Snap Inc. (SNAP) Earns Hold Rating from Piper Jaffray Companies
Snap Inc. (NYSE:SNAP)‘s stock had its “hold” rating reissued by equities researchers at Piper Jaffray Companies in a research note issued to investors on Wednesday.
Several other analysts have also commented on the stock. Needham & Company LLC reissued an “underperform” rating on shares of Snap in a research report on Thursday, October 5th. Royal Bank Of Canada reissued a “buy” rating and set a $20.00 price target on shares of Snap in a research report on Sunday. Vetr lowered shares of Snap from a “buy” rating to a “hold” rating and set a $13.95 price target for the company. in a research report on Monday, July 31st. Morgan Stanley decreased their price target on shares of Snap from $16.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 23rd. Finally, Drexel Hamilton reissued a “buy” rating and set a $30.00 price target on shares of Snap in a research report on Tuesday, September 5th. Ten analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $18.03.
Shares of Snap (SNAP) traded up 8.124% on Wednesday, reaching $15.505. 31,215,828 shares of the company were exchanged. The company’s 50-day moving average is $14.62 and its 200-day moving average is $17.38. Snap has a 52 week low of $11.28 and a 52 week high of $29.44. The company’s market capitalization is $18.56 billion.
Snap (NYSE:SNAP) last released its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.07). The company had revenue of $181.70 million for the quarter, compared to the consensus estimate of $186.49 million. The firm’s revenue for the quarter was up 153.1% compared to the same quarter last year. On average, equities analysts expect that Snap will post ($0.64) EPS for the current fiscal year.
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In other news, VP Timothy Sehn sold 400,000 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $14.85, for a total transaction of $5,940,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 37,874 shares of the firm’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $14.64, for a total transaction of $554,475.36. Following the sale, the chief financial officer now directly owns 1,797,644 shares in the company, valued at approximately $26,317,508.16. The disclosure for this sale can be found here. Insiders have sold a total of 2,133,598 shares of company stock worth $29,704,362 in the last ninety days.
Several hedge funds and other institutional investors have recently modified their holdings of the company. WFG Advisors LP grew its stake in shares of Snap by 52.4% during the 2nd quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after purchasing an additional 2,537 shares during the period. Cetera Investment Advisers acquired a new stake in shares of Snap during the 2nd quarter worth approximately $267,000. Westwood Holdings Group Inc. acquired a new stake in shares of Snap during the 2nd quarter worth approximately $148,000. Highlander Capital Management LLC grew its stake in shares of Snap by 5,500.0% during the 2nd quarter. Highlander Capital Management LLC now owns 11,200 shares of the company’s stock worth $197,000 after purchasing an additional 11,000 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its stake in shares of Snap by 72.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 52,412 shares of the company’s stock worth $931,000 after purchasing an additional 22,052 shares during the period. 16.40% of the stock is currently owned by institutional investors and hedge funds.
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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