Snap (NYSE:SNAP) received a $12.00 target price from equities researchers at Wedbush in a report issued on Friday, TipRanks reports. The brokerage currently has a “hold” rating on the stock. Wedbush’s price objective would indicate a potential downside of 19.08% from the stock’s previous close.
Several other equities research analysts also recently weighed in on the company. Summit Insights raised Snap from a “sell” rating to a “hold” rating and set a $11.50 price target on the stock in a research report on Friday, April 5th. UBS Group increased their price target on W. R. Berkley from $53.00 to $56.00 and gave the stock a “sell” rating in a research report on Wednesday, April 24th. Moffett Nathanson reaffirmed a “neutral” rating and set a $10.00 price target (up from $8.00) on shares of Snap in a research report on Monday, July 1st. Zacks Investment Research downgraded Heritage Insurance from a “hold” rating to a “strong sell” rating in a research report on Friday, April 26th. Finally, Aegis downgraded Shutterfly from a “buy” rating to a “hold” rating in a research report on Monday, June 17th. Four research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $12.56.
SNAP stock traded up $0.68 during midday trading on Friday, reaching $14.83. The stock had a trading volume of 56,055,021 shares, compared to its average volume of 26,991,855. The firm has a market cap of $18.99 billion, a PE ratio of -15.29 and a beta of 1.08. The company has a current ratio of 4.75, a quick ratio of 4.75 and a debt-to-equity ratio of 0.15. The firm has a fifty day simple moving average of $14.41. Snap has a 52-week low of $4.82 and a 52-week high of $16.24.
Snap (NYSE:SNAP) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.02). The company had revenue of $320.43 million for the quarter, compared to analyst estimates of $306.28 million. Snap had a negative return on equity of 47.71% and a negative net margin of 92.94%. Snap’s revenue for the quarter was up 38.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.17) earnings per share. As a group, research analysts forecast that Snap will post -0.76 EPS for the current fiscal year.
In related news, Director Michael Lynton sold 25,000 shares of Snap stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $11.09, for a total value of $277,250.00. Following the sale, the director now directly owns 126,817 shares in the company, valued at approximately $1,406,400.53. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Evan Spiegel sold 1,493,180 shares of Snap stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $11.74, for a total value of $17,529,933.20. Following the completion of the sale, the chief executive officer now owns 71,496,734 shares in the company, valued at $839,371,657.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,716,227 shares of company stock worth $34,225,939.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC lifted its stake in Snap by 400.0% in the 2nd quarter. Valeo Financial Advisors LLC now owns 2,500 shares of the company’s stock worth $36,000 after purchasing an additional 2,000 shares in the last quarter. Providence Capital Advisors LLC purchased a new position in Snap in the 1st quarter worth approximately $32,000. TCI Wealth Advisors Inc. lifted its stake in Snap by 70.0% in the 1st quarter. TCI Wealth Advisors Inc. now owns 3,400 shares of the company’s stock worth $37,000 after purchasing an additional 1,400 shares in the last quarter. Joseph P. Lucia & Associates LLC purchased a new position in Snap in the 1st quarter worth approximately $287,000. Finally, Flagship Harbor Advisors LLC lifted its stake in Snap by 370.6% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 4,254 shares of the company’s stock worth $60,000 after purchasing an additional 3,350 shares in the last quarter. 25.82% of the stock is currently owned by institutional investors and hedge funds.
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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