Snap Inc. (NYSE:SNAP) Stock Rating Reaffirmed by Wells Fargo & Company
Snap Inc. (NYSE:SNAP)‘s stock had its “hold” rating reaffirmed by equities researchers at Wells Fargo & Company in a report issued on Friday.
A number of other equities research analysts also recently commented on SNAP. UBS AG upgraded Snap from a “market perform” rating to an “outperform” rating and cut their price objective for the company from $24.00 to $19.00 in a research report on Thursday, May 11th. Monness Crespi & Hardt downgraded Snap from a “buy” rating to a “neutral” rating in a research report on Friday. Oppenheimer Holdings, Inc. cut their price objective on Snap to $16.00 and set an “outperform” rating for the company in a research report on Friday. Stifel Nicolaus cut their price objective on Snap from $22.00 to $18.00 and set a “buy” rating for the company in a research report on Friday. Finally, Vetr downgraded Snap from a “buy” rating to a “hold” rating and set a $13.95 price objective for the company. in a research report on Monday. Nine research analysts have rated the stock with a sell rating, twenty have given a hold rating and fifteen have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $20.22.
Snap (NYSE:SNAP) traded down 10.8991% during trading on Friday, hitting $12.2692. The stock had a trading volume of 39,786,563 shares. The stock’s market cap is $14.46 billion. Snap has a 1-year low of $11.81 and a 1-year high of $29.44. The firm’s 50-day moving average price is $15.27 and its 200-day moving average price is $19.19. Snap also saw some unusual options trading 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 data on Thursday, August 10th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by $0.07. The firm had revenue of $181.70 million during the quarter, compared to the consensus estimate of $186.49 million. Snap’s quarterly revenue was up 153.1% on a year-over-year basis. On average, equities research analysts predict that Snap will post ($0.56) earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the company. FMR LLC acquired a new position in Snap during the first quarter valued at approximately $737,133,000. JPMorgan Chase & Co. acquired a new position in Snap during the first quarter valued at approximately $252,388,000. BlackRock Inc. acquired a new position in Snap during the first quarter valued at approximately $211,934,000. Vanguard Group Inc. acquired a new position in Snap during the first quarter valued at approximately $152,135,000. Finally, Jennison Associates LLC acquired a new position in Snap during the first quarter valued at approximately $119,178,000. 30.16% of the stock is currently owned by hedge funds and other 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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