Why analysts at Wedbush upgraded price target for Snap

snap

Snap (NYSE:SNAP) had its target price raised by Wedbush from $25.00 to $34.50 in a report released on Wednesday morning, AnalystRatings.net reports. They currently have a neutral rating on the stock.

A number of other research analysts also recently issued reports on SNAP. Morgan Stanley lifted their price target on shares of Snap from $25.00 to $36.00 and gave the stock an equal weight rating in a research note on Wednesday. SunTrust Banks lifted their price target on shares of Snap from $15.00 to $24.00 and gave the stock a hold rating in a research note on Monday, July 20th. Bank of America reiterated a buy rating and issued a $28.50 price target on shares of Snap in a research note on Wednesday, July 15th. Goldman Sachs Group lifted their price target on shares of Snap from $28.00 to $47.00 and gave the stock a buy rating in a research note on Wednesday. Finally, Pivotal Research lifted their price target on shares of Snap from $21.50 to $27.75 and gave the stock a buy rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-six have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $32.43.

Shares of SNAP stock opened at $43.17 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 5.99 and a current ratio of 5.99. The stock has a market capitalization of $63.43 billion, a P/E ratio of -57.56 and a beta of 1.52. The company has a 50 day moving average price of $25.93 and a 200 day moving average price of $21.44. Snap has a fifty-two week low of $7.89 and a fifty-two week high of $43.19.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, October 20th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.19. The firm had revenue of $678.67 million during the quarter, compared to analysts’ expectations of $551.36 million. Snap had a negative net margin of 57.18% and a negative return on equity of 49.08%. The business’s quarterly revenue was up 52.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.04) earnings per share. On average, research analysts forecast that Snap will post -0.71 EPS for the current fiscal year.
In other Snap news, Director Michael Lynton sold 58,161 shares of the business’s stock in a transaction on Wednesday, October 21st. The shares were sold at an average price of $34.98, for a total value of $2,034,471.78. Following the transaction, the director now directly owns 82,886 shares of the company’s stock, valued at approximately $2,899,352.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jerry James Hunter sold 88,644 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $21.42, for a total transaction of $1,898,754.48. Following the completion of the transaction, the vice president now directly owns 2,450,354 shares in the company, valued at $52,486,582.68. The disclosure for this sale can be found here. Insiders sold a total of 5,032,705 shares of company stock worth $115,599,148 over the last ninety days.

Institutional investors and hedge funds have recently made changes to their positions in the business. San Francisco Sentry Investment Group CA acquired a new position in Snap in the 3rd quarter valued at $26,000. Cullen Frost Bankers Inc. increased its stake in Snap by 266.7% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,100 shares of the company’s stock valued at $26,000 after buying an additional 800 shares during the period. Jackson Square Capital LLC acquired a new position in Snap in the 2nd quarter valued at $35,000. M&R Capital Management Inc. grew its stake in shares of Snap by 160.0% during the 3rd quarter. M&R Capital Management Inc. now owns 1,625 shares of the company’s stock worth $42,000 after purchasing an additional 1,000 shares during the period. Finally, Truewealth LLC grew its stake in shares of Snap by 70.1% during the 2nd quarter. Truewealth LLC now owns 1,789 shares of the company’s stock worth $42,000 after purchasing an additional 737 shares during the period. 47.00% of the stock is currently owned by institutional investors.

Snap Company Profile

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images called Snaps. It also provides Camera, a tool to personalize and add context to Snaps; Chat that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community based on a user’s subscriptions and interests.

Share: