Snap’s (SNAP) “Sell” Rating Reiterated at SunTrust Banks, Inc.
Snap Inc. (NYSE:SNAP)‘s stock had its “sell” rating reissued by SunTrust Banks, Inc. in a research note issued to investors on Thursday. They presently have a $10.00 price objective on the stock. SunTrust Banks, Inc.’s price objective indicates a potential downside of 39.58% from the stock’s previous close.
SNAP has been the topic of several other reports. Needham & Company LLC restated an “underperform” rating on shares of Snap in a research note on Thursday, October 5th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $15.00 price objective on shares of Snap in a report on Tuesday, August 22nd. Credit Suisse Group reaffirmed an “outperform” rating and set a $25.00 price objective (down from $30.00) on shares of Snap in a report on Monday, July 10th. Wedbush started coverage on Snap in a report on Wednesday, August 30th. They set a “neutral” rating and a $12.00 price objective on the stock. Finally, Canaccord Genuity reaffirmed a “hold” rating and set a $15.00 price objective on shares of Snap in a report on Sunday, October 1st. Ten research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and thirteen have issued a buy rating to the company. Snap presently has a consensus rating of “Hold” and a consensus target price of $18.03.
Snap (NYSE:SNAP) traded up 3.57% during mid-day trading on Thursday, reaching $16.55. 63,157,898 shares of the company were exchanged. The stock’s 50-day moving average price is $14.66 and its 200-day moving average price is $17.36. Snap has a 1-year low of $11.28 and a 1-year high of $29.44. The stock’s market capitalization is $19.81 billion.
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 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 business’s revenue for the quarter was up 153.1% compared to the same quarter last year. On average, equities research analysts anticipate that Snap will post ($0.64) EPS for the current fiscal year.
In other Snap news, insider Imran Khan sold 150,000 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $12.50, for a total transaction of $1,875,000.00. Following the completion of the sale, the insider now owns 9,596,464 shares in the company, valued at approximately $119,955,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Timothy Sehn sold 400,000 shares of the company’s stock in a transaction 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 sale, the vice president now owns 2,204,168 shares of the company’s stock, valued at approximately $27,552,100. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,133,598 shares of company stock worth $29,704,362.
Institutional investors have recently modified their holdings of the business. US Bancorp DE bought a new stake in shares of Snap during the 1st quarter valued at $101,000. Seven Bridges Advisors LLC bought a new stake in shares of Snap during the 2nd quarter valued at $101,000. WFG Advisors LP raised its position in shares of Snap by 52.4% during the 2nd quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock valued at $131,000 after acquiring an additional 2,537 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Snap by 654.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after acquiring an additional 6,540 shares during the last quarter. Finally, Dubuque Bank & Trust Co. bought a new stake in shares of Snap during the 2nd quarter valued at $137,000. Institutional investors own 16.40% 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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