Snap (NYSE:SNAP) had its price target lifted by investment analysts at Bank of America from $10.00 to $12.00 in a report released on Friday, Marketbeat Ratings reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price target points to a potential upside of 1.35% from the company’s current price.
A number of other analysts have also recently weighed in on SNAP. Guggenheim began coverage on shares of Snap in a report on Thursday, December 6th. They set a “neutral” rating and a $6.00 price objective on the stock. BTIG Research upgraded shares of Snap from a “sell” rating to a “neutral” rating in a research report on Thursday, December 20th. Zacks Investment Research cut shares of Snap from a “buy” rating to a “hold” rating in a report on Monday, December 31st. ValuEngine downgraded shares of Snap from a “buy” rating to a “hold” rating in a research report on Friday, January 4th. Finally, Goldman Sachs Group lowered shares of Snap from a “buy” rating to a “neutral” rating and cut their price target for the stock from $10.00 to $6.00 in a research note on Friday, January 4th. Three investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and seven have assigned a buy rating to the company. Snap currently has an average rating of “Hold” and a consensus target price of $8.99.
SNAP opened at $11.84 on Friday. Snap has a one year low of $4.82 and a one year high of $15.96. The stock has a market capitalization of $14.90 billion, a PE ratio of -12.21 and a beta of 1.18.
Snap (NYSE:SNAP) last posted its earnings results on Tuesday, February 5th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.15. The firm had revenue of $389.82 million during the quarter, compared to analysts’ expectations of $378.90 million. Snap had a negative return on equity of 46.90% and a negative net margin of 106.39%. The firm’s revenue was up 36.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.13) earnings per share. As a group, sell-side analysts forecast that Snap will post -0.69 earnings per share for the current year.
In other Snap news, CFO Lara Sweet sold 22,818 shares of Snap stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $12.00, for a total value of $273,816.00. Following the transaction, the chief financial officer now directly owns 642,690 shares in the company, valued at approximately $7,712,280. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jerry James Hunter sold 14,828 shares of Snap stock in a transaction that occurred on Wednesday, January 16th. The shares were sold at an average price of $5.77, for a total value of $85,557.56. Following the completion of the transaction, the vice president now owns 1,852,833 shares in the company, valued at $10,690,846.41. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,517,946 shares of company stock worth $64,715,231.
Institutional investors have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC lifted its holdings in shares of Snap by 306.5% during the fourth quarter. FNY Investment Advisers LLC now owns 5,000 shares of the company’s stock worth $27,000 after purchasing an additional 3,770 shares during the period. Edge Wealth Management LLC grew its position in Snap by 1,173.7% in the 4th quarter. Edge Wealth Management LLC now owns 5,426 shares of the company’s stock valued at $30,000 after buying an additional 5,000 shares during the last quarter. Atlas Capital Advisors LLC purchased a new position in Snap in the 4th quarter valued at $41,000. Wedbush Securities Inc. acquired a new position in Snap in the 4th quarter valued at $55,000. Finally, Sigma Planning Corp acquired a new position in Snap in the 4th quarter valued at $56,000. Institutional investors and hedge funds own 23.31% of the company’s stock.
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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