Cowen Upgrades Snap (SNAP) to “Market Perform”

Cowen upgraded shares of Snap (NYSE:SNAP) from an underperform rating to a market perform rating in a research report released on Thursday, Marketbeat.com reports. Cowen currently has $6.00 price target on the stock.

Other equities research analysts have also issued research reports about the company. Pivotal Research raised Snap from a hold rating to a buy rating and dropped their price objective for the company from $9.00 to $8.00 in a research note on Friday, October 12th. Goldman Sachs Group dropped their price objective on Snap from $17.00 to $11.00 and set a buy rating for the company in a research note on Thursday, October 11th. Wedbush set a $12.00 price objective on Snap and gave the company a buy rating in a research note on Tuesday, October 23rd. Loop Capital initiated coverage on Snap in a research note on Monday, October 15th. They set a hold rating for the company. Finally, Aegis dropped their price objective on Snap from $12.00 to $10.00 and set a hold rating for the company in a research note on Friday, September 21st. Five equities research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and six have issued a buy rating to the stock. Snap has a consensus rating of Hold and an average target price of $10.81.

NYSE:SNAP opened at $6.28 on Thursday. The firm has a market cap of $8.11 billion, a P/E ratio of -3.02 and a beta of 0.13. Snap has a 52-week low of $4.82 and a 52-week high of $21.22.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Thursday, October 25th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.05. The company 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, equities analysts expect that Snap will post -1.01 EPS for the current fiscal year.

In related news, VP Lara Sweet sold 20,848 shares of the business’s stock in a transaction dated Tuesday, October 16th. The stock was sold at an average price of $7.12, for a total transaction of $148,437.76. Following the transaction, the vice president now owns 598,948 shares in the company, valued at approximately $4,264,509.76. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Timothy R. Stone sold 45,000 shares of the business’s stock in a transaction dated Wednesday, December 19th. The shares were sold at an average price of $5.83, for a total value of $262,350.00. Following the transaction, 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. In the last 90 days, insiders have sold 2,047,386 shares of company stock worth $13,200,659.

A number of large investors have recently made changes to their positions in the stock. SG Americas Securities LLC boosted its position in Snap by 947.8% during the 3rd quarter. SG Americas Securities LLC now owns 607,056 shares of the company’s stock valued at $5,148,000 after acquiring an additional 549,120 shares in the last quarter. Vident Investment Advisory LLC boosted its position in Snap by 85.6% during the 2nd quarter. Vident Investment Advisory LLC now owns 123,186 shares of the company’s stock valued at $1,613,000 after acquiring an additional 56,831 shares in the last quarter. HRT Financial LLC bought a new stake in Snap during the 2nd quarter valued at approximately $207,000. Morgan Stanley boosted its position in Snap by 15.3% during the 2nd quarter. Morgan Stanley now owns 16,014,841 shares of the company’s stock valued at $209,635,000 after acquiring an additional 2,123,727 shares in the last quarter. Finally, Paloma Partners Management Co bought a new stake in Snap during the 3rd quarter valued at approximately $115,000. 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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Analyst Recommendations for Snap (NYSE:SNAP)

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