Citigroup Boosts Snap (NYSE:SNAP) Price Target to $47.00


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Snap (NYSE:SNAP) had its price objective increased by analysts at Citigroup from $40.00 to $47.00 in a research report issued to clients and investors on Tuesday, The Fly reports. Citigroup’s price target points to a potential downside of 12.59% from the stock’s previous close.

Several other analysts have also commented on SNAP. 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. Rosenblatt Securities increased their price objective on Snap from $70.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, March 2nd. Susquehanna Bancshares upped their price objective on shares of Snap from $40.00 to $58.00 and gave the company a “neutral” rating in a report on Friday, February 5th. Bank of America reissued a “neutral” rating and set a $67.00 target price (down previously from $78.00) on shares of Snap in a research report on Monday, March 29th. Finally, Canaccord Genuity boosted their price objective on shares of Snap from $62.00 to $76.00 and gave the company a “hold” rating in a report on Tuesday, March 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and thirty have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $67.91.

Shares of NYSE:SNAP traded down $5.40 during trading hours on Tuesday, hitting $53.77. The company’s stock had a trading volume of 1,011,750 shares, compared to its average volume of 24,168,006. The firm’s fifty day moving average price is $58.66 and its 200 day moving average price is $52.90. Snap has a 52 week low of $16.42 and a 52 week high of $73.59. The company has a market capitalization of $81.92 billion, a price-to-earnings ratio of -71.69 and a beta of 1.29. The company has a debt-to-equity ratio of 0.75, a current ratio of 5.43 and a quick ratio of 5.43.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Thursday, April 22nd. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.02. The company had revenue of $769.58 million during the quarter, compared to the consensus estimate of $739.61 million. Snap had a negative net margin of 49.74% and a negative return on equity of 48.53%. Snap’s revenue for the quarter was up 66.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. On average, equities research analysts predict that Snap will post -0.64 earnings per share for the current fiscal year.

In other news, General Counsel Michael J. O’sullivan sold 6,000 shares of the firm’s stock in a transaction on Wednesday, March 31st. The stock was sold at an average price of $52.11, for a total transaction of $312,660.00. Following the completion of the transaction, the general counsel now directly owns 1,110,915 shares in the company, valued at $57,889,780.65. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Rebecca Morrow sold 9,060 shares of Snap stock in a transaction on Friday, April 16th. The shares were sold at an average price of $62.08, for a total value of $562,444.80. Following the completion of the sale, the chief accounting officer now directly owns 243,124 shares of the company’s stock, valued at $15,093,137.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,469,463 shares of company stock valued at $88,079,591.

Several institutional investors and hedge funds have recently modified their holdings of SNAP. Lone Pine Capital LLC purchased a new position in shares of Snap in the fourth quarter valued at approximately $976,895,000. Renaissance Technologies LLC acquired a new position in shares of Snap in the fourth quarter worth $262,462,000. Lord Abbett & CO. LLC increased its position in shares of Snap by 262.3% during the fourth quarter. Lord Abbett & CO. LLC now owns 4,059,204 shares of the company’s stock worth $203,244,000 after acquiring an additional 2,938,866 shares during the period. Swedbank acquired a new stake in shares of Snap in the fourth quarter valued at $115,673,000. Finally, Zevenbergen Capital Investments LLC purchased a new position in Snap in the fourth quarter valued at $81,224,000. 47.52% 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 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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