Citigroup lowered shares of Snap (NYSE:SNAP) from a neutral rating to a sell rating in a research report released on Tuesday, February 20th, Marketbeat.com reports. They currently have $13.00 price target on the stock, down from their previous price target of $18.00.
A number of other brokerages also recently weighed in on SNAP. Morgan Stanley downgraded shares of Snap from an equal weight rating to an underweight rating in a report on Thursday, November 9th. BidaskClub cut Snap from a hold rating to a sell rating in a research note on Thursday, October 26th. Vetr cut Snap from a strong-buy rating to a buy rating and set a $16.95 price target on the stock. in a research report on Monday, October 30th. Credit Suisse Group reiterated a buy rating and set a $18.00 price target on shares of Snap in a research report on Tuesday, January 9th. Finally, Pivotal Research restated a sell rating and issued a $8.00 price objective (down from $9.00) on shares of Snap in a research report on Wednesday, November 8th. Fifteen analysts have rated the stock with a sell rating, eighteen have issued a hold rating and fifteen have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $17.99.
Snap (SNAP) traded up $0.34 during midday trading on Tuesday, reaching $17.85. 14,670,000 shares of the company traded hands, compared to its average volume of 37,920,000. Snap has a twelve month low of $11.28 and a twelve month high of $24.40. The firm has a market cap of $21,900.00 and a P/E ratio of -5.95.
Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.06. The business had revenue of $285.69 million during the quarter, compared to the consensus estimate of $251.74 million. Snap had a negative net margin of 417.61% and a negative return on equity of 100.64%. analysts forecast that Snap will post -1.17 EPS for the current fiscal year.
In related news, Director Mitchell Lasky sold 25,000 shares of Snap stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $13.30, for a total transaction of $332,500.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 70,566 shares of Snap stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $16.09, for a total value of $1,135,406.94. The disclosure for this sale can be found here. Insiders sold 5,707,866 shares of company stock worth $104,091,069 over the last three months.
A number of large investors have recently added to or reduced their stakes in the business. Garde Capital Inc. bought a new stake in Snap in the 4th quarter worth approximately $160,000. Cambridge Investment Research Advisors Inc. increased its stake in Snap by 23.2% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 66,632 shares of the company’s stock worth $973,000 after acquiring an additional 12,537 shares during the last quarter. Banco de Sabadell S.A bought a new stake in Snap in the 4th quarter worth approximately $181,000. Laurel Wealth Advisors Inc. bought a new stake in Snap in the 4th quarter worth approximately $279,000. Finally, EMS Capital LP bought a new stake in Snap in the 4th quarter worth approximately $41,200,000. 18.56% of the stock is currently owned by institutional investors and hedge funds.
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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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