Snap (NYSE:SNAP) Price Target Raised to $62.00

Snap (NYSE:SNAP) had its price objective boosted by research analysts at Cowen from $45.00 to $62.00 in a note issued to investors on Tuesday, The Fly reports. The brokerage currently has an “outperform” rating on the stock. Cowen’s price objective points to a potential upside of 16.04% from the company’s current price. The analysts noted that the move was a valuation call.

A number of other analysts have also commented on SNAP. BidaskClub lowered shares of Snap from a “strong-buy” rating to a “buy” rating in a research note on Monday, December 28th. ValuEngine lowered shares of Snap from a “buy” rating to a “hold” rating in a research note on Tuesday, December 1st. Bank of America boosted their price target on shares of Snap to $55.00 and gave the company a “buy” rating in a research note on Wednesday, December 16th. Stifel Nicolaus boosted their price target on shares of Snap from $32.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 21st. Finally, Cleveland Research began coverage on shares of Snap in a research note on Thursday, December 17th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-four have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $37.69.

NYSE:SNAP opened at $53.43 on Tuesday. The company has a fifty day moving average of $50.36 and a 200-day moving average of $33.61. The firm has a market capitalization of $79.61 billion, a P/E ratio of -71.24 and a beta of 1.52. The company has a quick ratio of 5.99, a current ratio of 5.99 and a debt-to-equity ratio of 0.74. Snap has a twelve month low of $7.89 and a twelve month high of $57.39.

Snap (NYSE:SNAP) last released its quarterly earnings data on Tuesday, October 20th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.19. The company had revenue of $678.67 million during the quarter, compared to analyst estimates of $551.36 million. Snap had a negative net margin of 57.18% and a negative return on equity of 49.08%. Snap’s revenue for the quarter was up 52.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.04) EPS. On average, analysts anticipate that Snap will post -0.71 EPS for the current fiscal year.

In other Snap news, insider Jared Grusd sold 52,728 shares of the company’s stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $28.03, for a total transaction of $1,477,965.84. Following the sale, the insider now directly owns 1,882,272 shares of the company’s stock, valued at $52,760,084.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Robert C. Murphy sold 1,500,000 shares of the company’s stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $37.76, for a total transaction of $56,640,000.00. Following the sale, the chief technology officer now directly owns 81,273,680 shares in the company, valued at $3,068,894,156.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,269,049 shares of company stock worth $85,167,118.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNAP. FMR LLC lifted its holdings in Snap by 239.5% during the second quarter. FMR LLC now owns 12,131,595 shares of the company’s stock valued at $284,970,000 after purchasing an additional 8,557,956 shares during the last quarter. Nikko Asset Management Americas Inc. increased its position in shares of Snap by 47.1% during the third quarter. Nikko Asset Management Americas Inc. now owns 4,515,309 shares of the company’s stock valued at $119,204,000 after buying an additional 1,445,926 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Snap during the third quarter valued at about $33,246,000. Phoenix Holdings Ltd. bought a new stake in shares of Snap during the third quarter valued at about $27,179,000. Finally, First Trust Advisors LP increased its position in shares of Snap by 9.1% during the third quarter. First Trust Advisors LP now owns 12,162,373 shares of the company’s stock valued at $317,560,000 after buying an additional 1,009,894 shares during the period. 47.00% of the stock is currently owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for Snap (NYSE:SNAP)

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