Zacks Investment Research upgraded shares of Snap (NYSE:SNAP) from a hold rating to a buy rating in a research report sent to investors on Wednesday. They currently have $16.00 price objective on the stock.
According to Zacks, “Snap is benefiting from its growing popularity among teenagers. The number of exciting features that Snap provides makes its platform more attractive to users as well as advertisers. Snap is also aggressively ramping up its original content efforts to attract subscribers. We believe the company’s initiatives to improve its service in the international markets and redesign the app to make it simpler will help it accelerate user growth and engagement going forward. The company has mixed record of earnings surprises in recent quarters. However, competition from Facebook and lack of revenue diversification are major concerns for Snap. Shares of Snap have also underperformed the industry since the company was listed.”
SNAP has been the subject of a number of other research reports. Drexel Hamilton reissued a buy rating and issued a $30.00 price objective on shares of Snap in a report on Wednesday, October 4th. Royal Bank of Canada reissued a buy rating and issued a $20.00 price objective on shares of Snap in a report on Sunday, October 8th. Vetr downgraded shares of Snap from a strong-buy rating to a buy rating and set a $16.95 price objective for the company. in a report on Monday, October 30th. Credit Suisse Group reissued a buy rating and issued a $18.00 price objective on shares of Snap in a report on Tuesday, January 9th. Finally, Barclays cut their price objective on shares of Snap from $13.00 to $11.00 and set an equal weight rating for the company in a report on Wednesday, November 8th. Seventeen investment analysts have rated the stock with a sell rating, nineteen have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Hold and an average target price of $17.18.
Snap (NYSE:SNAP) last announced its earnings results on Tuesday, November 7th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.17. The business had revenue of $207.90 million during the quarter, compared to the consensus estimate of $236.71 million. Snap had a negative net margin of 463.16% and a negative return on equity of 107.36%. The business’s revenue was up 62.2% compared to the same quarter last year. equities research analysts forecast that Snap will post -3.01 EPS for the current year.
In related news, VP Timothy Sehn sold 400,000 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $14.59, for a total transaction of $5,836,000.00. Following the completion of the transaction, the vice president now directly owns 2,669,279 shares in the company, valued at approximately $38,944,780.61. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mitchell Lasky sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $13.54, for a total transaction of $338,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,840,711 shares of company stock valued at $50,828,518.
Hedge funds have recently added to or reduced their stakes in the stock. WFG Advisors LP increased its position in Snap by 52.4% during the 2nd quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after purchasing an additional 2,537 shares in the last quarter. First Manhattan Co. increased its position in Snap by 384.5% during the 3rd quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock worth $110,000 after purchasing an additional 6,056 shares in the last quarter. Westwood Holdings Group Inc. acquired a new position in Snap during the 2nd quarter worth approximately $148,000. Northwestern Mutual Wealth Management Co. increased its position in Snap by 9,588.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 9,688 shares of the company’s stock worth $172,000 after purchasing an additional 9,588 shares in the last quarter. Finally, Nelson Roberts Investment Advisors LLC increased its position in Snap by 10,033.0% during the 3rd quarter. Nelson Roberts Investment Advisors LLC now owns 10,133 shares of the company’s stock worth $147,000 after purchasing an additional 10,033 shares in the last quarter. Institutional investors and hedge funds own 18.88% of the company’s stock.
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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