Snap Inc. (NYSE:SNAP)‘s stock had its “buy” rating reissued by research analysts at Cantor Fitzgerald in a research note issued on Friday. They presently have a $17.00 target price on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 14.09% from the company’s current price.
The analysts wrote, “Monetization per minute has significant upside potential… We’re modeling for Snap’s 2017 US ad revenue per DAU (ARPU) to rise 53.4% y/y to $9.56 (vs. FB’s (OW) $103.31), and for its 2017 US ad rev per min (x 1,000) to also rise by 53.4% y/y to $0.87 (vs. FB’s $5.66). On both counts, we believe Snap’s monetization has room to go substantially higher as bid density improves on the self-serve platform and as mobile video/ads in the Discover tab ramp up.””
Other equities research analysts have also recently issued reports about the stock. Credit Suisse Group restated an “outperform” rating and set a $25.00 price objective (down from $30.00) on shares of Snap in a research report on Monday, July 10th. Jefferies Group LLC reiterated a “buy” rating and set a $30.00 price target on shares of Snap in a research report on Monday, May 22nd. Wedbush assumed coverage on shares of Snap in a research report on Wednesday, August 30th. They set a “neutral” rating and a $12.00 price target for the company. Vetr upgraded shares of Snap from a “hold” rating to a “buy” rating and set a $13.84 price target for the company in a research report on Wednesday, August 9th. Finally, Aegis dropped their price target on shares of Snap from $20.00 to $19.00 and set a “hold” rating for the company in a research report on Wednesday, June 21st. Ten equities research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and twelve have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $18.31.
Shares of Snap (SNAP) opened at 14.90 on Friday. The stock has a 50 day moving average of $15.09 and a 200-day moving average of $18.65. Snap has a 12-month low of $14.82 and a 12-month high of $29.44. The company’s market capitalization is $17.84 billion.
Snap (NYSE:SNAP) last issued its earnings results on Thursday, August 10th. The company reported ($0.36) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.07). The firm had revenue of $181.70 million for the quarter, compared to analyst estimates of $186.49 million. The firm’s revenue was up 153.1% compared to the same quarter last year. Equities research analysts forecast that Snap will post ($0.64) EPS for the current year.
In related news, CFO Andrew Vollero sold 195,100 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $2,438,750.00. Following the transaction, the chief financial officer now directly owns 1,882,280 shares in the company, valued at $23,528,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Steven Michael Horowitz sold 50,624 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $13.04, for a total value of $660,136.96. Following the transaction, the vice president now owns 2,440,055 shares in the company, valued at $31,818,317.20. The disclosure for this sale can be found here. Insiders sold 1,695,724 shares of company stock valued at $23,209,887 in the last ninety days.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. lifted its stake in Snap by 8.3% during the second quarter. Pacer Advisors Inc. now owns 9,869 shares of the company’s stock worth $175,000 after purchasing an additional 757 shares during the last quarter. Private Advisor Group LLC increased its position in Snap by 6.7% in the second quarter. Private Advisor Group LLC now owns 22,293 shares of the company’s stock worth $379,000 after buying an additional 1,393 shares during the period. NN Investment Partners Holdings N.V. increased its position in Snap by 6.3% in the second quarter. NN Investment Partners Holdings N.V. now owns 42,406 shares of the company’s stock worth $754,000 after buying an additional 2,530 shares during the period. WFG Advisors LP increased its position in Snap by 52.4% in the second quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after buying an additional 2,537 shares during the period. Finally, Oppenheimer & Co. Inc. increased its position in Snap by 21.1% in the second quarter. Oppenheimer & Co. Inc. now owns 19,816 shares of the company’s stock worth $352,000 after buying an additional 3,447 shares during the period. Hedge funds and other institutional investors own 16.40% of the company’s stock.
Snap Company Profile
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.
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