Snap Inc. (SNAP) Receives Outperform Rating from Credit Suisse Group

Credit Suisse Group reaffirmed their outperform rating on shares of Snap Inc. (NYSE:SNAP) in a research report released on Wednesday morning, MarketBeat reports. They currently have a $20.00 price objective on the stock, up from their prior price objective of $17.00. The analysts noted that the move was a valuation call.

Other equities research analysts also recently issued reports about the company. Piper Jaffray Companies reiterated a neutral rating and set a $16.50 target price (down from $20.00) on shares of Snap in a report on Thursday, July 13th. SunTrust Banks, Inc. assumed coverage on Snap in a report on Tuesday, August 15th. They set a sell rating and a $10.00 target price on the stock. Zacks Investment Research upgraded Snap from a sell rating to a hold rating in a report on Wednesday, August 16th. Drexel Hamilton restated a buy rating and set a $30.00 price objective on shares of Snap in a report on Monday, July 17th. Finally, Citigroup Inc. restated a neutral rating and set a $13.00 price objective (down from $19.00) on shares of Snap in a report on Thursday, August 10th. Nine analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $18.12.

Snap (NYSE SNAP) opened at 16.50 on Wednesday. The company’s market capitalization is $19.75 billion. Snap has a 12 month low of $16.22 and a 12 month high of $29.44.

Snap (NYSE:SNAP) last announced its earnings results on Thursday, August 10th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.07). The company had revenue of $181.70 million during the quarter, compared to analyst estimates of $186.49 million. The company’s quarterly revenue was up 153.1% compared to the same quarter last year. On average, analysts forecast that Snap will post ($0.64) EPS for the current fiscal year.

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In other news, VP Timothy Sehn sold 400,000 shares of the business’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total value of $5,000,000.00. Following the sale, the vice president now owns 2,204,168 shares of the company’s stock, valued at approximately $27,552,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andrew Vollero sold 37,874 shares of the business’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $14.64, for a total value of $554,475.36. Following the completion of the sale, the chief financial officer now directly owns 1,797,644 shares in the company, valued at approximately $26,317,508.16. The disclosure for this sale can be found here. Insiders sold a total of 2,133,598 shares of company stock worth $29,704,362 in the last three months.

Several institutional investors and hedge funds have recently bought and sold shares of SNAP. US Bancorp DE bought a new stake in shares of Snap in the 1st quarter worth $101,000. Seven Bridges Advisors LLC bought a new stake in shares of Snap in the 2nd quarter worth $101,000. WFG Advisors LP raised its stake in shares of Snap by 52.4% in the 2nd quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after buying an additional 2,537 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Snap by 654.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock worth $134,000 after buying an additional 6,540 shares in the last quarter. Finally, Dubuque Bank & Trust Co. bought a new stake in shares of Snap in the 2nd quarter worth $137,000. 16.40% of the stock is currently owned by institutional investors.

About Snap

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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