Aegis Raises Snap Inc. (SNAP) Price Target to $15.00
Snap Inc. (NYSE:SNAP) had its target price increased by Aegis from $14.00 to $15.00 in a report published on Thursday morning, MarketBeat reports. Aegis currently has a hold rating on the stock.
Other equities analysts have also issued research reports about the company. Citigroup Inc. reissued a buy rating and set a $24.00 target price (down previously from $27.00) on shares of Snap in a research note on Thursday, May 11th. Vetr raised Snap from a hold rating to a buy rating and set a $23.97 target price on the stock in a research note on Monday, May 8th. Cleveland Research started coverage on Snap in a research note on Friday, May 5th. They set a buy rating on the stock. Goldman Sachs Group, Inc. (The) reissued a buy rating and set a $28.00 target price on shares of Snap in a research note on Thursday, May 11th. Finally, Drexel Hamilton reissued a buy rating and set a $30.00 target price on shares of Snap in a research note on Thursday, May 11th. Nine research analysts have rated the stock with a sell rating, twenty-three have given a hold rating and thirteen have given a buy rating to the stock. Snap has a consensus rating of Hold and an average price target of $18.58.
Snap (NYSE SNAP) opened at 14.01 on Thursday. Snap has a 52 week low of $11.28 and a 52 week high of $29.44. The stock’s 50 day moving average price is $14.47 and its 200 day moving average price is $18.88. The stock’s market cap is $9.56 billion.
Snap (NYSE:SNAP) last posted its earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share (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 analysts’ expectations of $186.49 million. The company’s revenue for the quarter was up 153.1% on a year-over-year basis. On average, analysts forecast that Snap will post ($0.63) earnings per share for the current year.
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In related news, VP Steven Michael Horowitz sold 50,624 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $13.04, for a total transaction of $660,136.96. Following the transaction, the vice president now owns 2,440,055 shares in the company, valued at approximately $31,818,317.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew Vollero sold 195,100 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $12.50, for a total value of $2,438,750.00. Following the transaction, the chief financial officer now owns 1,882,280 shares in the company, valued at approximately $23,528,500. The disclosure for this sale can be found here. Insiders have sold a total of 795,724 shares of company stock worth $9,973,887 in the last 90 days.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNAP. JPMorgan Chase & Co. purchased a new position in Snap during the first quarter worth about $252,388,000. US Bancorp DE purchased a new position in Snap during the first quarter worth about $101,000. Global X Management Co. LLC purchased a new position in Snap during the first quarter worth about $3,650,000. Oppenheimer & Co. Inc. purchased a new position in Snap during the first quarter worth about $369,000. Finally, MARSHALL WACE ASIA Ltd purchased a new position in Snap during the first quarter worth about $1,094,000. Hedge funds and other institutional investors own 29.24% 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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