RBC Capital Believes Snap (NYSE: SNAP) Still Has Room to Grow

By Ryan Adsit

In a report issued on July 17, Mark Mahaney from RBC Capital maintained a Buy rating on Snap (SNAPResearch Report), with a price target of $28.00. The company’s shares closed last Friday at $24.54, close to its 52-week high of $26.76.

According to TipRanks.com, Mahaney is a 5-star analyst with an average return of 20.0% and a 63.8% success rate. Mahaney covers the Technology sector, focusing on stocks such as Spotify Technology SA, Jumia Technologies AG, and Uber Technologies.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Snap with a $23.54 average price target, which is a -1.7% downside from current levels. In a report issued on July 13, Barclays also maintained a Buy rating on the stock with a $30.00 price target.

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The company has a one-year high of $26.76 and a one-year low of $7.89. Currently, Snap has an average volume of 30.03M.

Based on the recent corporate insider activity of 129 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.