Snap Inc. (SNAP) Rating Reiterated by Piper Jaffray Companies
Piper Jaffray Companies reaffirmed their neutral rating on shares of Snap Inc. (NYSE:SNAP) in a research report released on Thursday, July 13th. They currently have a $16.50 target price on the stock, down from their prior target price of $20.00.
SNAP has been the subject of several other research reports. Cantor Fitzgerald upgraded Snap from an underweight rating to a neutral rating and cut their price target for the stock from $18.00 to $17.00 in a research note on Thursday, May 11th. They noted that the move was a valuation call. Wells Fargo & Company assumed coverage on Snap in a research note on Friday, March 31st. They set a market perform rating and a $21.00 price target for the company. J P Morgan Chase & Co assumed coverage on Snap in a research note on Monday, March 27th. They set a neutral rating and a $24.00 price target for the company. Loop Capital reiterated a hold rating and set a $21.00 price target on shares of Snap in a research note on Thursday, April 6th. Finally, Barclays PLC cut their price target on Snap from $23.00 to $20.00 and set an equal weight rating for the company in a research note on Thursday, May 11th. Nine investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Snap presently has an average rating of Hold and a consensus price target of $21.03.
Snap (NYSE:SNAP) opened at 13.39 on Thursday. The firm’s 50-day moving average is $16.13 and its 200-day moving average is $19.59. The company’s market capitalization is $15.78 billion. Snap has a 52-week low of $13.07 and a 52-week high of $29.44.
Snap (NYSE:SNAP) last posted its quarterly earnings results on Wednesday, May 10th. The company reported ($2.31) earnings per share for the quarter, missing the consensus estimate of ($2.05) by $0.26. The firm had revenue of $149.60 million during the quarter, compared to the consensus estimate of $158.32 million. The firm’s quarterly revenue was up 285.6% on a year-over-year basis. On average, equities research analysts forecast that Snap will post ($0.57) EPS for the current year.
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Several institutional investors have recently made changes to their positions in SNAP. KPCB DGF Associates LLC purchased a new position in shares of Snap during the first quarter worth $40,911,000. Edge Wealth Management LLC purchased a new position in shares of Snap during the first quarter worth $257,000. Prospera Financial Services Inc purchased a new position in shares of Snap during the first quarter worth $418,000. Narwhal Capital Management purchased a new position in shares of Snap during the first quarter worth $282,000. Finally, Essex Investment Management Co. LLC purchased a new position in shares of Snap during the first quarter worth $2,012,000. 30.16% of the stock is currently owned by 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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