Bank of America Corporation Reiterates “Neutral” Rating for Snap Inc. (NYSE:SNAP)
Snap Inc. (NYSE:SNAP)‘s stock had its “neutral” rating reiterated by investment analysts at Bank of America Corporation in a research note issued on Friday. They presently have a $17.00 target price on the stock, down from their prior target price of $20.00. Bank of America Corporation’s price objective suggests a potential upside of 43.70% from the company’s previous close.
A number of other analysts have also commented on the stock. Jefferies Group LLC restated a “buy” rating and set a $30.00 price target on shares of Snap in a research note on Monday, April 17th. Barclays PLC reiterated a “sell” rating on shares of Snap in a research note on Friday, April 14th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $31.00 target price on shares of Snap in a research note on Monday, April 17th. Vetr lowered shares of Snap from a “buy” rating to a “hold” rating and set a $22.54 target price for the company. in a research note on Thursday, April 27th. Finally, Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $23.00 target price on shares of Snap in a research note on Tuesday, July 11th. Nine research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and fifteen have given a buy rating to the stock. Snap has an average rating of “Hold” and a consensus price target of $19.42.
Snap (NYSE SNAP) traded down 14.09% on Friday, reaching $11.83. 83,786,599 shares of the company were exchanged. The company’s 50-day moving average price is $15.27 and its 200-day moving average price is $19.19. Snap has a 12-month low of $11.77 and a 12-month high of $29.44. The stock’s market capitalization is $13.95 billion. Snap also was the target of some unusual options trading activity on Thursday. Investors bought 65,962 put options on the company. This represents an increase of approximately 173% compared to the typical volume of 24,199 put options.
Snap (NYSE:SNAP) last announced its quarterly earnings results on Thursday, August 10th. The company reported ($0.36) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by $0.07. The business had revenue of $181.70 million for the quarter, compared to analyst estimates of $186.49 million. Snap’s revenue for the quarter was up 153.1% on a year-over-year basis. Equities research analysts anticipate that Snap will post ($0.56) earnings per share for the current fiscal year.
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Hedge funds have recently made changes to their positions in the company. US Bancorp DE acquired a new stake in shares of Snap during the first quarter worth approximately $101,000. Seven Bridges Advisors LLC acquired a new stake in shares of Snap during the second quarter worth approximately $101,000. WFG Advisors LP acquired a new stake in shares of Snap during the first quarter worth approximately $109,000. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Snap by 654.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock worth $134,000 after buying an additional 6,540 shares during the last quarter. Finally, Dubuque Bank & Trust Co. acquired a new stake in shares of Snap during the second quarter worth approximately $137,000. 30.16% of the stock is owned by institutional investors.
Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.
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