Snap Inc. (SNAP) Cut to “Neutral” at Credit Suisse Group
Credit Suisse Group downgraded shares of Snap Inc. (NYSE:SNAP) from a buy rating to a neutral rating in a report issued on Monday morning. They currently have $17.00 price objective on the stock, down from their previous price objective of $25.00.
Several other equities research analysts also recently commented on the company. Jefferies Group LLC reaffirmed a buy rating and set a $30.00 target price on shares of Snap in a report on Monday, April 17th. Royal Bank Of Canada reaffirmed an outperform rating and set a $31.00 target price on shares of Snap in a report on Monday, April 17th. Vetr downgraded Snap from a buy rating to a hold rating and set a $22.54 target price for the company. in a report on Thursday, April 27th. Oppenheimer Holdings, Inc. reaffirmed an outperform rating and set a $23.00 target price on shares of Snap in a report on Tuesday, July 11th. Finally, Raymond James Financial, Inc. initiated coverage on Snap in a report on Tuesday, April 25th. They set a market perform rating and a $23.48 target price for the company. Nine analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and thirteen have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $18.89.
Snap (NYSE:SNAP) opened at 13.06 on Monday. The firm’s market cap is $8.91 billion. Snap has a 1-year low of $11.28 and a 1-year high of $29.44. The stock’s 50 day moving average price is $14.96 and its 200 day moving average price is $19.07.
Snap (NYSE:SNAP) last announced its earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by $0.07. The company had revenue of $181.70 million during the quarter, compared to analyst estimates of $186.49 million. The firm’s revenue was up 153.1% on a year-over-year basis. Equities research analysts predict that Snap will post ($0.59) EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of SNAP. US Bancorp DE purchased a new position in shares of Snap during the first quarter valued at $101,000. Seven Bridges Advisors LLC purchased a new position in shares of Snap during the second quarter valued at $101,000. WFG Advisors LP purchased a new position in shares of Snap during the first quarter valued at $109,000. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Snap by 654.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after buying an additional 6,540 shares during the last quarter. Finally, Dubuque Bank & Trust Co. purchased a new position in shares of Snap during the second quarter valued at $137,000. 29.24% 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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