In a report released today, Jason Bazinet from Citigroup upgraded Snap (SNAP – Research Report) to Buy, with a price target of $50.00. The company’s shares closed last Tuesday at $33.63, close to its 52-week low of $24.32.
According to TipRanks.com, Bazinet is a 3-star analyst with an average return of 0.8% and a 56.5% success rate. Bazinet covers the Services sector, focusing on stocks such as Liberty Media Liberty SiriusXM, Peloton Interactive, and AMC Entertainment.
Snap has an analyst consensus of Strong Buy, with a price target consensus of $53.70, a 65.9% upside from current levels. In a report released yesterday, Evercore ISI also maintained a Buy rating on the stock with a $58.00 price target.
The company has a one-year high of $83.34 and a one-year low of $24.32. Currently, Snap has an average volume of 36.08M.
Based on the recent corporate insider activity of 149 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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