Snap (SNAP) Upgraded to “Buy” at Pivotal Research

Pivotal Research upgraded shares of Snap (NYSE:SNAP) from a hold rating to a buy rating in a research note released on Friday morning, MarketBeat reports. The firm currently has $8.00 price objective on the stock, down from their prior price objective of $9.00.

Several other research firms have also commented on SNAP. Zacks Investment Research upgraded shares of Snap from a sell rating to a hold rating in a research report on Tuesday, July 24th. Cowen decreased their target price on shares of Snap from $9.00 to $8.00 and set an underperform rating on the stock in a research report on Friday, July 13th. Nomura began coverage on shares of Snap in a research report on Wednesday, July 11th. They set a neutral rating and a $13.00 target price on the stock. BTIG Research restated a neutral rating on shares of Snap in a research report on Tuesday, August 7th. Finally, Wells Fargo & Co restated a hold rating and set a $12.00 target price on shares of Snap in a research report on Wednesday, August 8th. Ten analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $13.66.

Shares of SNAP stock traded up $0.37 during trading hours on Friday, hitting $7.18. The company’s stock had a trading volume of 36,204,971 shares, compared to its average volume of 26,062,969. The firm has a market capitalization of $10.83 billion, a PE ratio of -3.45 and a beta of -2.59. Snap has a twelve month low of $6.46 and a twelve month high of $21.22.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, August 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.32) by $0.18. The business had revenue of $262.26 million for the quarter, compared to analyst estimates of $247.24 million. Snap had a negative net margin of 155.31% and a negative return on equity of 49.79%. Sell-side analysts expect that Snap will post -1.07 EPS for the current year.

In other news, CFO Timothy R. Stone sold 8,619 shares of the firm’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $9.29, for a total value of $80,070.51. Following the transaction, the chief financial officer now owns 1,224,343 shares of the company’s stock, valued at approximately $11,374,146.47. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Imran Khan sold 300,000 shares of the firm’s stock in a transaction on Monday, October 1st. The shares were sold at an average price of $8.40, for a total transaction of $2,520,000.00. Following the completion of the transaction, the insider now directly owns 7,991,577 shares in the company, valued at approximately $67,129,246.80. The disclosure for this sale can be found here. In the last three months, insiders sold 3,596,960 shares of company stock worth $39,834,299.

Hedge funds have recently modified their holdings of the company. OppenheimerFunds Inc. increased its stake in Snap by 171.4% during the 2nd quarter. OppenheimerFunds Inc. now owns 37,157,073 shares of the company’s stock worth $486,385,000 after buying an additional 23,468,531 shares during the period. FMR LLC grew its holdings in Snap by 18.4% during the 2nd quarter. FMR LLC now owns 24,968,882 shares of the company’s stock worth $326,842,000 after acquiring an additional 3,886,373 shares in the last quarter. Morgan Stanley grew its holdings in Snap by 15.3% during the 2nd quarter. Morgan Stanley now owns 16,014,841 shares of the company’s stock worth $209,635,000 after acquiring an additional 2,123,727 shares in the last quarter. BlackRock Inc. grew its holdings in Snap by 22.1% during the 2nd quarter. BlackRock Inc. now owns 15,367,441 shares of the company’s stock worth $201,159,000 after acquiring an additional 2,779,756 shares in the last quarter. Finally, Hillhouse Capital Management Ltd. grew its holdings in Snap by 81.1% during the 2nd quarter. Hillhouse Capital Management Ltd. now owns 10,989,529 shares of the company’s stock worth $143,853,000 after acquiring an additional 4,921,688 shares in the last quarter. 22.29% of the stock is currently owned by institutional investors and hedge funds.

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 to 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 to surface the most interesting stories 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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