Snap (SNAP) Price Target Raised to $13.00

Snap (NYSE:SNAP) had its target price increased by Canaccord Genuity from $9.50 to $13.00 in a report published on Wednesday, April 24th, The Fly reports. Canaccord Genuity currently has a hold rating on the stock.

A number of other research analysts also recently issued reports on the company. Zacks Investment Research raised Snap from a hold rating to a buy rating and set a $7.25 price target for the company in a report on Tuesday, January 29th. BTIG Research raised Snap from a neutral rating to a buy rating and set a $15.00 price target for the company in a report on Thursday, March 14th. ValuEngine downgraded Snap from a buy rating to a hold rating in a report on Friday, January 4th. Pivotal Research downgraded Snap from a buy rating to a hold rating and decreased their price target for the company from $8.00 to $6.00 in a report on Monday, January 7th. Finally, Aegis cut their price objective on Snap from $10.00 to $7.00 and set a hold rating for the company in a research report on Wednesday, January 16th. Four analysts have rated the stock with a sell rating, twenty-two have given a hold rating and seven have given a buy rating to the stock. Snap presently has an average rating of Hold and a consensus target price of $10.18.

SNAP traded up $0.07 on Wednesday, hitting $11.49. The company had a trading volume of 24,506,159 shares, compared to its average volume of 27,109,463. The firm has a market capitalization of $15.14 billion, a PE ratio of -11.85 and a beta of 1.17. Snap has a 12-month low of $4.82 and a 12-month high of $14.47.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.02). Snap had a negative return on equity of 47.71% and a negative net margin of 92.94%. The business had revenue of $320.43 million during the quarter, compared to analyst estimates of $306.28 million. During the same period in the prior year, the business posted ($0.17) EPS. Snap’s revenue was up 38.9% compared to the same quarter last year. As a group, research analysts predict that Snap will post -0.76 earnings per share for the current fiscal year.

In related news, insider Jeremi Gorman sold 80,278 shares of the stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $9.25, for a total transaction of $742,571.50. Following the transaction, the insider now owns 3,179,781 shares of the company’s stock, valued at approximately $29,412,974.25. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 18,484 shares of the stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $9.30, for a total value of $171,901.20. Following the transaction, the general counsel now directly owns 1,052,078 shares in the company, valued at approximately $9,784,325.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,680,351 shares of company stock worth $66,991,162.

Institutional investors and hedge funds have recently bought and sold shares of the stock. B. Riley Wealth Management Inc. increased its holdings in Snap by 51.5% during the 1st quarter. B. Riley Wealth Management Inc. now owns 44,798 shares of the company’s stock worth $494,000 after purchasing an additional 15,234 shares during the period. Gilder Gagnon Howe & Co. LLC increased its holdings in Snap by 5,462.3% during the 1st quarter. Gilder Gagnon Howe & Co. LLC now owns 145,175 shares of the company’s stock worth $1,600,000 after purchasing an additional 142,565 shares during the period. EMS Capital LP purchased a new stake in Snap during the 1st quarter worth about $48,882,000. BlueMountain Capital Management LLC purchased a new stake in Snap during the 1st quarter worth about $6,478,000. Finally, Kore Private Wealth LLC purchased a new stake in Snap during the 1st quarter worth about $87,000. 22.95% of the stock is currently owned by hedge funds and other institutional investors.

About Snap

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.

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