Analysts Set Snap Inc (SNAP) PT at $11.19

Snap Inc (NYSE:SNAP) has been given an average rating of “Hold” by the thirty-eight research firms that are currently covering the company, MarketBeat.com reports. Nine equities research analysts have rated the stock with a sell recommendation, nineteen have given a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $11.19.

A number of equities analysts recently commented on SNAP shares. Zacks Investment Research raised Snap from a “sell” rating to a “hold” rating in a report on Tuesday, July 24th. Wedbush raised Snap from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $11.50 to $12.25 in a report on Tuesday, September 11th. Cowen decreased their target price on Snap from $9.00 to $8.00 and set an “underperform” rating on the stock in a report on Friday, July 13th. Pivotal Research reaffirmed a “sell” rating and issued a $9.00 target price on shares of Snap in a report on Wednesday, August 8th. Finally, Wells Fargo & Co reissued a “hold” rating and set a $12.00 price target on shares of Snap in a report on Wednesday, August 8th.

Snap stock traded up $0.11 during trading on Friday, reaching $7.20. The company had a trading volume of 7,202,974 shares, compared to its average volume of 31,042,394. Snap has a 52 week low of $5.77 and a 52 week high of $21.22. The stock has a market cap of $8.81 billion, a P/E ratio of -3.46 and a beta of -0.49.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, August 7th. The company reported ($0.14) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.18. Snap had a negative return on equity of 49.42% and a negative net margin of 131.39%. The company had revenue of $262.26 million for the quarter, compared to analysts’ expectations of $247.24 million. As a group, equities research analysts anticipate that Snap will post -1.01 EPS for the current fiscal year.

In other news, CEO Evan Spiegel sold 1,520,640 shares of Snap stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $10.57, for a total value of $16,073,164.80. Following the sale, the chief executive officer now directly owns 81,400,642 shares of the company’s stock, valued at $860,404,785.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Imran Khan sold 600,000 shares of Snap stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $12.32, for a total value of $7,392,000.00. Following the completion of the sale, the insider now directly owns 8,752,691 shares in the company, valued at $107,833,153.12. The disclosure for this sale can be found here. Insiders sold 3,737,229 shares of company stock worth $40,240,241 over the last ninety days.

Several hedge funds have recently modified their holdings of SNAP. OppenheimerFunds Inc. grew its position in Snap by 171.4% in the second quarter. OppenheimerFunds Inc. now owns 37,157,073 shares of the company’s stock worth $486,385,000 after acquiring an additional 23,468,531 shares in the last quarter. First Trust Advisors LP purchased a new position in Snap in the second quarter worth about $132,330,000. Hillhouse Capital Management Ltd. grew its position in Snap by 81.1% in the second quarter. Hillhouse Capital Management Ltd. now owns 10,989,529 shares of the company’s stock worth $143,853,000 after acquiring an additional 4,921,688 shares in the last quarter. FMR LLC grew its position in Snap by 18.4% in the second quarter. FMR LLC now owns 24,968,882 shares of the company’s stock worth $326,842,000 after acquiring an additional 3,886,373 shares in the last quarter. Finally, BlackRock Inc. grew its position in Snap by 22.1% in the second quarter. BlackRock Inc. now owns 15,367,441 shares of the company’s stock worth $201,159,000 after acquiring an additional 2,779,756 shares in the last quarter. 22.81% of the stock is currently owned by hedge funds and other institutional investors.

Snap Company Profile

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 to 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 to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.

See Also: Short Selling Stocks, A Beginner’s Guide

Analyst Recommendations for Snap (NYSE:SNAP)

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

Leave a Reply