Snap (SNAP) Rating Reiterated by Credit Suisse Group
Snap (NYSE:SNAP)‘s stock had its “buy” rating reiterated by equities researchers at Credit Suisse Group in a research note issued on Tuesday. They presently have a $18.00 target price on the stock. Credit Suisse Group’s price objective would indicate a potential upside of 22.87% from the stock’s previous close.
A number of other brokerages also recently issued reports on SNAP. Needham & Company LLC restated an “underperform” rating on shares of Snap in a research report on Thursday, October 5th. Royal Bank of Canada restated a “buy” rating and issued a $20.00 price target on shares of Snap in a research report on Sunday, October 8th. BidaskClub downgraded Snap from a “hold” rating to a “sell” rating in a research report on Thursday, October 26th. Drexel Hamilton restated a “buy” rating and issued a $30.00 price target on shares of Snap in a research report on Wednesday, October 4th. Finally, Vetr upgraded Snap from a “hold” rating to a “strong-buy” rating and set a $18.29 price target for the company in a research report on Thursday, October 19th. Seventeen research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $17.23.
Shares of Snap (NYSE:SNAP) traded up $0.55 on Tuesday, reaching $14.65. The company had a trading volume of 14,695,300 shares, compared to its average volume of 18,372,871. The company has a market capitalization of $17,590.00 and a P/E ratio of -4.61. Snap has a 12 month low of $11.28 and a 12 month high of $29.44.
Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.17. The company had revenue of $207.90 million during the quarter, compared to the consensus estimate of $236.71 million. Snap had a negative return on equity of 107.36% and a negative net margin of 463.16%. Snap’s quarterly revenue was up 62.2% on a year-over-year basis. sell-side analysts predict that Snap will post -3.04 EPS for the current fiscal year.
In other Snap news, CEO Evan Spiegel sold 1,652,966 shares of Snap stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $12.42, for a total value of $20,529,837.72. Following the transaction, the chief executive officer now owns 86,657,812 shares in the company, valued at $1,076,290,025.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Timothy Sehn sold 400,000 shares of Snap stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $14.59, for a total value of $5,836,000.00. Following the completion of the transaction, the vice president now owns 2,669,279 shares in the company, valued at approximately $38,944,780.61. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,815,711 shares of company stock worth $50,490,018.
Institutional investors and hedge funds have recently bought and sold shares of the business. Moors & Cabot Inc. grew its stake in shares of Snap by 95.7% during the third quarter. Moors & Cabot Inc. now owns 27,150 shares of the company’s stock worth $396,000 after acquiring an additional 13,280 shares during the last quarter. Highlander Capital Management LLC grew its stake in shares of Snap by 169.6% during the third quarter. Highlander Capital Management LLC now owns 30,200 shares of the company’s stock worth $439,000 after acquiring an additional 19,000 shares during the last quarter. California Public Employees Retirement System purchased a new stake in shares of Snap during the third quarter worth about $1,576,000. Janney Montgomery Scott LLC purchased a new stake in shares of Snap during the third quarter worth about $243,000. Finally, Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Snap by 49.1% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 64,577 shares of the company’s stock worth $939,000 after acquiring an additional 21,262 shares during 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.
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