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.
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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.
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