Snap (NYSE:SNAP – Get Free Report) had its price target raised by equities researchers at Royal Bank of Canada from $9.00 to $10.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 7.64% from the company’s previous close.
Several other equities analysts have also commented on the stock. Barclays increased their target price on shares of Snap from $11.00 to $15.00 in a report on Wednesday, July 26th. Jefferies Financial Group raised their price target on shares of Snap from $9.00 to $13.00 and gave the stock a “hold” rating in a report on Thursday, July 13th. JPMorgan Chase & Co. raised their price target on shares of Snap from $8.00 to $9.00 and gave the stock an “underweight” rating in a report on Wednesday. Stifel Nicolaus raised their price target on shares of Snap from $8.00 to $13.00 in a report on Friday, July 21st. Finally, Credit Suisse Group raised their price target on shares of Snap from $11.00 to $16.00 and gave the stock an “outperform” rating in a report on Monday, July 17th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $10.46.
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Snap Price Performance
Snap (NYSE:SNAP – Get Free Report) last released its earnings results on Tuesday, October 24th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.03. Snap had a negative net margin of 29.99% and a negative return on equity of 43.97%. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.11 billion. Research analysts predict that Snap will post -0.81 earnings per share for the current year.
Insider Buying and Selling at Snap
In other Snap news, SVP Eric Young sold 95,303 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $9.24, for a total transaction of $880,599.72. Following the completion of the transaction, the senior vice president now owns 3,648,859 shares of the company’s stock, valued at approximately $33,715,457.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, General Counsel Michael J. O’sullivan sold 13,000 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $11.22, for a total value of $145,860.00. Following the completion of the sale, the general counsel now owns 478,517 shares in the company, valued at approximately $5,368,960.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Eric Young sold 95,303 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $9.24, for a total transaction of $880,599.72. Following the completion of the sale, the senior vice president now owns 3,648,859 shares of the company’s stock, valued at approximately $33,715,457.16. The disclosure for this sale can be found here. Insiders sold 537,906 shares of company stock valued at $5,131,337 in the last 90 days. Insiders own 22.68% of the company’s stock.
Institutional Investors Weigh In On Snap
Several institutional investors have recently made changes to their positions in the company. Inspire Investing LLC lifted its holdings in shares of Snap by 25.2% in the 3rd quarter. Inspire Investing LLC now owns 41,965 shares of the company’s stock worth $374,000 after acquiring an additional 8,441 shares during the last quarter. IFM Investors Pty Ltd grew its holdings in shares of Snap by 2.9% in the third quarter. IFM Investors Pty Ltd now owns 192,377 shares of the company’s stock worth $1,714,000 after purchasing an additional 5,362 shares during the last quarter. Miracle Mile Advisors LLC grew its holdings in shares of Snap by 54.5% in the third quarter. Miracle Mile Advisors LLC now owns 21,263 shares of the company’s stock worth $189,000 after purchasing an additional 7,500 shares during the last quarter. Forsta AP Fonden grew its holdings in shares of Snap by 3.6% in the third quarter. Forsta AP Fonden now owns 238,700 shares of the company’s stock worth $2,127,000 after purchasing an additional 8,400 shares during the last quarter. Finally, Avaii Wealth Management LLC grew its holdings in shares of Snap by 24.2% in the third quarter. Avaii Wealth Management LLC now owns 15,819 shares of the company’s stock worth $141,000 after purchasing an additional 3,080 shares during the last quarter. Institutional investors own 44.37% of the company’s stock.
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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