Snap Inc. (NYSE:SNAP)‘s stock had its “underperform” rating reissued by Needham & Company LLC in a research note issued on Thursday.

A number of other brokerages also recently issued reports on SNAP. Instinet restated a “reduce” rating and issued a $14.00 price target on shares of Snap in a research report on Friday, June 9th. Citigroup Inc. lowered shares of Snap from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $24.00 to $22.00 in a research note on Friday, June 9th. CIBC reiterated an “outperform” rating and issued a $23.00 price objective on shares of Snap in a research note on Monday, June 12th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $23.00 price objective on shares of Snap in a research note on Friday, June 9th. Finally, Vetr lowered shares of Snap from a “buy” rating to a “hold” rating and set a $17.51 price objective for the company. in a research note on Monday, July 3rd. Ten analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and twelve have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $18.21.

Shares of Snap (NYSE:SNAP) opened at 14.79 on Thursday. The company’s market cap is $17.71 billion. The firm has a 50-day moving average of $14.58 and a 200 day moving average of $17.55. Snap has a 52 week low of $11.28 and a 52 week high of $29.44.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.07). The firm had revenue of $181.70 million for the quarter, compared to analysts’ expectations of $186.49 million. The business’s quarterly revenue was up 153.1% on a year-over-year basis. Equities analysts anticipate that Snap will post ($0.64) earnings per share for the current fiscal year.

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In other Snap news, CFO Andrew Vollero sold 195,100 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $2,438,750.00. Following the completion of the transaction, the chief financial officer now owns 1,882,280 shares of the company’s stock, valued at $23,528,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Imran Khan sold 150,000 shares of the firm’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $12.50, for a total value of $1,875,000.00. Following the transaction, the insider now directly owns 9,596,464 shares of the company’s stock, valued at approximately $119,955,800. The disclosure for this sale can be found here. Insiders have sold 2,133,598 shares of company stock valued at $29,704,362 in the last three months.

A number of institutional investors have recently made changes to their positions in the business. WFG Advisors LP lifted its position in Snap by 52.4% during the second quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock valued at $131,000 after buying an additional 2,537 shares during the period. Cetera Investment Advisers purchased a new position in Snap during the second quarter valued at $267,000. Westwood Holdings Group Inc. purchased a new position in Snap during the second quarter valued at $148,000. Highlander Capital Management LLC lifted its position in Snap by 5,500.0% during the second quarter. Highlander Capital Management LLC now owns 11,200 shares of the company’s stock valued at $197,000 after buying an additional 11,000 shares during the period. Finally, Raymond James Financial Services Advisors Inc. lifted its position in Snap by 72.6% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 52,412 shares of the company’s stock valued at $931,000 after buying an additional 22,052 shares during the period. 16.40% of the stock is owned by institutional investors and hedge funds.

About Snap

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.

Analyst Recommendations for Snap (NYSE:SNAP)

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