Snap (NYSE:SNAP) Trading 7.8% Higher on Analyst Upgrade

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Shares of Snap Inc (NYSE:SNAP) traded up 7.8% on Monday after Credit Suisse Group raised their price target on the stock from $20.00 to $21.00. Credit Suisse Group currently has an outperform rating on the stock. Snap traded as high as $14.63 and last traded at $14.58, 45,240,828 shares traded hands during trading. An increase of 62% from the average session volume of 27,934,598 shares. The stock had previously closed at $13.52.

Several other equities research analysts have also recently weighed in on the company. Stifel Nicolaus restated a “buy” rating and set a $19.00 target price on shares of Snap in a report on Monday. Goldman Sachs Group upgraded Snap from a “neutral” rating to a “buy” rating and increased their target price for the company from $13.00 to $18.00 in a report on Friday, July 12th. Morgan Stanley upgraded Snap from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $14.00 to $17.00 in a report on Friday, October 4th. Guggenheim upgraded Snap from a “neutral” rating to a “buy” rating and set a $22.00 target price for the company in a report on Tuesday, September 24th. Finally, Pivotal Research restated a “buy” rating and set a $20.50 target price on shares of Snap in a report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $16.51.

In other Snap news, CAO Lara Sweet sold 24,832 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $16.10, for a total value of $399,795.20. Following the completion of the sale, the chief accounting officer now owns 1,153,986 shares in the company, valued at approximately $18,579,174.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Evan Spiegel sold 2,780,306 shares of the stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $18.01, for a total value of $50,073,311.06. Following the completion of the sale, the chief executive officer now owns 69,958,498 shares of the company’s stock, valued at approximately $1,259,952,548.98. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,047,075 shares of company stock valued at $86,326,882.

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Snap by 12.0% in the 2nd quarter. Vanguard Group Inc. now owns 59,173,892 shares of the company’s stock worth $846,186,000 after acquiring an additional 6,320,561 shares in the last quarter. BlackRock Inc. raised its position in shares of Snap by 34.1% in the 2nd quarter. BlackRock Inc. now owns 21,849,669 shares of the company’s stock worth $312,449,000 after acquiring an additional 5,561,652 shares in the last quarter. Morgan Stanley raised its position in shares of Snap by 72.2% in the 2nd quarter. Morgan Stanley now owns 4,829,674 shares of the company’s stock worth $69,064,000 after acquiring an additional 2,025,709 shares in the last quarter. Hillhouse Capital Advisors LTD. bought a new position in shares of Snap in the 2nd quarter worth approximately $63,862,000. Finally, Whale Rock Capital Management LLC raised its position in shares of Snap by 14.1% in the 2nd quarter. Whale Rock Capital Management LLC now owns 4,054,209 shares of the company’s stock worth $57,975,000 after acquiring an additional 501,807 shares in the last quarter. 26.89% of the stock is owned by hedge funds and other institutional investors.

The stock has a market cap of $18.65 billion, a P/E ratio of -14.43 and a beta of 1.11. The firm has a 50-day moving average price of $15.36 and a 200-day moving average price of $14.19. The company has a debt-to-equity ratio of 0.15, a quick ratio of 4.53 and a current ratio of 4.53.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, October 22nd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.14. Snap had a negative return on equity of 46.46% and a negative net margin of 77.54%. The firm had revenue of $446.20 million during the quarter, compared to analyst estimates of $436.00 million. During the same quarter in the prior year, the company earned ($0.12) EPS. The business’s revenue was up 49.9% compared to the same quarter last year. On average, research analysts predict that Snap Inc will post -0.71 earnings per share for the current year.

Snap Company Profile (NYSE:SNAP)

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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