Snap Inc. (SNAP) Receives Hold Rating from Canaccord Genuity
A number of other equities research analysts have also recently issued reports on SNAP. Royal Bank Of Canada reaffirmed an outperform rating on shares of Snap in a report on Saturday, June 3rd. J P Morgan Chase & Co reaffirmed a neutral rating and issued a $18.00 target price (down from $20.00) on shares of Snap in a report on Monday, June 5th. Vetr raised shares of Snap from a buy rating to a strong-buy rating and set a $22.81 target price on the stock in a report on Monday, June 5th. Citigroup Inc. cut shares of Snap from a buy rating to a neutral rating and dropped their target price for the company from $24.00 to $22.00 in a report on Friday, June 9th. Finally, Instinet reaffirmed a reduce rating and issued a $14.00 target price on shares of Snap in a report on Friday, June 9th. Ten research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and twelve have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $18.21.
Shares of Snap (NYSE:SNAP) opened at 14.53 on Friday. Snap has a 12 month low of $11.28 and a 12 month high of $29.44. The stock has a 50 day moving average price of $14.50 and a 200 day moving average price of $17.61. The firm’s market capitalization is $17.39 billion.
Snap (NYSE:SNAP) last issued its earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.07). The firm had revenue of $181.70 million for the quarter, compared to the consensus estimate of $186.49 million. The company’s revenue was up 153.1% compared to the same quarter last year. On average, analysts expect that Snap will post ($0.64) earnings per share for the current year.
In related news, CFO Andrew Vollero sold 195,100 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $12.50, for a total transaction of $2,438,750.00. Following the sale, the chief financial officer now owns 1,882,280 shares in the company, valued at approximately $23,528,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Timothy Sehn sold 400,000 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $5,000,000.00. Following the sale, the vice president now owns 2,204,168 shares in the company, valued at approximately $27,552,100. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,133,598 shares of company stock worth $29,704,362.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Coatue Management LLC boosted its position in shares of Snap by 4.5% during the 2nd quarter. Coatue Management LLC now owns 21,898,624 shares of the company’s stock worth $389,139,000 after acquiring an additional 940,900 shares in the last quarter. BlackRock Inc. boosted its position in shares of Snap by 10.0% during the 2nd quarter. BlackRock Inc. now owns 10,343,549 shares of the company’s stock worth $183,805,000 after acquiring an additional 936,791 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Snap by 23.7% during the 2nd quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock worth $148,446,000 after acquiring an additional 1,601,170 shares in the last quarter. General Atlantic LLC acquired a new stake in shares of Snap during the 1st quarter worth approximately $110,010,000. Finally, Dragoneer Investment Group LLC acquired a new stake in shares of Snap during the 1st quarter worth approximately $70,970,000. Institutional investors and hedge funds own 16.40% 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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