Bank of America Corporation Lowers Snap Inc. (SNAP) Price Target to $16.00
Snap Inc. (NYSE:SNAP) had its price objective lowered by research analysts at Bank of America Corporation from $17.00 to $16.00 in a note issued to investors on Wednesday. The firm currently has a “neutral” rating on the stock. Bank of America Corporation’s price target points to a potential upside of 25.44% from the stock’s previous close.
SNAP has been the subject of a number of other reports. J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $14.00 target price (down from $16.00) on shares of Snap in a research note on Monday, September 25th. Wedbush began coverage on shares of Snap in a research note on Wednesday, August 30th. They issued a “neutral” rating and a $12.00 target price for the company. Vetr raised shares of Snap from a “sell” rating to a “hold” rating and set a $13.95 target price for the company in a research note on Tuesday, July 25th. Monness Crespi & Hardt downgraded shares of Snap from a “buy” rating to a “neutral” rating in a research note on Friday, August 11th. Finally, Deutsche Bank AG downgraded shares of Snap from a “buy” rating to a “hold” rating and dropped their target price for the stock from $20.00 to $17.00 in a research note on Monday, September 11th. Thirteen equities research analysts have rated the stock with a sell rating, twenty-two 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 target price of $17.56.
Shares of Snap (NYSE SNAP) traded down $2.36 during midday trading on Wednesday, hitting $12.76. 51,178,844 shares of the company’s stock were exchanged, compared to its average volume of 20,360,000. Snap has a one year low of $11.28 and a one year high of $29.44.
Snap (NYSE:SNAP) last announced its earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.17. The company had revenue of $207.90 million during the quarter, compared to the consensus estimate of $236.71 million. The firm’s revenue was up 62.2% compared to the same quarter last year. sell-side analysts anticipate that Snap will post -2.83 EPS for the current year.
In other news, insider Imran Khan sold 350,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $15.00, for a total value of $5,250,000.00. Following the sale, the insider now directly owns 9,946,464 shares in the company, valued at approximately $149,196,960. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Timothy Sehn sold 400,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were 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 $27,552,100. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,533,598 shares of company stock worth $35,540,362.
A number of large investors have recently bought and sold shares of SNAP. BlackRock Inc. acquired a new stake in Snap during the 1st quarter worth approximately $211,934,000. Vanguard Group Inc. acquired a new stake in Snap during the 1st quarter worth approximately $152,135,000. First Trust Advisors LP boosted its position in Snap by 873.8% during the 3rd quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock worth $85,555,000 after buying an additional 5,279,883 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its position in Snap by 2,592.8% during the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 2,533,820 shares of the company’s stock worth $45,025,000 after buying an additional 2,439,725 shares during the period. Finally, State Treasurer State of Michigan acquired a new stake in Snap during the 3rd quarter worth approximately $15,714,000. Institutional investors and hedge funds own 17.29% of the company’s stock.
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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