Drexel Hamilton Reaffirms “Buy” Rating for Snap Inc. (SNAP)
Several other equities analysts have also recently commented on the company. Vetr cut Snap from a strong-buy rating to a buy rating and set a $19.38 target price for the company. in a research note on Tuesday, June 27th. Royal Bank Of Canada reiterated a buy rating and set a $31.00 target price on shares of Snap in a research note on Tuesday, July 11th. Stifel Nicolaus upgraded Snap from a hold rating to a buy rating and increased their target price for the company from $15.24 to $22.00 in a research note on Thursday, July 13th. Deutsche Bank AG reiterated a buy rating and set a $20.00 target price on shares of Snap in a research note on Wednesday, August 9th. Finally, Jefferies Group LLC reduced their target price on Snap from $30.00 to $16.00 and set a buy rating for the company in a research note on Friday, August 11th. Ten equities research analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and twelve have given a buy rating to the company. Snap presently has a consensus rating of Hold and an average target price of $18.21.
Shares of Snap (NYSE:SNAP) opened at 14.79 on Wednesday. The firm’s market cap is $17.71 billion. Snap has a 12-month low of $11.28 and a 12-month high of $29.44. The firm’s 50-day moving average is $14.58 and its 200-day moving average is $17.55.
Snap (NYSE:SNAP) last released its quarterly earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.07). The business had revenue of $181.70 million during the quarter, compared to analysts’ expectations of $186.49 million. Snap’s revenue was up 153.1% on a year-over-year basis. Equities analysts expect that Snap will post ($0.64) earnings per share for the current fiscal year.
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In other news, VP Timothy Sehn sold 400,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $14.85, for a total transaction of $5,940,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 195,100 shares of the firm’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $12.50, for a total value of $2,438,750.00. Following the transaction, the chief financial officer now directly owns 1,882,280 shares in the company, valued at $23,528,500. The disclosure for this sale can be found here. Insiders have sold 2,133,598 shares of company stock worth $29,704,362 over the last three months.
Several institutional investors and hedge funds have recently modified their holdings of the company. Coatue Management LLC increased its holdings 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 purchasing an additional 940,900 shares during the period. BlackRock Inc. increased its holdings 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 purchasing an additional 936,791 shares during the period. Vanguard Group Inc. increased its holdings 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 purchasing an additional 1,601,170 shares during the period. General Atlantic LLC acquired a new position in shares of Snap during the first quarter valued at $110,010,000. Finally, Dragoneer Investment Group LLC acquired a new position in shares of Snap during the first quarter valued at $70,970,000. 16.40% of the stock is currently owned by institutional investors.
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.
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