Snap (SNAP) Coverage Initiated at Evercore ISI
Evercore ISI started coverage on shares of Snap (NYSE:SNAP) in a research note published on Tuesday, Marketbeat Ratings reports. The firm issued an underperform rating and a $7.00 price objective on the stock.
Other analysts have also issued reports about the stock. SunTrust Banks began coverage on shares of Snap in a report on Tuesday, August 15th. They issued a sell rating and a $10.00 price objective for the company. Zacks Investment Research upgraded shares of Snap from a sell rating to a hold rating in a report on Wednesday, August 16th. Summit Redstone restated a sell rating and issued a $8.00 price objective (down from $10.00) on shares of Snap in a report on Friday, August 11th. Citigroup restated a neutral rating and issued a $13.00 price objective (down from $19.00) on shares of Snap in a report on Thursday, August 10th. Finally, Credit Suisse Group decreased their target price on shares of Snap from $20.00 to $17.00 and set an outperform rating for the company in a research note on Wednesday, November 8th. Sixteen investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $16.88.
Shares of Snap (SNAP) opened at $15.07 on Tuesday. Snap has a 1-year low of $11.28 and a 1-year high of $29.44.
Snap (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, November 7th. The company reported ($0.14) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.17. The company had revenue of $207.90 million during the quarter, compared to analysts’ expectations of $236.71 million. The business’s revenue was up 62.2% compared to the same quarter last year. analysts anticipate that Snap will post -3.04 earnings per share for the current fiscal year.
In related news, General Counsel Michael J. O’sullivan sold 10,016 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $12.54, for a total value of $125,600.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Andrew Vollero sold 37,874 shares of the firm’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $14.64, for a total transaction of $554,475.36. Following the completion of the sale, the chief financial officer now owns 1,797,644 shares in the company, valued at approximately $26,317,508.16. The disclosure for this sale can be found here. Insiders have sold 4,028,723 shares of company stock valued at $53,490,194 in the last three months.
Hedge funds have recently modified their holdings of the stock. Seven Bridges Advisors LLC purchased a new stake in Snap in the second quarter worth approximately $101,000. First Manhattan Co. boosted its holdings in Snap by 384.5% in the third quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock worth $110,000 after purchasing an additional 6,056 shares during the last quarter. WFG Advisors LP boosted its holdings in Snap by 52.4% in the second quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after purchasing an additional 2,537 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Snap by 654.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock worth $134,000 after acquiring an additional 6,540 shares during the last quarter. Finally, Nelson Roberts Investment Advisors LLC boosted its stake in shares of Snap by 10,033.0% during the 3rd quarter. Nelson Roberts Investment Advisors LLC now owns 10,133 shares of the company’s stock worth $147,000 after acquiring an additional 10,033 shares during the last quarter. Institutional investors own 18.88% of the company’s stock.
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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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