Snap Inc. (SNAP) Earns “Hold” Rating from Cowen and Company
Other equities analysts have also issued reports about the stock. Piper Jaffray Companies restated a neutral rating and issued a $16.50 price objective (down from $20.00) on shares of Snap in a report on Thursday, July 13th. SunTrust Banks, Inc. began coverage on shares of Snap in a report on Tuesday, August 15th. They issued a sell rating and a $10.00 price objective on the stock. Zacks Investment Research upgraded shares of Snap from a sell rating to a hold rating in a report on Wednesday, August 16th. Credit Suisse Group cut their price objective on shares of Snap from $20.00 to $17.00 and set an outperform rating on the stock in a report on Wednesday, November 8th. Finally, Drexel Hamilton restated a buy rating and issued a $30.00 price objective on shares of Snap in a report on Monday, July 17th. Fifteen research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company. Snap has an average rating of Hold and a consensus target price of $17.12.
Snap (SNAP) opened at $12.76 on Friday. Snap has a twelve month low of $11.28 and a twelve month high of $29.44.
Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.17. The business had revenue of $207.90 million during the quarter, compared to analyst estimates of $236.71 million. The business’s quarterly revenue was up 62.2% compared to the same quarter last year. equities analysts forecast that Snap will post -3.04 earnings per share for the current fiscal year.
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In other Snap news, VP Steven Michael Horowitz sold 50,624 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $13.04, for a total value of $660,136.96. Following the completion of the sale, the vice president now owns 2,440,055 shares in the company, valued at $31,818,317.20. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Timothy Sehn sold 400,000 shares of the stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $14.34, for a total transaction of $5,736,000.00. Following the completion of the sale, the vice president now owns 2,804,168 shares of the company’s stock, valued at approximately $40,211,769.12. The disclosure for this sale can be found here. Insiders have sold 1,788,498 shares of company stock valued at $26,226,612 in the last 90 days.
A number of hedge funds have recently made changes to their positions in SNAP. BlackRock Inc. acquired a new stake in Snap in the first quarter valued at $211,934,000. Vanguard Group Inc. acquired a new stake in Snap in the first quarter valued at $152,135,000. First Trust Advisors LP lifted its stake in Snap by 873.8% in the third quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock valued at $85,555,000 after acquiring an additional 5,279,883 shares during the last quarter. Valiant Capital Management L.P. lifted its stake in Snap by 379.1% in the third quarter. Valiant Capital Management L.P. now owns 3,215,300 shares of the company’s stock valued at $46,750,000 after acquiring an additional 2,544,200 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD lifted its stake in Snap by 2,592.8% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 2,533,820 shares of the company’s stock valued at $45,025,000 after acquiring an additional 2,439,725 shares during the last quarter. Hedge funds and other institutional investors own 17.33% of the company’s stock.
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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