Snap Inc. (NYSE:SNAP) Downgraded by Zacks Investment Research to “Sell”
Zacks Investment Research cut shares of Snap Inc. (NYSE:SNAP) from a hold rating to a sell rating in a research note released on Wednesday, July 12th.
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. “
Other equities analysts have also recently issued research reports about the company. UBS AG began coverage on Snap in a research note on Monday, March 27th. They set a neutral rating and a $24.00 target price on the stock. Susquehanna Bancshares Inc reaffirmed a neutral rating and set a $15.00 target price (down previously from $22.00) on shares of Snap in a research note on Friday, May 12th. Summit Redstone began coverage on Snap in a research note on Monday, March 27th. They set a sell rating and a $17.00 target price on the stock. Barclays PLC lowered their target price on Snap from $23.00 to $20.00 and set an equal weight rating on the stock in a research note on Thursday, May 11th. Finally, Needham & Company LLC reissued an underperform rating and issued a $27.00 price target on shares of Snap in a research note on Thursday, May 11th. Nine analysts have rated the stock with a sell rating, twenty-one have given a hold rating and fourteen have issued a buy rating to the stock. Snap has a consensus rating of Hold and an average target price of $21.03.
Snap (NYSE:SNAP) opened at 13.39 on Wednesday. The company’s 50 day moving average is $16.13 and its 200 day moving average is $19.59. The stock’s market cap is $15.78 billion. Snap has a one year low of $13.07 and a one year high of $29.44.
Snap (NYSE:SNAP) last posted its quarterly earnings data on Wednesday, May 10th. The company reported ($2.31) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.05) by $0.26. The business had revenue of $149.60 million during the quarter, compared to analysts’ expectations of $158.32 million. The business’s quarterly revenue was up 285.6% on a year-over-year basis. On average, equities research analysts expect that Snap will post ($0.57) EPS for the current year.
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A number of institutional investors have recently bought and sold shares of the stock. FMR LLC bought a new position in shares of Snap during the first quarter worth about $737,133,000. JPMorgan Chase & Co. bought a new position in shares of Snap during the first quarter worth about $252,388,000. BlackRock Inc. bought a new position in shares of Snap during the first quarter worth about $211,934,000. Vanguard Group Inc. bought a new position in shares of Snap during the first quarter worth about $152,135,000. Finally, Jennison Associates LLC bought a new position in shares of Snap during the first quarter worth about $119,178,000. Institutional investors and hedge funds own 30.16% of the company’s stock.
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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