Morgan Stanley Boosts Snap (SNAP) Price Target to $8.50

Snap (NYSE:SNAP) had its price objective raised by Morgan Stanley from $5.50 to $8.50 in a research report report published on Tuesday, BenzingaRatingsTable reports. The brokerage currently has an underweight rating on the stock.

SNAP has been the subject of a number of other reports. Nomura increased their price objective on shares of Snap from $6.00 to $9.00 and gave the stock a neutral rating in a research note on Wednesday, February 6th. Zacks Investment Research raised shares of Snap from a hold rating to a buy rating and set a $7.25 price objective for the company in a research note on Tuesday, January 29th. Pivotal Research cut shares of Snap from a buy rating to a hold rating and reduced their price objective for the stock from $8.00 to $6.00 in a research note on Monday, January 7th. Stifel Nicolaus reissued a hold rating and issued a $10.00 price objective on shares of Snap in a research note on Friday, April 5th. Finally, Aegis reduced their price objective on shares of Snap from $10.00 to $7.00 and set a hold rating for the company in a research note on Wednesday, January 16th. Three investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $9.49.

Shares of SNAP stock opened at $11.69 on Tuesday. Snap has a 12 month low of $4.82 and a 12 month high of $15.96. The company has a market cap of $15.65 billion, a price-to-earnings ratio of -12.05 and a beta of 1.18.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, February 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.15. The firm had revenue of $389.82 million during the quarter, compared to analysts’ expectations of $378.90 million. Snap had a negative net margin of 106.39% and a negative return on equity of 46.90%. The company’s revenue for the quarter was up 36.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.13) earnings per share. As a group, equities research analysts predict that Snap will post -0.68 EPS for the current year.

In other Snap news, CEO Evan Spiegel sold 4,447,107 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $9.98, for a total transaction of $44,382,127.86. Following the completion of the transaction, the chief executive officer now owns 74,450,661 shares in the company, valued at $743,017,596.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Lara Sweet sold 22,818 shares of the stock in a transaction on Friday, April 5th. The shares were sold at an average price of $12.00, for a total transaction of $273,816.00. Following the transaction, the chief financial officer now owns 642,690 shares of the company’s stock, valued at approximately $7,712,280. The disclosure for this sale can be found here. Insiders have sold 6,450,999 shares of company stock valued at $64,328,947 over the last ninety days.

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc lifted its position in Snap by 57.6% during the third quarter. Vanguard Group Inc now owns 47,237,907 shares of the company’s stock valued at $400,578,000 after purchasing an additional 17,260,731 shares during the last quarter. Vanguard Group Inc. lifted its position in Snap by 57.6% during the third quarter. Vanguard Group Inc. now owns 47,237,907 shares of the company’s stock valued at $400,578,000 after purchasing an additional 17,260,731 shares during the last quarter. FMR LLC lifted its position in Snap by 2.8% during the fourth quarter. FMR LLC now owns 22,150,589 shares of the company’s stock valued at $122,050,000 after purchasing an additional 606,983 shares during the last quarter. First Trust Advisors LP lifted its position in Snap by 4.0% during the fourth quarter. First Trust Advisors LP now owns 19,734,691 shares of the company’s stock valued at $108,738,000 after purchasing an additional 752,876 shares during the last quarter. Finally, BlackRock Inc. lifted its position in Snap by 2.7% during the fourth quarter. BlackRock Inc. now owns 14,919,140 shares of the company’s stock valued at $82,205,000 after purchasing an additional 396,692 shares during the last quarter. Institutional investors and hedge funds own 23.31% of the company’s stock.

Snap Company Profile

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.

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Analyst Recommendations for Snap (NYSE:SNAP)

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