Snap’s (SNAP) Sell Rating Reaffirmed at SunTrust Banks, Inc.
Snap Inc. (NYSE:SNAP)‘s stock had its “sell” rating reaffirmed by analysts at SunTrust Banks, Inc. in a research note issued on Thursday. They currently have a $10.00 target price on the stock. SunTrust Banks, Inc.’s price target would suggest a potential downside of 37.42% from the stock’s current price.
Other analysts have also recently issued research reports about the company. Drexel Hamilton reiterated a “buy” rating and set a $30.00 target price on shares of Snap in a report on Friday, June 16th. Vetr cut Snap from a “strong-buy” rating to a “buy” rating and set a $19.38 target price for the company. in a report on Tuesday, June 27th. Royal Bank Of Canada reiterated a “buy” rating and set a $31.00 target price on shares of Snap in a report on Tuesday, July 11th. Stifel Nicolaus upgraded Snap from a “hold” rating to a “buy” rating and boosted their target price for the stock from $15.24 to $22.00 in a report on Thursday, July 13th. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $20.00 target price on shares of Snap in a report on Wednesday, August 9th. Ten research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $18.03.
Snap (NYSE:SNAP) traded up 3.32% on Thursday, hitting $16.51. 62,606,696 shares of the stock traded hands. The firm’s 50-day moving average price is $14.66 and its 200-day moving average price is $17.36. Snap has a 12-month low of $11.28 and a 12-month high of $29.44. The stock’s market cap is $19.77 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 during the quarter, compared to analyst estimates of $186.49 million. Snap’s revenue was up 153.1% on a year-over-year basis. On average, equities research analysts anticipate that Snap will post ($0.64) EPS for the current fiscal year.
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In other Snap news, CFO Andrew Vollero sold 195,100 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total value of $2,438,750.00. Following the sale, the chief financial officer now directly owns 1,882,280 shares of the company’s stock, valued at $23,528,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Timothy Sehn sold 400,000 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total value of $5,000,000.00. Following the completion of the sale, the vice president now directly owns 2,204,168 shares in the company, valued at $27,552,100. The disclosure for this sale can be found here. Insiders sold 2,133,598 shares of company stock worth $29,704,362 over the last ninety days.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. US Bancorp DE bought a new position in shares of Snap in the first quarter worth $101,000. Brighton Jones LLC bought a new position in shares of Snap in the second quarter worth $312,000. BlackRock Inc. grew its stake in shares of Snap by 10.0% in the second quarter. BlackRock Inc. now owns 10,343,549 shares of the company’s stock worth $183,805,000 after purchasing an additional 936,791 shares in the last quarter. Baker Avenue Asset Management LP bought a new position in shares of Snap in the second quarter worth $518,000. Finally, Oppenheimer & Co. Inc. bought a new position in shares of Snap in the first quarter worth $369,000. 16.40% of the stock is currently owned by hedge funds and other institutional investors.
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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