Guggenheim initiated coverage on shares of Snap (NYSE:SNAP) in a research note issued to investors on Thursday morning, MarketBeat.com reports. The firm issued a neutral rating and a $6.00 price objective on the stock.

A number of other brokerages have also issued reports on SNAP. Wells Fargo & Co restated a hold rating and issued a $12.00 target price on shares of Snap in a research note on Wednesday, August 8th. Stifel Nicolaus restated a hold rating and issued a $15.00 target price (down previously from $17.00) on shares of Snap in a research note on Wednesday, August 8th. Pivotal Research restated a sell rating and issued a $9.00 target price on shares of Snap in a research note on Wednesday, August 8th. Zacks Investment Research lowered shares of Snap from a buy rating to a hold rating in a research note on Thursday, August 16th. Finally, Credit Suisse Group cut their target price on shares of Snap from $16.00 to $15.00 and set an outperform rating on the stock in a research note on Wednesday, August 8th. Nine investment analysts have rated the stock with a sell rating, nineteen have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $11.64.

Shares of Snap stock opened at $5.80 on Thursday. The stock has a market capitalization of $7.49 billion, a PE ratio of -2.79 and a beta of -0.46. Snap has a 1 year low of $5.75 and a 1 year high of $21.22.

Snap (NYSE:SNAP) last issued its earnings results on Thursday, October 25th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.05. The business had revenue of $297.70 million for the quarter, compared to analyst estimates of $283.54 million. Snap had a negative net margin of 131.39% and a negative return on equity of 49.42%. Sell-side analysts forecast that Snap will post -1.01 earnings per share for the current year.

In other Snap news, CEO Evan Spiegel sold 1,495,200 shares of the firm’s stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $6.43, for a total value of $9,614,136.00. Following the sale, the chief executive officer now owns 80,452,061 shares in the company, valued at $517,306,752.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Timothy R. Stone sold 8,619 shares of the firm’s stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $9.29, for a total transaction of $80,070.51. Following the completion of the sale, the chief financial officer now owns 1,224,343 shares in the company, valued at approximately $11,374,146.47. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,224,747 shares of company stock worth $15,082,625.

Several large investors have recently made changes to their positions in SNAP. OppenheimerFunds Inc. increased its stake in shares of Snap by 171.4% in the second quarter. OppenheimerFunds Inc. now owns 37,157,073 shares of the company’s stock valued at $486,385,000 after purchasing an additional 23,468,531 shares during the period. Vanguard Group Inc. increased its stake in shares of Snap by 57.6% in the third quarter. Vanguard Group Inc. now owns 47,237,907 shares of the company’s stock valued at $400,578,000 after purchasing an additional 17,260,731 shares during the period. First Trust Advisors LP increased its stake in shares of Snap by 87.8% in the third quarter. First Trust Advisors LP now owns 18,981,815 shares of the company’s stock valued at $160,966,000 after purchasing an additional 8,872,583 shares during the period. Hillhouse Capital Management Ltd. increased its stake in shares of Snap by 81.1% in the second quarter. Hillhouse Capital Management Ltd. now owns 10,989,529 shares of the company’s stock valued at $143,853,000 after purchasing an additional 4,921,688 shares during the period. Finally, FMR LLC increased its stake in shares of Snap by 18.4% in the second quarter. FMR LLC now owns 24,968,882 shares of the company’s stock valued at $326,842,000 after purchasing an additional 3,886,373 shares during the period. Institutional investors own 23.93% of the company’s stock.

About Snap

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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