New Buy Rating for Snap (SNAP), the Technology Giant


In a report released today, Brian Fitzgerald from Wells Fargo maintained a Buy rating on Snap (SNAP), with a price target of $33.00. The company’s shares closed last Friday at $27.83, close to its 52-week high of $28.56.

According to TipRanks.com, Fitzgerald is a top 25 analyst with an average return of 32.7% and a 78.6% success rate. Fitzgerald covers the Technology sector, focusing on stocks such as LiveRamp Holdings, ANGI Homeservices, and Uber Technologies.

Currently, the analyst consensus on Snap is a Moderate Buy with an average price target of $28.86, which is a 1.3% upside from current levels. In a report issued on October 8, Cowen & Co. also maintained a Buy rating on the stock with a $32.00 price target.

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Based on Snap’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $454 million and GAAP net loss of $326 million. In comparison, last year the company earned revenue of $388 million and had a GAAP net loss of $255 million.

Based on the recent corporate insider activity of 139 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SNAP in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Snap, Inc. engages in the operation of its camera platform. Its products include Snapchat, using the camera and editing tools to take and share Snaps, Friends Page, which lets users create and use Stories, Groups, Video and Chat, Discover for searching and surfacing relevant Stories, Snap Map, which shows friends, Stories and Snaps near the user, Memories, for saving personal collections, and Spectacles, wearable sunglasses capable of taking Snaps and interacting directly with the Snapchat application. The company’s primary source of revenue is advertising. Snap was founded by Frank Reginald Brown IV, Evan Thomas Spiegel, and Robert C. Murphy in 2010 and is headquartered in Santa Monica, CA.

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