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Snap (NYSE:SNAP) Stock Rating Reaffirmed by Needham & Company LLC

Last updated on Thursday, July 9, 2020 | 2020 MarketBeat

Snap (NYSE:SNAP)'s stock had its "hold" rating reissued by analysts at Needham & Company LLC in a report issued on Thursday, AnalystRatings.com reports.

Several other equities analysts have also weighed in on the stock. Oppenheimer upgraded shares of Snap from a "market perform" rating to an "outperform" rating and set a $18.00 price objective for the company in a research report on Wednesday, April 22nd. Morgan Stanley raised their price objective on shares of Snap from $11.00 to $13.00 and gave the company an "equal weight" rating in a research report on Thursday, April 23rd. Jefferies Financial Group raised their price objective on shares of Snap from $15.00 to $20.00 and gave the company a "buy" rating in a research report on Wednesday, April 22nd. Cfra upgraded shares of Snap from a "sell" rating to a "hold" rating in a research report on Thursday, April 9th. Finally, Pivotal Research raised their target price on shares of Snap from $20.00 to $21.50 and gave the stock a "buy" rating in a report on Wednesday, April 22nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty-five have issued a buy rating to the company's stock. Snap has an average rating of "Buy" and a consensus price target of $20.08.

SNAP stock opened at $26.41 on Thursday. The company has a quick ratio of 4.83, a current ratio of 4.83 and a debt-to-equity ratio of 0.56. Snap has a fifty-two week low of $7.89 and a fifty-two week high of $26.50. The firm's 50-day simple moving average is $20.88 and its 200 day simple moving average is $16.79. The stock has a market cap of $34.14 billion, a PE ratio of -36.18 and a beta of 1.79.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, April 21st. The company reported ($0.08) EPS for the quarter, beating the Thomson Reuters' consensus estimate of ($0.20) by $0.12. The firm had revenue of $462.50 million for the quarter, compared to analysts' expectations of $420.01 million. Snap had a negative net margin of 55.40% and a negative return on equity of 46.64%. Snap's quarterly revenue was up 44.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.10) EPS. Equities analysts forecast that Snap will post -0.73 EPS for the current fiscal year.

In other news, CFO Derek Andersen sold 8,542 shares of the business's stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $13.58, for a total value of $116,000.36. Following the sale, the chief financial officer now owns 1,584,599 shares in the company, valued at approximately $21,518,854.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joanna Coles sold 6,206 shares of the business's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $19.81, for a total transaction of $122,940.86. Following the completion of the sale, the director now owns 64,791 shares in the company, valued at approximately $1,283,509.71. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,315,609 shares of company stock worth $154,856,791.

Several institutional investors have recently added to or reduced their stakes in SNAP. Edgewood Management LLC bought a new position in shares of Snap in the first quarter valued at about $734,687,000. Capital World Investors raised its holdings in Snap by 56.2% during the 1st quarter. Capital World Investors now owns 26,552,185 shares of the company's stock worth $315,705,000 after purchasing an additional 9,548,098 shares during the last quarter. Samlyn Capital LLC bought a new stake in Snap during the 1st quarter worth about $105,871,000. Renaissance Technologies LLC raised its holdings in Snap by 408.3% during the 4th quarter. Renaissance Technologies LLC now owns 9,951,900 shares of the company's stock worth $162,515,000 after purchasing an additional 7,994,000 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Snap by 61,035.2% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,567,850 shares of the company's stock worth $42,422,000 after purchasing an additional 3,562,014 shares during the last quarter. 39.48% of the stock is 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 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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