Pivotal Research reiterated their sell rating on shares of Snap Inc. (NYSE:SNAP) in a research note published on Wednesday morning. The brokerage currently has a $8.00 price target on the stock, down from their prior price target of $9.00.
“Weak 3Q17 Vs. Expectations, New $8 Price Target Nov. 8, 2017 BOTTOM LINE: Snap reported weak 3Q17 results vs. expectations, with revenues well below forecasts and an absence of confidence that the attributed source of under-performance (more programmatic sales than expected) is net positive to the business. With some downward adjustments to our financial model post these results, our new price target is $8 per share on a YE2017 basis vs. $9 previously, which continues to lead us to rate the stock Sell. Snap reported 3Q17 revenues of $208mm, up +62% year-over-year. We previously forecast +86% revenue growth for 3Q17 for a total of $239mm, essentially matching consensus as part of a path towards our prior +120% annual growth rate forecast. The current quarter’s growth included +46% gains in North America (on a user-apportioned rather than advertiser-apportioned basis), down from triple digit rates in prior periods.”,” Pivotal Research’s analyst commented.
SNAP has been the topic of several other reports. SunTrust Banks, Inc. reissued a sell rating and set a $10.00 target price on shares of Snap in a research note on Thursday, October 12th. Needham & Company LLC reissued an underperform rating on shares of Snap in a research note on Thursday, October 5th. BidaskClub lowered shares of Snap from a hold rating to a sell rating in a research note on Thursday, October 26th. Cantor Fitzgerald reissued a buy rating and set a $15.00 target price on shares of Snap in a research note on Tuesday, August 22nd. Finally, Canaccord Genuity reissued a hold rating and set a $15.00 target price on shares of Snap in a research note on Sunday, October 1st. Fifteen analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company. Snap currently has a consensus rating of Hold and a consensus target price of $17.12.
Snap (NYSE:SNAP) last posted its quarterly earnings data on Tuesday, November 7th. The company reported ($0.14) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.17. The firm had revenue of $207.90 million during the quarter, compared to the consensus estimate of $236.71 million. The firm’s quarterly revenue was up 62.2% on a year-over-year basis. sell-side analysts anticipate that Snap will post -3.04 earnings per share for the current year.
In other Snap news, CFO Andrew Vollero sold 37,874 shares of the stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $14.64, for a total transaction of $554,475.36. Following the completion of the transaction, the chief financial officer now owns 1,797,644 shares in the company, valued at $26,317,508.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Timothy Sehn sold 400,000 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $5,000,000.00. Following the transaction, the vice president now owns 2,204,168 shares of the company’s stock, valued at approximately $27,552,100. The disclosure for this sale can be found here. Insiders have sold 2,533,598 shares of company stock valued at $35,540,362 in the last 90 days.
Large investors have recently modified their holdings of the business. BlackRock Inc. boosted its position in Snap by 10.0% during 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 during the period. Brighton Jones LLC bought a new position in Snap during the second quarter worth about $312,000. State Treasurer State of Michigan bought a new position in Snap during the third quarter worth about $15,714,000. Baker Avenue Asset Management LP bought a new position in Snap during the second quarter worth about $518,000. Finally, First Trust Advisors LP boosted its position in Snap by 34.4% during the second quarter. First Trust Advisors LP now owns 604,218 shares of the company’s stock worth $10,737,000 after purchasing an additional 154,609 shares during the period. Hedge funds and other institutional investors own 17.29% of the company’s stock.
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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