Credit Suisse Group Increases Snap (NYSE:SNAP) Price Target to $18.00
Snap (NYSE:SNAP) had its target price increased by equities research analysts at Credit Suisse Group from $15.00 to $18.00 in a report released on Tuesday, Marketbeat.com reports. The firm currently has an “outperform” rating on the stock. Credit Suisse Group’s target price indicates a potential upside of 15.61% from the stock’s current price.
A number of other brokerages have also issued reports on SNAP. Aegis lowered Shutterfly from a “buy” rating to a “hold” rating in a research note on Monday, June 17th. Barclays decreased their target price on Waters from $218.00 to $210.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 24th. UBS Group lifted their target price on W. R. Berkley from $53.00 to $56.00 and gave the company a “sell” rating in a research report on Wednesday, April 24th. Consumer Edge assumed coverage on Snap in a research report on Tuesday, March 12th. They set an “outperform” rating for the company. Finally, Zacks Investment Research lowered Heritage Insurance from a “hold” rating to a “strong sell” rating in a research report on Friday, April 26th. Four equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and nine have assigned a buy rating to the stock. Snap has an average rating of “Hold” and a consensus price target of $11.66.
Shares of SNAP stock traded up $0.31 on Tuesday, reaching $15.57. 26,653,166 shares of the company’s stock were exchanged, compared to its average volume of 26,761,262. Snap has a 52 week low of $4.82 and a 52 week high of $15.94. The company has a quick ratio of 4.75, a current ratio of 4.75 and a debt-to-equity ratio of 0.15. The company has a market cap of $20.63 billion, a PE ratio of -16.05 and a beta of 1.08. The business has a fifty day moving average of $13.63.
In related news, Director Michael Lynton sold 25,000 shares of the business’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $11.09, for a total transaction of $277,250.00. Following the transaction, the director now directly owns 126,817 shares in the company, valued at approximately $1,406,400.53. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Jerry James Hunter sold 8,770 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $11.72, for a total value of $102,784.40. Following the transaction, the vice president now owns 1,677,417 shares in the company, valued at $19,659,327.24. The disclosure for this sale can be found here. Insiders sold a total of 2,748,027 shares of company stock worth $34,004,202 over the last quarter.
A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. lifted its stake in Snap by 2.7% during the 4th quarter. BlackRock Inc. now owns 14,919,140 shares of the company’s stock valued at $82,205,000 after acquiring an additional 396,692 shares in the last quarter. Stephens Inc. AR bought a new position in Snap during the 4th quarter valued at $66,000. Bank of New York Mellon Corp lifted its stake in Snap by 29.4% during the 4th quarter. Bank of New York Mellon Corp now owns 620,207 shares of the company’s stock valued at $3,418,000 after acquiring an additional 140,784 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in Snap by 18.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 180,744 shares of the company’s stock valued at $995,000 after acquiring an additional 27,875 shares in the last quarter. Finally, Advisor Group Inc. lifted its stake in Snap by 33.7% during the 4th quarter. Advisor Group Inc. now owns 86,678 shares of the company’s stock valued at $478,000 after acquiring an additional 21,860 shares in the last quarter. Hedge funds and other institutional investors own 26.08% 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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