Snap Inc. (SNAP) Stock Rating Upgraded by Stifel Nicolaus
Snap Inc. (NYSE:SNAP) was upgraded by Stifel Nicolaus from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, MarketBeat.com reports. The firm currently has a $22.00 price objective on the stock, up from their prior price objective of $15.24. Stifel Nicolaus’ target price would indicate a potential upside of 44.07% from the company’s current price.
The analysts wrote, “We view shares as a compelling risk / reward opportunity and upgrade SNAP shares to Buy from Hold. Our 12-month, DCF-based Price Target of $22 remains unchanged. We highlight our key points below in the attached presentation.””
Other equities analysts have also issued reports about the stock. UBS AG began coverage on shares of Snap in a research note on Monday, March 27th. They issued a “neutral” rating and a $24.00 target price for the company. Susquehanna Bancshares Inc reaffirmed a “neutral” rating and issued a $15.00 target price (down from $22.00) on shares of Snap in a research note on Friday, May 12th. Summit Redstone began coverage on shares of Snap in a research note on Monday, March 27th. They issued a “sell” rating and a $17.00 target price for the company. Nomura reaffirmed a “sell” rating and issued a $28.00 target price (up from $16.00) on shares of Snap in a research note on Thursday, May 11th. Finally, Barclays PLC reduced their target price on shares of Snap from $23.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, May 11th. Nine equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Snap has a consensus rating of “Hold” and a consensus price target of $21.24.
Shares of Snap (NYSE:SNAP) traded up 0.5887% during trading on Thursday, hitting $15.3599. The stock had a trading volume of 3,734,466 shares. The stock’s 50 day moving average is $19.18 and its 200 day moving average is $20.72. The stock’s market capitalization is $10.48 billion. Snap has a 52 week low of $15.21 and a 52 week high of $29.44.
Snap (NYSE:SNAP) last released its quarterly earnings data on Wednesday, May 10th. The company reported ($2.31) EPS for the quarter, missing the Zacks’ consensus estimate of ($2.05) by $0.26. The company had revenue of $149.60 million for the quarter, compared to analyst estimates of $158.32 million. Snap’s revenue was up 285.6% on a year-over-year basis. On average, equities research analysts expect that Snap will post ($0.56) earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in SNAP. US Bancorp DE purchased a new position in shares of Snap during the first quarter worth about $101,000. WFG Advisors LP purchased a new position in shares of Snap during the first quarter worth about $109,000. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Snap during the first quarter worth about $158,000. Pacer Advisors Inc. purchased a new position in shares of Snap during the first quarter worth about $205,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Snap during the first quarter worth about $223,000. 29.55% of the stock is currently owned by institutional investors and hedge funds.
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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