Goldman Sachs Group Reaffirms Buy Rating for Snap (SNAP)

Snap (NYSE:SNAP)‘s stock had its “buy” rating restated by stock analysts at Goldman Sachs Group in a research note issued on Thursday. They currently have a $23.00 target price on the stock, up from their previous target price of $18.00. Goldman Sachs Group’s target price points to a potential upside of 20.23% from the stock’s current price.

A number of other research analysts also recently weighed in on the stock. Vetr raised shares of Snap from a “hold” rating to a “strong-buy” rating and set a $18.29 target price for the company in a research report on Thursday, October 19th. Morgan Stanley cut shares of Snap from an “equal weight” rating to an “underweight” rating in a research note on Thursday, November 9th. Zacks Investment Research cut shares of Snap from a “hold” rating to a “sell” rating in a research note on Wednesday, October 18th. BidaskClub cut shares of Snap from a “hold” rating to a “sell” rating in a research note on Thursday, October 26th. Finally, Credit Suisse Group reiterated a “buy” rating and issued a $18.00 price target on shares of Snap in a research note on Tuesday, January 9th. Fourteen analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fifteen have given a buy rating to the company. Snap has a consensus rating of “Hold” and a consensus target price of $18.25.

Snap (NYSE:SNAP) traded down $1.62 during trading on Thursday, reaching $19.13. 49,684,739 shares of the company were exchanged, compared to its average volume of 26,504,244. The company has a market capitalization of $24,990.00 and a P/E ratio of -5.78. Snap has a 1-year low of $11.28 and a 1-year high of $29.44.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates 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 417.61% and a negative return on equity of 97.08%. The business’s revenue for the quarter was up 62.2% on a year-over-year basis. equities research analysts predict that Snap will post -1.09 EPS for the current year.

In related news, VP Steven Michael Horowitz sold 286,332 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $12.54, for a total transaction of $3,590,603.28. Following the transaction, the vice president now directly owns 2,532,598 shares of the company’s stock, valued at $31,758,778.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mitchell Lasky sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $13.98, for a total transaction of $349,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,885,626 shares of company stock valued at $25,814,031.

A number of large investors have recently added to or reduced their stakes in SNAP. Segantii Capital Management Ltd bought a new position in Snap in the 4th quarter valued at about $1,826,000. River & Mercantile Asset Management LLP increased its holdings in Snap by 23.5% in the 4th quarter. River & Mercantile Asset Management LLP now owns 299,930 shares of the company’s stock valued at $4,383,000 after buying an additional 57,000 shares during the period. California Public Employees Retirement System increased its holdings in Snap by 446.9% in the 4th quarter. California Public Employees Retirement System now owns 592,824 shares of the company’s stock valued at $8,661,000 after buying an additional 484,424 shares during the period. Alps Advisors Inc. bought a new stake in shares of Snap during the 4th quarter valued at approximately $207,000. Finally, SeaCrest Wealth Management LLC bought a new stake in shares of Snap during the 4th quarter valued at approximately $314,000. 18.97% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Snap (NYSE:SNAP)

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