Snap (NYSE:SNAP) Upgraded to Buy by Goldman Sachs Group

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Goldman Sachs Group upgraded shares of Snap (NYSE:SNAP) from a neutral rating to a buy rating in a research report sent to investors on Friday morning, Benzinga reports. They currently have $18.00 price objective on the stock, up from their prior price objective of $13.00.

Several other analysts have also recently issued reports on SNAP. Canaccord Genuity set a C$16.50 price objective on shares of Detour Gold and gave the company a buy rating in a research note on Wednesday, April 24th. Aegis cut shares of Shutterfly from a buy rating to a hold rating in a research note on Monday, June 17th. China Renaissance Securities started coverage on shares of Facebook in a research note on Wednesday, May 29th. They issued a buy rating and a $245.00 price target for the company. ValuEngine raised shares of Yirendai from a strong sell rating to a sell rating in a research note on Friday, May 3rd. Finally, Zacks Investment Research cut shares of Heritage Insurance from a hold rating to a strong sell rating in a research note on Friday, April 26th. Four analysts have rated the stock with a sell rating, twenty have given a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $12.23.

NYSE SNAP opened at $15.50 on Friday. The stock’s fifty day moving average price is $14.05. Snap has a 52 week low of $4.82 and a 52 week high of $16.24. The company has a current ratio of 4.75, a quick ratio of 4.75 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $21.14 billion, a PE ratio of -15.98 and a beta of 1.08.

Snap (NYSE:SNAP) last posted its earnings results on Tuesday, April 23rd. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). The firm had revenue of $320.43 million for the quarter, compared to analyst estimates of $306.28 million. Snap had a negative return on equity of 47.71% and a negative net margin of 92.94%. The company’s revenue for the quarter was up 38.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.17) earnings per share. On average, equities analysts forecast that Snap will post -0.76 earnings per share for the current fiscal year.

In other Snap news, CAO Lara Sweet sold 71,833 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $13.74, for a total transaction of $986,985.42. Following the sale, the chief accounting officer now directly owns 1,259,565 shares in the company, valued at approximately $17,306,423.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jeremi Gorman sold 56,687 shares of the stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $11.55, for a total transaction of $654,734.85. Following the sale, the insider now owns 2,966,878 shares in the company, valued at $34,267,440.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,708,464 shares of company stock worth $33,540,523.

A number of institutional investors have recently added to or reduced their stakes in SNAP. BlackRock Inc. increased its position in Snap by 2.7% in the fourth quarter. BlackRock Inc. now owns 14,919,140 shares of the company’s stock worth $82,205,000 after buying an additional 396,692 shares during the last quarter. Stephens Inc. AR purchased a new position in shares of Snap in the fourth quarter valued at $66,000. Bank of New York Mellon Corp grew its position in shares of Snap by 29.4% in the fourth quarter. Bank of New York Mellon Corp now owns 620,207 shares of the company’s stock valued at $3,418,000 after purchasing an additional 140,784 shares in the last quarter. Commonwealth Equity Services LLC grew its position in shares of Snap by 18.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 180,744 shares of the company’s stock valued at $995,000 after purchasing an additional 27,875 shares in the last quarter. Finally, Advisor Group Inc. grew its position in shares of Snap by 33.7% in the fourth quarter. Advisor Group Inc. now owns 86,678 shares of the company’s stock valued at $478,000 after purchasing an additional 21,860 shares in the last quarter. Institutional investors own 25.81% of the company’s stock.

Snap Company Profile

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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Analyst Recommendations for Snap (NYSE:SNAP)

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