Snap (SNAP) Price Target Raised to $13.00

Snap (NYSE:SNAP) had its target price boosted by equities research analysts at Canaccord Genuity from $9.50 to $13.00 in a research report issued on Wednesday, The Fly reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity’s target price would indicate a potential upside of 17.75% from the company’s current price.

A number of other brokerages have also recently issued reports on SNAP. Summit Insights upgraded Snap from a “sell” rating to a “hold” rating and set a $11.50 target price on the stock in a report on Friday, April 5th. Bank of America raised their target price on Snap from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, April 5th. SunTrust Banks restated a “hold” rating and set a $11.00 target price on shares of Snap in a report on Wednesday. JPMorgan Chase & Co. upgraded Snap from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $7.00 to $11.00 in a report on Wednesday. Finally, Zacks Investment Research cut Snap from a “buy” rating to a “hold” rating in a report on Wednesday, April 10th. Four analysts have rated the stock with a sell rating, twenty-five have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $10.36.

Snap stock traded down $0.22 during mid-day trading on Wednesday, hitting $11.04. The stock had a trading volume of 390,064 shares, compared to its average volume of 24,241,210. The stock has a market cap of $15.84 billion, a price-to-earnings ratio of -11.34 and a beta of 1.18. Snap has a 12 month low of $4.82 and a 12 month high of $15.67.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, April 23rd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.02). The firm had revenue of $320.43 million during the quarter, compared to the consensus estimate of $306.28 million. Snap had a negative net margin of 92.94% and a negative return on equity of 46.43%. Snap’s revenue was up 38.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.17) EPS. Research analysts predict that Snap will post -0.68 earnings per share for the current fiscal year.

In related news, CFO Lara Sweet sold 11,701 shares of Snap stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $9.25, for a total value of $108,234.25. Following the sale, the chief financial officer now owns 699,102 shares of the company’s stock, valued at approximately $6,466,693.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jerry James Hunter sold 166,646 shares of Snap stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $9.24, for a total value of $1,539,809.04. Following the completion of the sale, the vice president now directly owns 1,793,593 shares in the company, valued at approximately $16,572,799.32. The disclosure for this sale can be found here. Insiders have sold a total of 6,643,476 shares of company stock worth $66,573,374 in the last quarter.

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Snap by 57.6% in the 3rd quarter. Vanguard Group Inc. now owns 47,237,907 shares of the company’s stock valued at $400,578,000 after buying an additional 17,260,731 shares during the last quarter. Vanguard Group Inc increased its position in shares of Snap by 57.6% during the 3rd quarter. Vanguard Group Inc now owns 47,237,907 shares of the company’s stock worth $400,578,000 after purchasing an additional 17,260,731 shares during the last quarter. FMR LLC increased its position in shares of Snap by 2.8% during the 4th quarter. FMR LLC now owns 22,150,589 shares of the company’s stock worth $122,050,000 after purchasing an additional 606,983 shares during the last quarter. First Trust Advisors LP increased its position in shares of Snap by 4.0% during the 4th quarter. First Trust Advisors LP now owns 19,734,691 shares of the company’s stock worth $108,738,000 after purchasing an additional 752,876 shares during the last quarter. Finally, BlackRock Inc. increased its position in shares of Snap by 2.7% during the 4th quarter. BlackRock Inc. now owns 14,919,140 shares of the company’s stock worth $82,205,000 after purchasing an additional 396,692 shares during the last quarter. 23.32% of the stock is currently owned by institutional investors and hedge funds.

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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