Snap Inc. (NYSE:SNAP) Receives Buy Rating from Royal Bank Of Canada
Snap Inc. (NYSE:SNAP)‘s stock had its “buy” rating reiterated by investment analysts at Royal Bank Of Canada in a note issued to investors on Tuesday, July 11th. They currently have a $31.00 target price on the stock. Royal Bank Of Canada’s price target points to a potential upside of 129.29% from the stock’s previous close.
A number of other research analysts have also weighed in on SNAP. Vetr raised Snap from a “strong sell” rating to a “sell” rating and set a $20.40 target price for the company in a report on Monday, March 13th. Cantor Fitzgerald initiated coverage on Snap in a research report on Tuesday, March 14th. They set an “underweight” rating and a $18.00 price target for the company. Moffett Nathanson initiated coverage on Snap in a research report on Thursday, March 16th. They set a “sell” rating and a $15.00 price target for the company. Needham & Company LLC reiterated an “underperform” rating on shares of Snap in a research report on Thursday, March 16th. Finally, Mizuho initiated coverage on Snap in a research report on Friday, March 17th. They set a “neutral” rating and a $20.00 price target for the company. They noted that the move was a valuation call. Nine equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and fourteen have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $21.03.
Snap (NYSE:SNAP) opened at 13.52 on Tuesday. The firm’s market cap is $15.94 billion. The stock’s 50 day moving average is $16.13 and its 200 day moving average is $19.59. Snap has a 52 week low of $12.83 and a 52 week high of $29.44.
Snap (NYSE:SNAP) last posted its earnings results on Wednesday, May 10th. The company reported ($2.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($2.05) by $0.26. The business had revenue of $149.60 million during the quarter, compared to analyst estimates of $158.32 million. The firm’s revenue for the quarter was up 285.6% on a year-over-year basis. Equities research analysts expect that Snap will post ($0.57) EPS for the current year.
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Large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new stake in Snap during the first quarter valued at approximately $525,000. US Bancorp DE bought a new stake in Snap during the first quarter valued at approximately $101,000. First Trust Advisors LP bought a new stake in Snap during the first quarter valued at approximately $10,130,000. Commerzbank Aktiengesellschaft FI bought a new stake in Snap during the first quarter valued at approximately $2,837,000. Finally, Geneva Advisors LLC bought a new stake in Snap during the first quarter valued at approximately $406,000. 29.61% of the stock is currently owned by institutional investors and hedge funds.
Snap Company Profile
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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