Snap Inc. (SNAP) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Snap Inc. (NYSE:SNAP) from a hold rating to a sell rating in a research note issued to investors 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. “

SNAP has been the topic of a number of other reports. SunTrust Banks, Inc. reaffirmed a sell rating and issued a $10.00 price target on shares of Snap in a research note on Thursday, October 12th. Needham & Company LLC reiterated an underperform rating on shares of Snap in a report on Thursday, October 5th. Cantor Fitzgerald restated a buy rating and set a $15.00 price target on shares of Snap in a report on Tuesday, August 22nd. Credit Suisse Group restated an outperform rating and set a $25.00 price target (down previously from $30.00) on shares of Snap in a report on Monday, July 10th. Finally, Canaccord Genuity restated a hold rating and set a $15.00 price target on shares of Snap in a report on Sunday, October 1st. Ten analysts have rated the stock with a sell rating, twenty-three have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $18.17.

Snap (NYSE:SNAP) traded down 3.17% during trading on Wednesday, reaching $15.25. The company had a trading volume of 19,232,517 shares. The stock has a 50 day moving average price of $14.85 and a 200 day moving average price of $17.13. Snap has a 52 week low of $11.28 and a 52 week high of $29.44. The firm’s market capitalization is $18.26 billion.

Snap (NYSE:SNAP) last posted 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 firm had revenue of $181.70 million for the quarter, compared to analyst estimates of $186.49 million. The business’s revenue for the quarter was up 153.1% compared to the same quarter last year. Analysts predict that Snap will post ($0.65) earnings per share for the current year.

TRADEMARK VIOLATION WARNING: “Snap Inc. (SNAP) Lowered to Sell at Zacks Investment Research” was reported by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are viewing this report on another site, it was illegally copied and republished in violation of US and international copyright and trademark legislation. The correct version of this report can be viewed at https://www.chaffeybreeze.com/2017/10/19/snap-inc-snap-lowered-to-sell-at-zacks-investment-research.html.

In other Snap news, insider Imran Khan sold 350,000 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $15.00, for a total value of $5,250,000.00. Following the sale, the insider now owns 9,946,464 shares of the company’s stock, valued at $149,196,960. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Timothy Sehn sold 400,000 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $12.50, for a total transaction 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 approximately $27,552,100. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,133,598 shares of company stock worth $29,704,362.

Hedge funds and other institutional investors have recently made changes to their positions in the business. US Bancorp DE purchased a new stake in shares of Snap in the first quarter valued at about $101,000. BlackRock Inc. lifted its holdings in shares of Snap by 10.0% in the second quarter. BlackRock Inc. now owns 10,343,549 shares of the company’s stock valued at $183,805,000 after purchasing an additional 936,791 shares in the last quarter. Brighton Jones LLC purchased a new stake in shares of Snap in the second quarter valued at about $312,000. Baker Avenue Asset Management LP purchased a new stake in shares of Snap in the second quarter valued at about $518,000. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of Snap in the first quarter valued at about $369,000. 16.40% of the stock is currently owned by institutional investors.

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.

Analyst Recommendations for Snap (NYSE:SNAP)

Receive News & Ratings for Snap Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply