Snap (SNAP) Upgraded by SunTrust Banks to Hold

SunTrust Banks upgraded shares of Snap (NYSE:SNAP) from a sell rating to a hold rating in a report released on Wednesday morning, Marketbeat reports. They currently have $10.00 target price on the stock. SunTrust Banks also issued estimates for Snap’s Q1 2018 earnings at ($0.34) EPS, Q3 2018 earnings at ($0.29) EPS and FY2022 earnings at $0.16 EPS.

A number of other analysts have also commented on SNAP. Citigroup boosted their price objective on Snap to $18.00 and gave the stock a neutral rating in a report on Wednesday. They noted that the move was a valuation call. Royal Bank of Canada raised Snap from a sector perform rating to an outperform rating in a report on Wednesday. JPMorgan Chase & Co. raised Snap from an underweight rating to a neutral rating and set a $10.00 price objective for the company in a report on Wednesday. Stifel Nicolaus reissued a hold rating and set a $13.00 price objective on shares of Snap in a report on Monday, February 5th. Finally, UBS Group lowered Snap to a neutral rating in a report on Wednesday. Fourteen research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Snap has a consensus rating of Hold and a consensus price target of $18.25.

Shares of Snap (NYSE:SNAP) opened at $18.80 on Wednesday. Snap has a twelve month low of $11.28 and a twelve month high of $29.44.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, November 7th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.17. The firm had revenue of $207.90 million during the quarter, compared to analyst estimates of $236.71 million. Snap had a negative return on equity of 97.08% and a negative net margin of 417.61%. The firm’s quarterly revenue was up 62.2% compared to the same quarter last year. equities research analysts anticipate that Snap will post -1.11 EPS for the current year.

In related news, VP Steven Michael Horowitz sold 286,332 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $12.54, for a total value of $3,590,603.28. Following the transaction, the vice president now owns 2,532,598 shares in the company, valued at $31,758,778.92. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mitchell Lasky sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $12.38, for a total value of $309,500.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,230,407 shares of company stock worth $32,578,428.

A number of institutional investors have recently bought and sold shares of SNAP. First Trust Advisors LP lifted its stake in Snap by 873.8% in the third quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock valued at $85,555,000 after purchasing an additional 5,279,883 shares during the last quarter. Valiant Capital Management L.P. lifted its stake 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 valued at $46,750,000 after purchasing an additional 2,544,200 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in Snap by 73.4% in the third quarter. Allianz Asset Management GmbH now owns 4,529,005 shares of the company’s stock valued at $65,852,000 after purchasing an additional 1,916,830 shares during the last quarter. BlackRock Inc. lifted its position in shares of Snap by 17.8% during the fourth quarter. BlackRock Inc. now owns 11,648,770 shares of the company’s stock worth $170,188,000 after acquiring an additional 1,762,106 shares in the last quarter. Finally, Schf GPE LLC purchased a new stake in shares of Snap during the fourth quarter worth $23,779,000. Institutional investors and hedge funds own 18.97% of the company’s stock.

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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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