Wedbush upgraded shares of Snap (NYSE:SNAP) from a neutral rating to an outperform rating in a research report report published on Monday morning, PriceTargets.com reports. Wedbush currently has $75.00 price target on the stock, up from their previous price target of $52.00. Wedbush also issued estimates for Snap’s Q1 2021 earnings at ($0.23) EPS, Q2 2021 earnings at ($0.20) EPS, Q3 2021 earnings at ($0.09) EPS, Q4 2021 earnings at ($0.03) EPS, FY2021 earnings at ($0.55) EPS, FY2022 earnings at ($0.23) EPS and FY2023 earnings at $0.51 EPS.
Other analysts also recently issued reports about the stock. Wells Fargo & Company increased their price target on shares of Snap from $44.00 to $62.00 and gave the company an overweight rating in a research report on Thursday, January 28th. Argus increased their price target on shares of Snap from $50.00 to $80.00 and gave the company a buy rating in a research report on Tuesday, February 9th. Moffett Nathanson upgraded shares of Snap from a neutral rating to a buy rating and raised their target price for the stock from $39.00 to $57.00 in a report on Friday, January 15th. Susquehanna raised their target price on shares of Snap from $40.00 to $58.00 and gave the stock a neutral rating in a report on Friday, February 5th. Finally, Cowen raised their target price on shares of Snap from $86.00 to $88.00 and gave the stock an outperform rating in a report on Thursday, April 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirty have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $67.00.
Shares of NYSE SNAP opened at $57.05 on Monday. The firm has a market capitalization of $86.05 billion, a PE ratio of -76.07 and a beta of 1.29. The company has a current ratio of 5.43, a quick ratio of 5.43 and a debt-to-equity ratio of 0.75. Snap has a 1 year low of $15.58 and a 1 year high of $73.59. The firm’s 50-day moving average is $58.02 and its 200-day moving average is $51.03.
In related news, insider Jeremi Gorman sold 15,271 shares of the business’s stock in a transaction dated Monday, April 19th. The stock was sold at an average price of $60.18, for a total value of $919,008.78. Following the completion of the transaction, the insider now owns 1,968,882 shares of the company’s stock, valued at $118,487,318.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Robert C. Murphy sold 85,485 shares of the business’s stock in a transaction dated Friday, March 19th. The shares were sold at an average price of $58.54, for a total value of $5,004,291.90. Following the completion of the transaction, the chief technology officer now directly owns 80,661,966 shares of the company’s stock, valued at approximately $4,721,951,489.64. The disclosure for this sale can be found here. Insiders have sold 269,463 shares of company stock valued at $16,378,091 in the last three months.
Hedge funds and other institutional investors have recently modified their holdings of the business. Junson Asset Management Hong Kong Ltd acquired a new position in Snap during the first quarter worth about $4,835,000. Janus Henderson Group PLC raised its stake in Snap by 4.2% during the fourth quarter. Janus Henderson Group PLC now owns 18,669,408 shares of the company’s stock worth $934,773,000 after acquiring an additional 755,676 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in Snap by 145.7% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 212,249 shares of the company’s stock worth $10,977,000 after acquiring an additional 125,875 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Snap by 1,949.1% during the fourth quarter. Parallel Advisors LLC now owns 181,984 shares of the company’s stock worth $9,112,000 after purchasing an additional 173,103 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. bought a new stake in shares of Snap during the fourth quarter worth about $320,000. 47.52% of the stock is owned by hedge funds and other institutional investors.
Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application with functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate through short videos and images. It also provides Spectacles, an eyewear product that connects with Snapchat and captures video from a human perspective; and advertising products, including AR and Snap ads.
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