Snap (SNAP) Upgraded to Market Perform at Cowen

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Snap (NYSE:SNAP) was upgraded by research analysts at Cowen from an “underperform” rating to a “market perform” rating in a report released on Thursday, The Fly reports. The firm currently has a $6.00 price objective on the stock. Cowen’s target price suggests a potential downside of 3.23% from the company’s previous close.

Several other equities analysts have also issued reports on SNAP. Zacks Investment Research upgraded Snap from a “hold” rating to a “strong-buy” rating and set a $7.75 target price for the company in a research report on Wednesday, October 24th. Citigroup decreased their target price on Snap from $8.00 to $7.00 and set a “sell” rating for the company in a research report on Thursday, October 4th. Stifel Nicolaus decreased their target price on Snap from $15.00 to $9.00 and set a “hold” rating for the company in a research report on Wednesday, October 24th. Pivotal Research lowered Snap from a “buy” rating to a “hold” rating and decreased their target price for the stock from $8.00 to $6.00 in a research report on Monday. Finally, Moffett Nathanson decreased their target price on Snap from $8.00 to $6.50 and set a “neutral” rating for the company in a research report on Tuesday, October 9th. Seven equities research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $10.82.

SNAP stock traded down $0.08 during midday trading on Thursday, reaching $6.20. The stock had a trading volume of 725,049 shares, compared to its average volume of 18,468,438. The firm has a market cap of $7.68 billion, a price-to-earnings ratio of -2.97 and a beta of 0.13. Snap has a twelve month low of $4.82 and a twelve month high of $21.22.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Thursday, October 25th. The company reported ($0.22) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.05. The firm had revenue of $297.70 million during the quarter, compared to analyst estimates of $283.54 million. Snap had a negative return on equity of 49.42% and a negative net margin of 131.39%. On average, analysts expect that Snap will post -1.01 EPS for the current year.

In other Snap news, VP Lara Sweet sold 33,031 shares of the business’s stock in a transaction that occurred on Wednesday, December 19th. The stock was sold at an average price of $5.75, for a total value of $189,928.25. Following the sale, the vice president now owns 717,431 shares in the company, valued at approximately $4,125,228.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Timothy R. Stone sold 44,234 shares of the business’s stock in a transaction that occurred on Monday, December 17th. The shares were sold at an average price of $5.83, for a total value of $257,884.22. Following the completion of the sale, the chief financial officer now owns 2,356,220 shares in the company, valued at approximately $13,736,762.60. The disclosure for this sale can be found here. Insiders sold a total of 2,047,386 shares of company stock worth $13,200,659 in the last 90 days.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc raised its stake in shares of Snap by 57.6% during the 3rd quarter. Vanguard Group Inc now owns 47,237,907 shares of the company’s stock worth $400,578,000 after purchasing an additional 17,260,731 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Snap by 57.6% during the 3rd quarter. Vanguard Group Inc. now owns 47,237,907 shares of the company’s stock worth $400,578,000 after purchasing an additional 17,260,731 shares in the last quarter. Laurel Wealth Advisors Inc. bought a new stake in shares of Snap during the 3rd quarter worth approximately $295,000. HRT Financial LLC raised its stake in shares of Snap by 118.3% during the 3rd quarter. HRT Financial LLC now owns 34,610 shares of the company’s stock worth $293,000 after purchasing an additional 18,756 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in shares of Snap by 374.5% during the 3rd quarter. Mackenzie Financial Corp now owns 61,683 shares of the company’s stock worth $523,000 after purchasing an additional 48,683 shares in the last quarter. Hedge funds and other institutional investors own 23.92% of the company’s stock.

Snap Company Profile

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.

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The Fly

Analyst Recommendations for Snap (NYSE:SNAP)

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