Snap (SNAP) Upgraded to Overweight at Barclays

Barclays upgraded shares of Snap (NYSE:SNAP) from an equal weight rating to an overweight rating in a research report released on Tuesday morning. They currently have $18.00 price target on the stock, up from their previous price target of $11.00.

Other equities research analysts have also recently issued research reports about the company. SunTrust Banks assumed coverage on Snap in a report on Tuesday, August 15th. They set a sell rating and a $10.00 price objective for the company. Zacks Investment Research upgraded Snap from a sell rating to a hold rating in a report on Wednesday, August 16th. Summit Redstone restated a sell rating and set a $8.00 price objective (down previously from $10.00) on shares of Snap in a report on Friday, August 11th. Citigroup restated a neutral rating and set a $13.00 price objective (down previously from $19.00) on shares of Snap in a report on Thursday, August 10th. Finally, Credit Suisse Group cut their price target on Snap from $20.00 to $17.00 and set an outperform rating for the company in a research note on Wednesday, November 8th. Sixteen analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have assigned a buy rating to the stock. Snap has an average rating of Hold and an average price target of $16.88.

Shares of Snap (NYSE SNAP) traded up $1.37 during trading hours on Tuesday, hitting $14.94. The stock had a trading volume of 51,515,700 shares, compared to its average volume of 25,505,865. Snap has a 12 month low of $11.28 and a 12 month high of $29.44.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.17. The firm had revenue of $207.90 million for the quarter, compared to the consensus estimate of $236.71 million. The business’s revenue was up 62.2% compared to the same quarter last year. equities research analysts expect that Snap will post -3.04 EPS for the current year.

In other Snap news, CFO Andrew Vollero sold 37,874 shares of the company’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $14.64, for a total transaction of $554,475.36. Following the completion of the sale, the chief financial officer now directly owns 1,797,644 shares in the company, valued at $26,317,508.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Evan Spiegel sold 739,663 shares of the company’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $13.63, for a total value of $10,081,606.69. Following the sale, the chief executive officer now owns 85,744,509 shares of the company’s stock, valued at $1,168,697,657.67. The disclosure for this sale can be found here. Insiders have sold 3,751,851 shares of company stock valued at $49,485,124 over the last 90 days.

Large investors have recently made changes to their positions in the company. Seven Bridges Advisors LLC acquired a new position in shares of Snap during the second quarter worth $101,000. First Manhattan Co. increased its holdings in shares of Snap by 384.5% during the third quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock worth $110,000 after buying an additional 6,056 shares in the last quarter. WFG Advisors LP increased its holdings in shares of Snap by 52.4% during the second quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after buying an additional 2,537 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of Snap by 654.0% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock worth $134,000 after buying an additional 6,540 shares in the last quarter. Finally, Nelson Roberts Investment Advisors LLC increased its holdings in shares of Snap by 10,033.0% during the third quarter. Nelson Roberts Investment Advisors LLC now owns 10,133 shares of the company’s stock worth $147,000 after buying an additional 10,033 shares in the last quarter. Institutional investors own 18.88% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: “Snap (SNAP) Upgraded to Overweight at Barclays” was originally published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this story on another website, it was illegally copied and republished in violation of United States & international trademark & copyright legislation. The correct version of this story can be accessed at https://ledgergazette.com/2017/12/06/snap-snap-upgraded-to-overweight-at-barclays.html.

Snap Company Profile

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)

Receive News & Ratings for Snap Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap Inc and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply