Snap (SNAP) Given New $13.00 Price Target at Credit Suisse Group

Snap (NYSE:SNAP) had its target price boosted by investment analysts at Credit Suisse Group from $10.50 to $13.00 in a report issued on Tuesday, The Fly reports. The brokerage presently has an “outperform” rating on the stock. Credit Suisse Group’s target price suggests a potential upside of 14.24% from the company’s previous close.

SNAP has been the topic of several other reports. Nomura boosted their target price on Snap from $6.00 to $9.00 and gave the company a “neutral” rating in a research note on Wednesday, February 6th. Zacks Investment Research upgraded Snap from a “hold” rating to a “buy” rating and set a $7.25 target price on the stock in a research note on Tuesday, January 29th. Pivotal Research lowered Snap from a “buy” rating to a “hold” rating and lowered their target price for the company from $8.00 to $6.00 in a research note on Monday, January 7th. Stifel Nicolaus restated a “hold” rating and issued a $10.00 target price on shares of Snap in a research note on Friday, April 5th. Finally, Aegis lowered their target price on Snap from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Wednesday, January 16th. Three analysts have rated the stock with a sell rating, twenty-five have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Snap currently has an average rating of “Hold” and a consensus price target of $10.20.

SNAP stock traded down $0.61 during midday trading on Tuesday, hitting $11.38. The company’s stock had a trading volume of 34,844,644 shares, compared to its average volume of 27,341,395. Snap has a 1 year low of $4.82 and a 1 year high of $15.96. The stock has a market cap of $15.13 billion, a P/E ratio of -11.73 and a beta of 1.18.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported ($0.23) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.02). The business had revenue of $320.43 million during the quarter, compared to analysts’ expectations of $306.28 million. Snap had a negative return on equity of 46.90% and a negative net margin of 106.39%. The firm’s revenue for the quarter was up 38.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.17) EPS. As a group, equities research analysts forecast that Snap will post -0.68 earnings per share for the current year.

In related news, Director Michael Lynton sold 58,668 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $11.00, for a total transaction of $645,348.00. Following the sale, the director now directly owns 126,817 shares in the company, valued at approximately $1,394,987. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Evan Spiegel sold 4,447,107 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $9.98, for a total value of $44,382,127.86. Following the sale, the chief executive officer now owns 74,450,661 shares in the company, valued at $743,017,596.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,643,476 shares of company stock worth $66,573,374.

Hedge funds and other institutional investors have recently made changes to their positions in the business. FNY Investment Advisers LLC increased its stake in Snap by 306.5% in the 4th quarter. FNY Investment Advisers LLC now owns 5,000 shares of the company’s stock worth $27,000 after acquiring an additional 3,770 shares during the last quarter. Edge Wealth Management LLC increased its stake in Snap by 1,173.7% in the 4th quarter. Edge Wealth Management LLC now owns 5,426 shares of the company’s stock worth $30,000 after acquiring an additional 5,000 shares during the last quarter. TCI Wealth Advisors Inc. increased its stake in Snap by 70.0% in the 1st quarter. TCI Wealth Advisors Inc. now owns 3,400 shares of the company’s stock worth $37,000 after acquiring an additional 1,400 shares during the last quarter. Atlas Capital Advisors LLC bought a new position in Snap in the 4th quarter worth about $41,000. Finally, Wedbush Securities Inc. bought a new position in Snap in the 4th quarter worth about $55,000. Institutional investors and hedge funds own 23.31% of the company’s stock.

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. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page 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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