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

Morgan Stanley analyst Brian Nowak maintained a Buy rating on Snap (SNAPResearch Report) today and set a price target of $59.00. The company’s shares closed last Monday at $36.23.

According to TipRanks.com, Nowak is a 4-star analyst with an average return of 6.8% and a 61.0% success rate. Nowak covers the Technology sector, focusing on stocks such as Zillow Group Class C, Zillow Group Class A, and Integral Ad Science.

Snap has an analyst consensus of Moderate Buy, with a price target consensus of $53.64, implying a 52.3% upside from current levels. In a report issued on March 25, Loop Capital Markets also maintained a Buy rating on the stock with a $65.00 price target.

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Snap’s market cap is currently $58.85B and has a P/E ratio of -112.83.

Based on the recent corporate insider activity of 160 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.

Founded in 2010 and based in California, Snap, Inc. is a social media company and provides a camera platform in the U.S. and internationally. It has developed many technological products and services including Snapchat, which uses the camera and editing tools to take and share Snaps; Bitmojis, which are personal emojis; Spectacles, which are wearable sunglasses capable of taking Snaps and interacting directly with the Snapchat application. The company’s primary source of revenue is advertising.

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