After Guggenheim and Aegis Capital gave Snap Inc (NYSE: SNAP) a Buy rating last month, the company received another Buy, this time from Pivotal Research. Analyst Michael Levine CFA reiterated a Buy rating on Snap Inc yesterday and set a price target of $20.50. The company’s shares closed last Monday at $14.00.
According to TipRanks.com, CFA is a 1-star analyst with an average return of -5.8% and a 23.1% success rate. CFA covers the Technology sector, focusing on stocks such as Trade Desk Inc, Pinterest Inc, and Alphabet Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Snap Inc with a $18.08 average price target, representing a 20.5% upside. In a report issued on October 7, Rosenblatt Securities also reiterated a Buy rating on the stock with a $21.00 price target.
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Based on Snap Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $255 million. In comparison, last year the company had a GAAP net loss of $325 million.
Based on the recent corporate insider activity of 143 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.
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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.