Snap (SNAP) Rating Increased to Overweight at Barclays

Barclays upgraded shares of Snap (NYSE:SNAP) from an equal weight rating to an overweight rating in a report released on Tuesday, December 5th, Marketbeat Ratings reports. They currently have $18.00 price objective on the stock, up from their previous price objective of $11.00.

Several other equities analysts also recently commented on the company. Deutsche Bank restated a hold rating and issued a $11.00 price objective on shares of Snap in a research report on Thursday, November 30th. Wells Fargo & Co restated a hold rating on shares of Snap in a research report on Wednesday, November 29th. JMP Securities downgraded Snap from an outperform rating to a market perform rating in a research report on Sunday, November 26th. Cowen reiterated a hold rating and issued a $12.00 target price on shares of Snap in a research report on Friday, November 10th. Finally, Canaccord Genuity downgraded Snap from a hold rating to a sell rating in a research report on Thursday, November 9th. Sixteen equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $16.86.

Snap (SNAP) traded down $0.24 during mid-day trading on Tuesday, hitting $14.61. The stock had a trading volume of 9,514,774 shares, compared to its average volume of 18,317,366. Snap has a 52-week low of $11.28 and a 52-week high of $29.44.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.17. Snap had a negative return on equity of 107.36% and a negative net margin of 463.16%. The firm had revenue of $207.90 million during the quarter, compared to analysts’ expectations of $236.71 million. The company’s quarterly revenue was up 62.2% compared to the same quarter last year. research analysts expect that Snap will post -3.04 EPS for the current fiscal year.

In other Snap news, Director Mitchell Lasky sold 25,000 shares of the stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $12.38, for a total transaction of $309,500.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Lara Sweet sold 29,296 shares of the stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $15.92, for a total value of $466,392.32. The disclosure for this sale can be found here. Insiders sold a total of 4,165,711 shares of company stock valued at $55,704,768 in the last 90 days.

Institutional investors and hedge funds have recently made changes to their positions in the business. Seven Bridges Advisors LLC acquired a new stake in Snap during the 2nd quarter worth about $101,000. First Manhattan Co. grew its position in Snap by 384.5% during the 3rd quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock worth $110,000 after purchasing an additional 6,056 shares during the period. WFG Advisors LP grew its position in Snap by 52.4% during the 2nd quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after purchasing an additional 2,537 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Snap by 654.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after acquiring an additional 6,540 shares during the period. Finally, Nelson Roberts Investment Advisors LLC grew its position in shares of Snap by 10,033.0% during the 3rd quarter. Nelson Roberts Investment Advisors LLC now owns 10,133 shares of the company’s stock valued at $147,000 after acquiring an additional 10,033 shares during the period. 18.88% of the stock is currently owned by institutional investors.

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About Snap

Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.

Analyst Recommendations for Snap (NYSE:SNAP)

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