Snap (NYSE:SNAP – Get Free Report) had its target price boosted by Wells Fargo & Company from $14.00 to $15.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 32.28% from the company’s previous close.
SNAP has been the topic of a number of other reports. Guggenheim reiterated a “buy” rating and issued a $12.11 price target on shares of Snap in a research report on Tuesday, December 3rd. JMP Securities reaffirmed a “market outperform” rating and issued a $16.00 target price on shares of Snap in a report on Friday, January 3rd. Roth Mkm reissued a “neutral” rating and set a $14.00 price target on shares of Snap in a report on Wednesday, September 18th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $14.00 price objective on shares of Snap in a research note on Wednesday, September 18th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $16.00 target price on shares of Snap in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $37.13.
Read Our Latest Stock Report on Snap
Snap Price Performance
Snap (NYSE:SNAP – Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. Snap had a negative return on equity of 35.60% and a negative net margin of 18.49%. The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the previous year, the business earned ($0.21) earnings per share. The company’s quarterly revenue was up 15.4% on a year-over-year basis. As a group, research analysts expect that Snap will post -0.4 EPS for the current fiscal year.
Insider Buying and Selling at Snap
In other Snap news, Director Joanna Coles sold 6,434 shares of Snap stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $12.00, for a total value of $77,208.00. Following the sale, the director now owns 54,761 shares of the company’s stock, valued at $657,132. This trade represents a 10.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Robert C. Murphy sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $12.50, for a total value of $12,500,000.00. Following the transaction, the chief technology officer now directly owns 57,210,989 shares of the company’s stock, valued at $715,137,362.50. This represents a 1.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,451,618 shares of company stock worth $17,560,157. Insiders own 22.68% of the company’s stock.
Hedge Funds Weigh In On Snap
A number of institutional investors have recently added to or reduced their stakes in SNAP. Charles Schwab Investment Management Inc. lifted its stake in Snap by 62.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,211,360 shares of the company’s stock valued at $66,462,000 after acquiring an additional 2,386,519 shares during the last quarter. TB Alternative Assets Ltd. raised its holdings in shares of Snap by 105.6% in the 3rd quarter. TB Alternative Assets Ltd. now owns 7,981,847 shares of the company’s stock valued at $85,406,000 after purchasing an additional 4,098,847 shares during the period. Aigen Investment Management LP acquired a new stake in Snap in the 3rd quarter valued at about $1,345,000. Invenomic Capital Management LP bought a new position in Snap during the third quarter worth about $2,349,000. Finally, Dynamic Advisor Solutions LLC bought a new position in Snap during the third quarter worth about $832,000. 47.52% of the stock is currently owned by institutional investors and hedge funds.
Snap Company Profile
Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.
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