Snap (SNAP) Rating Lowered to Underperform at UBS Group
UBS Group cut shares of Snap (NYSE:SNAP) from a market perform rating to an underperform rating in a report published on Friday, The Fly reports.
Several other research firms also recently issued reports on SNAP. Vetr upgraded Snap from a strong sell rating to a hold rating and set a $16.13 price target for the company in a research note on Friday, October 13th. Zacks Investment Research downgraded Snap from a hold rating to a sell rating in a research note on Wednesday, October 18th. Drexel Hamilton restated a buy rating and issued a $28.00 price target on shares of Snap in a research note on Friday, December 15th. SunTrust Banks restated a sell rating and issued a $10.00 price target on shares of Snap in a research note on Thursday, October 12th. Finally, Cowen downgraded Snap from a market perform rating to an underperform rating and reduced their price target for the company from $12.00 to $11.00 in a research note on Thursday, January 4th. Eighteen analysts have rated the stock with a sell rating, nineteen have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Hold and an average price target of $17.21.
Shares of Snap (NYSE:SNAP) opened at $14.11 on Friday. Snap has a one year low of $11.28 and a one year high of $29.44.
Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) 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 the consensus estimate of $236.71 million. Snap had a negative return on equity of 107.36% and a negative net margin of 463.16%. The firm’s revenue for the quarter was up 62.2% compared to the same quarter last year. research analysts forecast that Snap will post -3.04 EPS for the current fiscal year.
In other news, CFO Andrew Vollero sold 70,566 shares of the business’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $16.09, for a total transaction of $1,135,406.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mitchell Lasky sold 25,000 shares of the company’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $14.11, for a total value of $352,750.00. The disclosure for this sale can be found here. Insiders have sold a total of 3,815,711 shares of company stock valued at $50,490,018 in the last three months.
A number of institutional investors and hedge funds have recently modified their holdings of SNAP. First Manhattan Co. increased its holdings in Snap by 384.5% in the 3rd quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock worth $110,000 after purchasing an additional 6,056 shares in the last quarter. WFG Advisors LP increased its holdings in Snap by 52.4% in the 2nd quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after purchasing an additional 2,537 shares in the last quarter. Nelson Roberts Investment Advisors LLC increased its holdings in Snap by 10,033.0% in the 3rd quarter. Nelson Roberts Investment Advisors LLC now owns 10,133 shares of the company’s stock worth $147,000 after purchasing an additional 10,033 shares in the last quarter. Westwood Holdings Group Inc. acquired a new position in Snap in the 2nd quarter worth about $148,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Snap by 9,588.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 9,688 shares of the company’s stock worth $172,000 after purchasing an additional 9,588 shares in the last quarter. 18.88% of the stock is owned by institutional investors and hedge funds.
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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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