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.
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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.
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