Snap Inc. (SNAP) Earns Hold Rating from Canaccord Genuity
Snap Inc. (NYSE:SNAP)‘s stock had its “hold” rating restated by investment analysts at Canaccord Genuity in a note issued to investors on Friday. They currently have a $15.00 price objective on the stock, down from their previous price objective of $22.00. Canaccord Genuity’s price target points to a potential upside of 8.93% from the company’s current price.
A number of other brokerages also recently commented on SNAP. Drexel Hamilton reiterated a “buy” rating and set a $30.00 price objective on shares of Snap in a research report on Thursday, May 11th. 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, July 31st. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and set a $28.00 price objective on shares of Snap in a research report on Thursday, May 11th. J P Morgan Chase & Co reiterated a “neutral” rating and set a $18.00 price objective (down previously from $20.00) on shares of Snap in a research report on Monday, June 5th. Finally, Stifel Nicolaus downgraded Snap from a “buy” rating to a “hold” rating and set a $20.00 price objective for the company. in a research report on Friday, July 14th. Nine equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $19.83.
Snap (SNAP) traded down 12.85% on Friday, hitting $12.00. The stock had a trading volume of 68,690,139 shares. The firm’s market cap is $14.15 billion. Snap has a 12-month low of $11.81 and a 12-month high of $29.44. The company’s 50 day moving average is $15.27 and its 200 day moving average 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 expect that Snap will post ($0.56) EPS for the current fiscal year.
A number of institutional investors have recently bought and sold shares of SNAP. US Bancorp DE acquired a new position in Snap during the first quarter valued at approximately $101,000. Seven Bridges Advisors LLC acquired a new position in Snap during the second quarter valued at approximately $101,000. WFG Advisors LP acquired a new position in Snap during the first quarter valued at approximately $109,000. Harel Insurance Investments & Financial Services Ltd. increased its position in Snap by 654.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after buying an additional 6,540 shares during the last quarter. Finally, Dubuque Bank & Trust Co. acquired a new position in Snap during the second quarter valued at approximately $137,000. 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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