Snap Inc. (SNAP) Raised to “Hold” at Zacks Investment Research
Snap Inc. (NYSE:SNAP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Snap Inc. provides technology and social media services. The Company’s principal product Snapchat, is a camera application that helps people to communicate through short videos and images. Snap Inc. is headquartered in Venice, California. “
Several other research firms have also issued reports on SNAP. Nomura restated a “sell” rating and issued a $28.00 target price (up previously from $16.00) on shares of Snap in a report on Thursday, May 11th. Citigroup Inc. restated a “buy” rating and issued a $24.00 target price (down previously from $27.00) on shares of Snap in a report on Thursday, May 11th. Oppenheimer Holdings, Inc. upgraded shares of Snap from a “market perform” rating to an “outperform” rating and set a $23.00 target price on the stock in a report on Thursday, May 11th. J P Morgan Chase & Co dropped their target price on shares of Snap from $24.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, May 11th. Finally, Stifel Nicolaus dropped their target price on shares of Snap from $27.00 to $24.00 and set a “hold” rating on the stock in a report on Thursday, May 11th. Nine analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and thirteen have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $18.89.
Shares of Snap (NYSE:SNAP) opened at 12.74 on Wednesday. Snap has a 52-week low of $11.28 and a 52-week high of $29.44. The company’s market cap is $8.70 billion. The company has a 50 day moving average of $14.83 and a 200-day moving average of $19.02.
Snap (NYSE:SNAP) last released its earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by $0.07. The company had revenue of $181.70 million for the quarter, compared to analyst estimates of $186.49 million. The company’s revenue for the quarter was up 153.1% on a year-over-year basis. Analysts forecast that Snap will post ($0.63) EPS for the current fiscal year.
A number of large investors have recently modified their holdings of the company. US Bancorp DE purchased a new stake in shares of Snap during the first quarter worth about $101,000. WFG Advisors LP purchased a new stake in shares of Snap during the first quarter worth about $109,000. Seven Bridges Advisors LLC purchased a new stake in shares of Snap during the second quarter worth about $101,000. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Snap during the first quarter worth about $158,000. Finally, Harel Insurance Investments & Financial Services Ltd. increased 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. 29.24% of the stock is owned by institutional investors and hedge funds.
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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