Snap Inc. (SNAP) Earns Buy Rating from Drexel Hamilton
“We continue to believe Snap has strong upside potential over the next 12 months as reflected in our $30.00 price target.”,” Drexel Hamilton’s analyst wrote.
Other equities analysts also recently issued research reports about the company. Vetr downgraded Snap from a strong-buy rating to a buy rating and set a $22.78 price target for the company. in a research report on Wednesday, May 31st. Jefferies Group LLC reaffirmed a buy rating and issued a $30.00 price objective on shares of Snap in a research report on Monday, May 22nd. Royal Bank Of Canada reaffirmed a buy rating and issued a $31.00 price objective on shares of Snap in a research report on Tuesday, July 11th. Stifel Nicolaus raised Snap from a hold rating to a buy rating and lifted their price objective for the company from $15.24 to $22.00 in a research report on Thursday, July 13th. Finally, Deutsche Bank AG reaffirmed a buy rating and issued a $20.00 price objective on shares of Snap in a research report on Wednesday, August 9th. Ten investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and twelve have given a buy rating to the company. The company has an average rating of Hold and an average target price of $18.31.
Snap (SNAP) opened at 15.25 on Thursday. Snap has a 52 week low of $14.82 and a 52 week high of $29.44. The stock has a 50 day moving average price of $15.12 and a 200 day moving average price of $18.17. The firm’s market cap is $18.26 billion.
Snap (NYSE:SNAP) last released its quarterly earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.07). The business had revenue of $181.70 million during the quarter, compared to the consensus estimate of $186.49 million. The firm’s quarterly revenue was up 153.1% on a year-over-year basis. Equities research analysts expect that Snap will post ($0.64) EPS for the current year.
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In related news, CFO Andrew Vollero sold 195,100 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $12.50, for a total value of $2,438,750.00. Following the transaction, the chief financial officer now owns 1,882,280 shares in the company, valued at $23,528,500. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Timothy Sehn sold 400,000 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $14.34, for a total value of $5,736,000.00. Following the completion of the transaction, the vice president now owns 2,804,168 shares in the company, valued at approximately $40,211,769.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,695,724 shares of company stock worth $23,209,887.
Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. bought a new stake in Snap in the first quarter valued at about $252,388,000. US Bancorp DE bought a new stake in Snap in the first quarter valued at about $101,000. Global X Management Co. LLC bought a new stake in Snap in the first quarter valued at about $3,650,000. Brighton Jones LLC bought a new stake in Snap in the second quarter valued at about $312,000. Finally, Oppenheimer & Co. Inc. bought a new stake in Snap in the first quarter valued at about $369,000. 16.40% 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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