Snap (SNAP) Raised to Hold at SunTrust Banks

Snap (NYSE:SNAP) was upgraded by analysts at SunTrust Banks from a “sell” rating to a “hold” rating in a report issued on Wednesday, MarketBeat reports. The firm presently has a $10.00 target price on the stock. SunTrust Banks’ price objective indicates a potential downside of 48.43% from the stock’s current price. SunTrust Banks also issued estimates for Snap’s FY2022 earnings at $0.16 EPS.

Several other research firms have also commented on SNAP. Vetr raised shares of Snap from a “strong sell” rating to a “hold” rating and set a $16.13 target price for the company in a research note on Friday, October 13th. Zacks Investment Research lowered shares of Snap from a “hold” rating to a “sell” rating in a research note on Wednesday, October 18th. Drexel Hamilton reissued a “buy” rating and set a $28.00 target price on shares of Snap in a research note on Friday, December 15th. Cowen lowered shares of Snap from a “market perform” rating to an “underperform” rating and cut their target price for the company from $12.00 to $11.00 in a research note on Thursday, January 4th. Finally, JPMorgan Chase & Co. lowered shares of Snap from a “neutral” rating to an “underweight” rating and cut their target price for the company from $14.00 to $10.00 in a research note on Wednesday, November 8th. Fourteen investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have given a buy rating to the company’s stock. Snap presently has an average rating of “Hold” and an average target price of $18.25.

Shares of Snap (NYSE SNAP) opened at $19.39 on Wednesday. Snap has a one year low of $11.28 and a one year high of $29.44. The company has a market cap of $23,350.00 and a P/E ratio of -5.86.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, November 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.17. Snap had a negative net margin of 417.61% and a negative return on equity of 97.08%. The business had revenue of $207.90 million during the quarter, compared to analyst estimates of $236.71 million. The firm’s quarterly revenue was up 62.2% on a year-over-year basis. research analysts anticipate that Snap will post -1.09 EPS for the current fiscal year.

In other news, Director Mitchell Lasky sold 25,000 shares of the stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $12.53, for a total transaction of $313,250.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Imran Khan sold 150,000 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $12.46, for a total transaction of $1,869,000.00. Following the transaction, the insider now owns 10,122,665 shares in the company, valued at approximately $126,128,405.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,885,626 shares of company stock worth $25,814,031.

Several institutional investors and hedge funds have recently made changes to their positions in the company. First Allied Advisory Services Inc. acquired a new position in shares of Snap during the 4th quarter worth $152,000. Global X Management Co. LLC increased its stake in shares of Snap by 108.2% during the 4th quarter. Global X Management Co. LLC now owns 683,551 shares of the company’s stock worth $9,987,000 after purchasing an additional 355,301 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Snap by 12.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 24,255 shares of the company’s stock worth $354,000 after purchasing an additional 2,675 shares during the last quarter. Schf GPE LLC acquired a new position in shares of Snap during the 4th quarter worth $23,779,000. Finally, First Trust Advisors LP increased its stake in shares of Snap by 11.3% during the 4th quarter. First Trust Advisors LP now owns 6,546,551 shares of the company’s stock worth $95,645,000 after purchasing an additional 662,450 shares during the last quarter. Institutional investors own 18.97% of the company’s stock.

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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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