Canaccord Genuity Increases Snap (SNAP) Price Target to $13.00

Snap (NYSE:SNAP) had its price target lifted by Canaccord Genuity from $9.50 to $13.00 in a report released on Wednesday morning, The Fly reports. Canaccord Genuity currently has a hold rating on the stock.

Several other brokerages also recently commented on SNAP. Zacks Investment Research raised shares of Snap from a hold rating to a buy rating and set a $13.00 target price for the company in a report on Monday, April 8th. SunTrust Banks reaffirmed a hold rating and set a $11.00 target price on shares of Snap in a report on Wednesday. JPMorgan Chase & Co. raised shares of Snap from an underweight rating to a neutral rating and lifted their target price for the stock from $7.00 to $11.00 in a report on Wednesday. Royal Bank of Canada raised shares of Snap from a sector perform rating to an outperform rating and lifted their target price for the stock from $10.00 to $17.00 in a report on Friday, April 5th. Finally, Deutsche Bank lifted their target price on shares of Snap from $10.00 to $13.00 and gave the stock a hold rating in a report on Friday, April 5th. Four analysts have rated the stock with a sell rating, twenty-six have issued a hold rating and six have issued a buy rating to the stock. Snap presently has a consensus rating of Hold and an average target price of $10.36.

Shares of SNAP opened at $10.91 on Wednesday. Snap has a one year low of $4.82 and a one year high of $14.82. The stock has a market capitalization of $14.41 billion, a PE ratio of -11.25 and a beta of 1.18.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). Snap had a negative net margin of 92.94% and a negative return on equity of 47.71%. The firm had revenue of $320.43 million during the quarter, compared to the consensus estimate of $306.28 million. During the same period last year, the business earned ($0.17) EPS. The business’s revenue was up 38.9% on a year-over-year basis. On average, sell-side analysts expect that Snap will post -0.76 earnings per share for the current year.

In other news, CEO Evan Spiegel sold 4,447,107 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $9.98, for a total value of $44,382,127.86. Following the completion of the transaction, the chief executive officer now directly owns 74,450,661 shares in the company, valued at approximately $743,017,596.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jeremi Gorman sold 9,975 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $11.99, for a total transaction of $119,600.25. Following the completion of the transaction, the insider now owns 2,933,596 shares of the company’s stock, valued at $35,173,816.04. The disclosure for this sale can be found here. Insiders sold a total of 6,653,451 shares of company stock valued at $66,692,974 in the last three months.

Several large investors have recently modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Snap by 8.8% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 18,057 shares of the company’s stock worth $199,000 after purchasing an additional 1,463 shares in the last quarter. TRUE Private Wealth Advisors acquired a new position in Snap in the 1st quarter valued at approximately $115,000. Carlson Capital Management acquired a new position in Snap in the 1st quarter valued at approximately $119,000. TradeLink Capital LLC acquired a new position in Snap in the 1st quarter valued at approximately $356,000. Finally, Nwam LLC acquired a new position in Snap in the 1st quarter valued at approximately $169,000. Institutional investors own 23.32% 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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