Snap’s (SNAP) “Outperform” Rating Reaffirmed at Royal Bank Of Canada
Snap Inc. (NYSE:SNAP)‘s stock had its “outperform” rating reissued by stock analysts at Royal Bank Of Canada in a note issued to investors on Wednesday. They currently have a $31.00 price objective on the stock. Royal Bank Of Canada’s target price would suggest a potential upside of 128.61% from the company’s previous close.
A number of other analysts have also commented on the stock. Drexel Hamilton reissued a “buy” rating and issued a $30.00 price objective on shares of Snap in a research report on Wednesday. Deutsche Bank AG reissued a “buy” rating and issued a $20.00 price objective (down previously from $23.00) on shares of Snap in a research report on Wednesday. Vetr raised shares of Snap from a “hold” rating to a “buy” rating and set a $13.84 price objective on the stock in a research report on Wednesday. Summit Redstone reissued a “sell” rating and issued a $10.00 price objective (down previously from $17.00) on shares of Snap in a research report on Thursday, July 27th. Finally, Cleveland Research lowered shares of Snap from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 25th. Nine research analysts have rated the stock with a sell rating, twenty have given a hold rating and fifteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $20.95.
Snap (SNAP) traded up 4.15% during midday trading on Wednesday, reaching $13.56. 26,831,893 shares of the company’s stock were exchanged. The stock’s market cap is $15.99 billion. Snap has a 1-year low of $11.90 and a 1-year high of $29.44. The firm’s 50-day moving average is $15.61 and its 200 day moving average is $19.35.
Snap (NYSE:SNAP) last announced its quarterly earnings results on Wednesday, May 10th. The company reported ($2.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($2.05) by $0.26. The business had revenue of $149.60 million for the quarter, compared to analysts’ expectations of $158.32 million. The business’s revenue for the quarter was up 285.6% on a year-over-year basis. Equities analysts anticipate that Snap will post ($0.56) earnings per share for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in the stock. FMR LLC bought a new position in Snap during the first quarter valued at approximately $737,133,000. JPMorgan Chase & Co. bought a new position in Snap during the first quarter valued at approximately $252,388,000. BlackRock Inc. bought a new position in Snap during the first quarter valued at approximately $211,934,000. Vanguard Group Inc. bought a new position in Snap during the first quarter valued at approximately $152,135,000. Finally, Jennison Associates LLC bought a new position in Snap during the first quarter valued at approximately $119,178,000. Hedge funds and other institutional investors own 30.16% of the company’s stock.
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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