What's Going On With Snap Shares Today?

Snap Inc SNAP shares are trading higher Friday. The company announced first-quarter financial results on Thursday and several analysts have adjusted price targets on the stock following the report. 

Snap said first-quarter revenue increased 38% year-over-year to $1.06 billion, which came in below the $1.07 billion estimate. The company reported a quarterly earnings loss of 2 cents per share, which came in below estimates for positive earnings of 1 cent per share, according to data from Benzinga Pro.

Snap said daily active users increased 18% year-over-year to 332 million. 

Revenue is expected to grow 20% to 25% year-over-year in the second quarter. Snap said adjusted EBITDA is estimated to be between breakeven and $50 million.

Related Link: Snap Shares See Volatile Afterhours Trading On Q1 Earnings Miss, Q2 Revenue Growth Outlook

Analyst Assessment: 

• Piper Sandler analyst Thomas Champion maintained Snap with an Overweight rating and lowered the price target from $53 to $50.
• Barclays analyst Ross Sandler maintained Snap with an Overweight rating and lowered the price target from $77 to $42.
• RBC Capital analyst Brad Erickson maintained Snap with a Sector Perform rating and lowered the price target from $42 to $35.
• Credit Suisse analyst Stephen Ju maintained Snap with an Outperform rating and lowered the price target from $88 to $77.
• JP Morgan analyst Doug Anmuth maintained Snap with an Overweight rating and lowered the price target from $50 to $47.
• Susquehanna analyst Shyam Patil maintained Snap with a Neutral rating and lowered the price target from $42 to $34.
• Wells Fargo analyst Brian Fitzgerald maintained Snap with an Overweight rating and lowered the price target from $60 to $48.
• Morgan Stanley analyst Brian Nowak maintained Snap with an Overweight rating and lowered the price target from $59 to $55.

SNAP 52-Week Range: $24.32 - $83.34

The stock was up 4.28% at $30.68 at time of publication.

Photo: courtesy of Snap.