BidaskClub Downgrades Snap Inc. (SNAP) to Sell
Snap Inc. (NYSE:SNAP) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Thursday.
Other research analysts have also issued reports about the company. Piper Jaffray Companies reissued a “neutral” rating and set a $16.50 price target (down from $20.00) on shares of Snap in a research report on Thursday, July 13th. SunTrust Banks, Inc. assumed coverage on Snap in a research report on Tuesday, August 15th. They set a “sell” rating and a $10.00 price target on the stock. Zacks Investment Research raised Snap from a “sell” rating to a “hold” rating in a research report on Wednesday, August 16th. J P Morgan Chase & Co reissued a “neutral” rating and set a $18.00 price target (down from $20.00) on shares of Snap in a research report on Monday, June 5th. Finally, Vetr lowered Snap from a “strong-buy” rating to a “buy” rating and set a $24.14 price target on the stock. in a research report on Thursday, May 25th. Eleven investment analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $18.31.
Shares of Snap (NYSE:SNAP) opened at 13.70 on Thursday. The firm has a 50-day moving average price of $15.03 and a 200 day moving average price of $15.03. The stock’s market cap is $16.40 billion. Snap has a 12-month low of $13.62 and a 12-month high of $29.44.
Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.07). The company had revenue of $181.70 million during the quarter, compared to analysts’ expectations of $186.49 million. The company’s revenue for the quarter was up 153.1% compared to the same quarter last year. Equities research analysts predict that Snap will post ($0.64) EPS for the current fiscal year.
In related news, VP Timothy Sehn sold 400,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the vice president now owns 2,204,168 shares in the company, valued at approximately $27,552,100. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Andrew Vollero sold 195,100 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $12.50, for a total value of $2,438,750.00. Following the sale, the chief financial officer now owns 1,882,280 shares of the company’s stock, valued at approximately $23,528,500. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,733,598 shares of company stock valued at $23,764,362.
A number of large investors have recently made changes to their positions in SNAP. US Bancorp DE bought a new stake in Snap during the 1st quarter valued at approximately $101,000. Bank of New York Mellon Corp bought a new stake in Snap during the 1st quarter valued at approximately $525,000. BNP Paribas Arbitrage SA bought a new stake in shares of Snap in the 1st quarter worth approximately $1,026,000. Sei Investments Co. bought a new stake in shares of Snap in the 1st quarter worth approximately $1,929,000. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in shares of Snap in the 1st quarter worth approximately $684,000. Hedge funds and other institutional investors own 16.40% 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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