Snap Inc. (SNAP) Given Average Recommendation of “Hold” by Brokerages
Shares of Snap Inc. (NYSE:SNAP) have been assigned a consensus rating of “Hold” from the forty-two brokerages that are currently covering the stock, Marketbeat.com reports. Eight analysts have rated the stock with a sell rating, seventeen have given a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $21.94.
A number of equities analysts have recently weighed in on the company. Atlantic Securities assumed coverage on Snap in a research report on Tuesday, February 21st. They set a “neutral” rating on the stock. Susquehanna Bancshares Inc reaffirmed a “neutral” rating and set a $15.00 target price (down from $22.00) on shares of Snap in a research report on Friday, May 12th. Summit Redstone assumed coverage on Snap in a research report on Monday, March 27th. They set a “sell” rating and a $17.00 target price on the stock. Nomura reaffirmed a “sell” rating and set a $28.00 target price (up from $16.00) on shares of Snap in a research report on Thursday, May 11th. Finally, Barclays PLC lowered their target price on Snap from $23.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 11th.
Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. purchased a new position in Snap during the first quarter valued at $252,388,000. Global X Management Co. LLC purchased a new position in Snap during the first quarter valued at $3,650,000. KPCB DGF Associates LLC purchased a new position in Snap during the first quarter valued at $40,911,000. Sumitomo Mitsui Asset Management Company LTD purchased a new position in Snap during the first quarter valued at $2,119,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Snap during the first quarter valued at $223,000. Institutional investors own 29.57% of the company’s stock.
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Snap (NYSE SNAP) opened at 17.6563 on Tuesday. The stock’s 50 day moving average is $20.34 and its 200 day moving average is $21.05. The company’s market capitalization is $20.81 billion. Snap has a 52 week low of $17.00 and a 52 week high of $29.44.
Snap (NYSE:SNAP) last issued its earnings results on Wednesday, May 10th. The company reported ($2.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.05) by $0.26. The firm had revenue of $149.60 million during the quarter, compared to the consensus estimate of $158.32 million. The company’s revenue for the quarter was up 285.6% compared to the same quarter last year. Analysts predict that Snap will post ($0.55) EPS for the current fiscal year.
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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