading volume of 26,653,166 shares, compared to its average volume of 26,761,262. The company has a current ratio of 4.75, a quick ratio of 4.75 and a debt-to-equity ratio of 0.15. Snap has a 52 week low of $4.82 and a 52 week high of $15.94. The firm has a 50 day moving average price of $13.63. The company has a market capitalization of $20.63 billion, a PE ratio of -16.05 and a beta of 1.08.

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

In other news, Director Michael Lynton sold 127,663 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $15.04, for a total transaction of $1,920,051.52. Following the transaction, the director now directly owns 68,149 shares of the company’s stock, valued at $1,024,960.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jared Grusd sold 30,659 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $14.92, for a total value of $457,432.28. Following the transaction, the insider now directly owns 2,584,463 shares in the company, valued at $38,560,187.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,748,027 shares of company stock worth $34,004,202.

Several large investors have recently made changes to their positions in SNAP. Providence Capital Advisors LLC bought a new position in Snap in the first quarter valued at about $32,000. Valeo Financial Advisors LLC lifted its holdings in Snap by 400.0% in the second quarter. Valeo Financial Advisors LLC now owns 2,500 shares of the company’s stock valued at $36,000 after acquiring an additional 2,000 shares during the period. TCI Wealth Advisors Inc. lifted its holdings in Snap by 70.0% in the first quarter. TCI Wealth Advisors Inc. now owns 3,400 shares of the company’s stock valued at $37,000 after acquiring an additional 1,400 shares during the period. Stephens Inc. AR bought a new position in Snap in the fourth quarter valued at about $66,000. Finally, Two Sigma Securities LLC lifted its holdings in Snap by 168.9% in the fourth quarter. Two Sigma Securities LLC now owns 15,157 shares of the company’s stock valued at $84,000 after acquiring an additional 37,157 shares during the period. 26.08% of the stock is currently owned by hedge funds and other institutional investors.

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 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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