Snap (SNAP) Stock Rating Reaffirmed by Barclays

Barclays reissued their overweight rating on shares of Snap (NYSE:SNAP) in a report published on Wednesday, The Fly reports. The firm currently has a $21.00 target price on the stock, up from their prior target price of $18.00.

Several other brokerages also recently issued reports on SNAP. BidaskClub downgraded Snap from a hold rating to a sell rating in a report on Thursday, October 26th. Vetr upgraded Snap from a hold rating to a strong-buy rating and set a $18.29 price target for the company in a report on Thursday, October 19th. SunTrust Banks upgraded Snap from a sell rating to a hold rating and set a $10.00 price target for the company in a report on Wednesday. Zacks Investment Research upgraded Snap from a hold rating to a buy rating and set a $16.00 price target for the company in a report on Wednesday, January 17th. Finally, Pivotal Research reiterated a sell rating and issued a $10.00 price target on shares of Snap in a report on Wednesday, January 10th. Fourteen analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $18.25.

Shares of Snap (NYSE SNAP) opened at $20.75 on Wednesday. Snap has a twelve month low of $11.28 and a twelve month high of $29.44. The stock has a market capitalization of $24,990.00 and a price-to-earnings ratio of -6.53.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.17. Snap had a negative return on equity of 97.08% and a negative net margin of 417.61%. The firm had revenue of $207.90 million during the quarter, compared to the consensus estimate of $236.71 million. Snap’s quarterly revenue was up 62.2% on a year-over-year basis. research analysts expect that Snap will post -1.09 EPS for the current year.

In related news, Director Mitchell Lasky sold 25,000 shares of Snap stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $13.98, for a total value of $349,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew Vollero sold 70,566 shares of Snap stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $16.09, for a total value of $1,135,406.94. The disclosure for this sale can be found here. Insiders sold 1,885,626 shares of company stock valued at $25,814,031 over the last quarter.

A number of hedge funds and other institutional investors have recently modified their holdings of SNAP. First Trust Advisors LP lifted its holdings in Snap by 873.8% in the third quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock worth $85,555,000 after acquiring an additional 5,279,883 shares during the last quarter. Valiant Capital Management L.P. lifted its holdings in Snap by 379.1% in the third quarter. Valiant Capital Management L.P. now owns 3,215,300 shares of the company’s stock worth $46,750,000 after acquiring an additional 2,544,200 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in Snap by 73.4% in the third quarter. Allianz Asset Management GmbH now owns 4,529,005 shares of the company’s stock worth $65,852,000 after acquiring an additional 1,916,830 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Snap by 23.7% in the second quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock worth $148,446,000 after acquiring an additional 1,601,170 shares during the last quarter. Finally, State Treasurer State of Michigan bought a new position in Snap in the third quarter worth about $15,714,000. 18.97% of the stock is currently owned by hedge funds and other 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.

The Fly

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