Snap (SNAP) Upgraded to “Buy” by BTIG Research

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BTIG Research upgraded shares of Snap (NYSE:SNAP) from a neutral rating to a buy rating in a report published on Thursday, MarketBeat.com reports. They currently have $15.00 price objective on the stock.

SNAP has been the subject of several other research reports. Nomura lifted their price objective on Snap from $6.00 to $9.00 and gave the company a neutral rating in a research report on Wednesday, February 6th. Zacks Investment Research upgraded Snap from a hold rating to a buy rating and set a $7.25 price objective for the company in a report on Tuesday, January 29th. Pivotal Research cut Snap from a buy rating to a hold rating and decreased their target price for the company from $8.00 to $6.00 in a research note on Monday, January 7th. Aegis reduced their price objective on Snap from $10.00 to $7.00 and set a hold rating for the company in a research report on Wednesday, January 16th. Finally, Citigroup raised Snap from a sell rating to a neutral rating and set a $7.00 price objective for the company in a research report on Monday, January 14th. Four investment analysts have rated the stock with a sell rating, twenty-four have given a hold rating and six have issued a buy rating to the stock. Snap currently has an average rating of Hold and a consensus price target of $8.85.

SNAP stock traded up $0.08 during trading on Thursday, hitting $11.36. The company had a trading volume of 21,611,149 shares, compared to its average volume of 28,779,779. The firm has a market cap of $13.05 billion, a price-to-earnings ratio of -11.71 and a beta of 1.14. Snap has a fifty-two week low of $4.82 and a fifty-two week high of $17.88.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Tuesday, February 5th. The company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.15. The business had revenue of $389.82 million for the quarter, compared to analyst estimates of $378.90 million. Snap had a negative return on equity of 46.90% and a negative net margin of 106.39%. Snap’s quarterly revenue was up 36.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.13) EPS. As a group, research analysts anticipate that Snap will post -0.69 EPS for the current year.

In other Snap news, CEO Evan Spiegel sold 4,447,107 shares of Snap 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 completion of the transaction, the chief executive officer now directly owns 74,450,661 shares of the company’s stock, valued at approximately $743,017,596.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Michael J. O’sullivan sold 18,500 shares of Snap stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $9.85, for a total transaction of $182,225.00. Following the completion of the transaction, the general counsel now directly owns 1,033,578 shares of the company’s stock, valued at $10,180,743.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,437,339 shares of company stock worth $63,026,468.

Several large investors have recently modified their holdings of the business. Stratos Wealth Partners LTD. grew its position in Snap by 13.0% in the 4th quarter. Stratos Wealth Partners LTD. now owns 14,458 shares of the company’s stock valued at $80,000 after buying an additional 1,665 shares during the last quarter. FNY Investment Advisers LLC raised 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 valued at $27,000 after purchasing an additional 3,770 shares during the last quarter. Edge Wealth Management LLC raised 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 valued at $30,000 after purchasing an additional 5,000 shares during the last quarter. United Services Automobile Association raised its stake in Snap by 5.7% in the 4th quarter. United Services Automobile Association now owns 106,320 shares of the company’s stock valued at $586,000 after purchasing an additional 5,746 shares during the last quarter. Finally, Valmark Advisers Inc. raised its stake in Snap by 64.7% in the 4th quarter. Valmark Advisers Inc. now owns 18,543 shares of the company’s stock valued at $102,000 after purchasing an additional 7,285 shares during the last quarter. 23.31% of the stock is 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. 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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Analyst Recommendations for Snap (NYSE:SNAP)

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