Snap Inc. (SNAP) Receives “Buy” Rating from Drexel Hamilton
Snap Inc. (NYSE:SNAP)‘s stock had its “buy” rating restated by investment analysts at Drexel Hamilton in a research report issued on Wednesday. They presently have a $30.00 price target on the stock. Drexel Hamilton’s price objective suggests a potential upside of 104.92% from the company’s previous close.
A number of other research firms also recently commented on SNAP. Cantor Fitzgerald reiterated a “buy” rating and issued a $15.00 price target on shares of Snap in a research note on Tuesday, August 22nd. Credit Suisse Group restated an “outperform” rating and set a $25.00 price objective (down previously from $30.00) on shares of Snap in a research note on Monday, July 10th. Wedbush started coverage on Snap in a research note on Wednesday, August 30th. They set a “neutral” rating and a $12.00 price objective on the stock. Canaccord Genuity reaffirmed a “hold” rating and set a $15.00 target price on shares of Snap in a report on Sunday. Finally, Vetr raised Snap from a “hold” rating to a “buy” rating and set a $13.84 target price on the stock in a report on Wednesday, August 9th. Ten research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and twelve have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $18.21.
Shares of Snap (NYSE:SNAP) traded down 1.37% during mid-day trading on Wednesday, hitting $14.44. 9,747,072 shares of the stock traded hands. The stock’s market cap is $17.29 billion. Snap has a one year low of $11.28 and a one year high of $29.44. The stock has a 50-day moving average of $14.45 and a 200 day moving average of $17.63.
Snap (NYSE:SNAP) last posted its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.07). The business had revenue of $181.70 million during the quarter, compared to the consensus estimate of $186.49 million. The company’s quarterly revenue was up 153.1% compared to the same quarter last year. Equities analysts predict that Snap will post ($0.64) EPS for the current fiscal year.
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In other Snap news, CFO Andrew Vollero sold 195,100 shares of the business’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $12.50, for a total value of $2,438,750.00. Following the sale, the chief financial officer now directly owns 1,882,280 shares in the company, valued at $23,528,500. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Timothy Sehn sold 400,000 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $14.34, for a total transaction of $5,736,000.00. Following the completion of the sale, the vice president now owns 2,804,168 shares in the company, valued at $40,211,769.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,733,598 shares of company stock valued at $23,764,362.
Several large investors have recently bought and sold shares of the company. US Bancorp DE acquired a new position in shares of Snap in the 1st quarter worth approximately $101,000. Seven Bridges Advisors LLC bought a new stake in shares of Snap in the 2nd quarter worth approximately $101,000. WFG Advisors LP raised its holdings in shares of Snap by 52.4% in the 2nd quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after purchasing an additional 2,537 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Snap by 654.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock worth $134,000 after purchasing an additional 6,540 shares in the last quarter. Finally, Dubuque Bank & Trust Co. bought a new stake in shares of Snap in the 2nd quarter worth approximately $137,000. Institutional investors own 16.40% of the company’s stock.
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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