Snap (NYSE:SNAP) PT Raised to $40.00

Snap (NYSE:SNAP) had its price target increased by Stifel Nicolaus from $32.00 to $40.00 in a report published on Wednesday, FinViz reports. The firm currently has a buy rating on the stock.

Several other research analysts have also issued reports on the company. Morgan Stanley raised their target price on Snap from $25.00 to $36.00 and gave the stock an equal weight rating in a research report on Wednesday. MKM Partners raised their target price on Snap from $29.00 to $40.00 in a research report on Wednesday. 140166 raised their target price on Snap from $25.00 to $40.00 and gave the stock a neutral rating in a research report on Wednesday. Goldman Sachs Group raised their target price on Snap from $28.00 to $47.00 and gave the stock a buy rating in a research report on Wednesday. Finally, KeyCorp raised their target price on Snap from $29.00 to $35.00 and gave the stock an overweight rating in a research report on Monday, October 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-six have issued a buy rating to the company. The stock has an average rating of Buy and an average price target of $32.43.

Shares of SNAP opened at $43.17 on Wednesday. Snap has a 52 week low of $7.89 and a 52 week high of $43.19. The stock has a market capitalization of $63.43 billion, a price-to-earnings ratio of -57.56 and a beta of 1.52. The company has a debt-to-equity ratio of 0.74, a quick ratio of 5.99 and a current ratio of 5.99. The stock has a fifty day moving average of $25.93 and a 200-day moving average of $21.44.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Tuesday, October 20th. The company reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.19. Snap had a negative return on equity of 49.08% and a negative net margin of 57.18%. The company had revenue of $678.67 million during the quarter, compared to analysts’ expectations of $551.36 million. During the same period in the prior year, the company earned ($0.04) EPS. Snap’s revenue was up 52.1% compared to the same quarter last year. As a group, equities analysts forecast that Snap will post -0.71 EPS for the current year.

In other Snap news, Director Joanna Coles sold 5,027 shares of Snap stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $22.00, for a total transaction of $110,594.00. Following the completion of the transaction, the director now owns 59,978 shares in the company, valued at approximately $1,319,516. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeremi Gorman sold 92,803 shares of Snap stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $21.67, for a total value of $2,011,041.01. Following the transaction, the insider now owns 2,305,892 shares of the company’s stock, valued at approximately $49,968,679.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,032,705 shares of company stock valued at $115,599,148.

A number of hedge funds have recently added to or reduced their stakes in SNAP. Cullen Frost Bankers Inc. boosted its stake in Snap by 266.7% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,100 shares of the company’s stock valued at $26,000 after purchasing an additional 800 shares during the last quarter. San Francisco Sentry Investment Group CA acquired a new position in Snap during the 3rd quarter valued at about $26,000. Jackson Square Capital LLC acquired a new position in Snap during the 2nd quarter valued at about $35,000. Truewealth LLC boosted its stake in Snap by 70.1% during the 2nd quarter. Truewealth LLC now owns 1,789 shares of the company’s stock valued at $42,000 after purchasing an additional 737 shares during the last quarter. Finally, M&R Capital Management Inc. boosted its stake in Snap by 160.0% during the 3rd quarter. M&R Capital Management Inc. now owns 1,625 shares of the company’s stock valued at $42,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 47.00% of the company’s stock.

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 called Snaps. It also provides Camera, a tool to personalize and add context to Snaps; Chat 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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