Snap’s (NYSE:SNAP) “Buy” Rating Reaffirmed at Drexel Hamilton
Snap Inc. (NYSE:SNAP)‘s stock had its “buy” rating reaffirmed by equities researchers at Drexel Hamilton in a research report issued to clients and investors on Wednesday. They presently have a $30.00 target price on the stock. Drexel Hamilton’s price target indicates a potential upside of 121.24% from the stock’s current price.
A number of other equities analysts also recently weighed in on the stock. Deutsche Bank AG restated a “buy” rating and set a $20.00 target price (down from $23.00) on shares of Snap in a report on Wednesday. Vetr upgraded shares of Snap from a “hold” rating to a “buy” rating and set a $13.84 target price on the stock in a report on Wednesday. Summit Redstone restated a “sell” rating and set a $10.00 target price (down from $17.00) on shares of Snap in a report on Thursday, July 27th. Cleveland Research downgraded shares of Snap from a “buy” rating to a “neutral” rating in a report on Tuesday, July 25th. Finally, Wells Fargo & Company restated a “market perform” rating on shares of Snap in a report on Saturday, July 22nd. Nine analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $20.95.
Snap (NYSE SNAP) traded up 4.15% during mid-day trading on Wednesday, reaching $13.56. 26,831,893 shares of the company’s stock traded hands. The stock’s market cap is $15.99 billion. The firm has a 50-day moving average price of $15.61 and a 200-day moving average price of $19.35. Snap has a 1-year low of $11.90 and a 1-year high of $29.44.
Snap (NYSE:SNAP) last issued its earnings results on Wednesday, May 10th. The company reported ($2.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($2.05) by $0.26. The company had revenue of $149.60 million for the quarter, compared to analyst estimates of $158.32 million. The business’s quarterly revenue was up 285.6% compared to the same quarter last year. Equities research analysts anticipate that Snap will post ($0.56) EPS for the current fiscal year.
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Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC acquired a new position in shares of Snap during the first quarter valued at approximately $737,133,000. JPMorgan Chase & Co. acquired a new position in shares of Snap during the first quarter valued at approximately $252,388,000. BlackRock Inc. acquired a new position in shares of Snap during the first quarter valued at approximately $211,934,000. Vanguard Group Inc. acquired a new position in shares of Snap during the first quarter valued at approximately $152,135,000. Finally, Jennison Associates LLC acquired a new position in shares of Snap during the first quarter valued at approximately $119,178,000. 30.16% of the stock is owned by hedge funds and other institutional investors.
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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