Snap’s (SNAP) “Buy” Rating Reaffirmed at Drexel Hamilton
Other analysts have also recently issued reports about the company. Vetr cut Snap from a strong-buy rating to a buy rating and set a $19.38 target price on the stock. in a report on Tuesday, June 27th. Royal Bank Of Canada reiterated a buy rating and issued a $31.00 target price on shares of Snap in a report on Tuesday, July 11th. Stifel Nicolaus upgraded Snap from a hold rating to a buy rating and upped their target price for the company from $15.24 to $22.00 in a report on Thursday, July 13th. Deutsche Bank AG reiterated a buy rating and issued a $20.00 target price on shares of Snap in a report on Wednesday, August 9th. Finally, Jefferies Group LLC reduced their target price on Snap from $30.00 to $16.00 and set a buy rating on the stock in a report on Friday, August 11th. Ten research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $18.21.
Shares of Snap (SNAP) traded down 0.34% during mid-day trading on Wednesday, hitting $14.48. 13,148,633 shares of the company were exchanged. Snap has a 12-month low of $11.28 and a 12-month high of $29.44. The firm has a 50 day moving average of $14.50 and a 200 day moving average of $17.61. The company’s market capitalization is $17.33 billion.
Snap (NYSE:SNAP) last announced its earnings results on Thursday, August 10th. The company reported ($0.36) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.07). The company had revenue of $181.70 million during the quarter, compared to analyst estimates of $186.49 million. The company’s revenue was up 153.1% compared to the same quarter last year. Equities research analysts forecast that Snap will post ($0.64) earnings per share for the current year.
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In related news, CFO Andrew Vollero sold 195,100 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $2,438,750.00. Following the completion of the sale, the chief financial officer now owns 1,882,280 shares in the company, valued at $23,528,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Imran Khan sold 150,000 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total value of $1,875,000.00. Following the sale, the insider now owns 9,596,464 shares of the company’s stock, valued at approximately $119,955,800. The disclosure for this sale can be found here. Insiders have sold 2,133,598 shares of company stock valued at $29,704,362 in the last quarter.
Institutional investors have recently made changes to their positions in the stock. US Bancorp DE bought a new stake in Snap during the first quarter worth $101,000. Seven Bridges Advisors LLC bought a new position in Snap in the 2nd quarter valued at $101,000. WFG Advisors LP grew its stake in Snap by 52.4% in the 2nd quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock valued at $131,000 after purchasing an additional 2,537 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its stake in Snap by 654.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after purchasing an additional 6,540 shares during the period. Finally, Dubuque Bank & Trust Co. bought a new position in Snap in the 2nd quarter valued at $137,000. Institutional investors and hedge funds own 16.40% of the company’s stock.
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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