Jefferies Group Downgrades Snap (SNAP) to Hold
Snap (NYSE:SNAP) was downgraded by equities researchers at Jefferies Group from a “buy” rating to a “hold” rating in a research note issued on Monday, The Fly reports.
SNAP has been the subject of a number of other research reports. Vetr raised Snap from a “strong sell” rating to a “hold” rating and set a $16.13 price target for the company in a research report on Friday, October 13th. Zacks Investment Research cut Snap from a “hold” rating to a “sell” rating in a research report on Wednesday, October 18th. Drexel Hamilton reaffirmed a “buy” rating and issued a $28.00 price target on shares of Snap in a research report on Friday, December 15th. SunTrust Banks reaffirmed a “sell” rating and issued a $10.00 price target on shares of Snap in a research report on Thursday, October 12th. Finally, Deutsche Bank cut Snap from a “buy” rating to a “hold” rating and reduced their price target for the stock from $20.00 to $17.00 in a research report on Monday, September 11th. Seventeen investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $16.84.
Shares of Snap (NYSE:SNAP) opened at $14.50 on Monday. The stock has a market capitalization of $17,460.00 and a price-to-earnings ratio of -4.56. Snap has a 12-month low of $11.28 and a 12-month high of $29.44.
Snap (NYSE:SNAP) last released its quarterly earnings data on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.17. The firm had revenue of $207.90 million during the quarter, compared to analysts’ expectations of $236.71 million. Snap had a negative return on equity of 107.36% and a negative net margin of 463.16%. The business’s revenue was up 62.2% on a year-over-year basis. equities research analysts anticipate that Snap will post -3.04 earnings per share for the current fiscal year.
In other Snap news, CEO Evan Spiegel sold 1,652,966 shares of Snap stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $12.42, for a total transaction of $20,529,837.72. Following the sale, the chief executive officer now directly owns 86,657,812 shares of the company’s stock, valued at $1,076,290,025.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Timothy Sehn sold 400,000 shares of Snap stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $14.59, for a total value of $5,836,000.00. Following the sale, the vice president now directly owns 2,669,279 shares in the company, valued at $38,944,780.61. The disclosure for this sale can be found here. Insiders have sold 3,790,711 shares of company stock worth $50,137,268 over the last 90 days.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Coatue Management LLC boosted its holdings in Snap by 4.5% during the second quarter. Coatue Management LLC now owns 21,898,624 shares of the company’s stock valued at $389,139,000 after purchasing an additional 940,900 shares in the last quarter. BlackRock Inc. boosted its holdings in Snap by 10.0% during the second quarter. BlackRock Inc. now owns 10,343,549 shares of the company’s stock valued at $183,805,000 after purchasing an additional 936,791 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Snap by 23.7% during the second quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock valued at $148,446,000 after purchasing an additional 1,601,170 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Snap by 11.6% during the third quarter. JPMorgan Chase & Co. now owns 7,650,826 shares of the company’s stock valued at $110,556,000 after purchasing an additional 797,290 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in Snap by 873.8% during the third quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock valued at $85,555,000 after purchasing an additional 5,279,883 shares in the last quarter. 18.88% of the stock is currently owned by institutional investors.
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Snap Company Profile
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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