Snap Inc. (SNAP) Price Target Cut to $18.00 by Analysts at Stifel Nicolaus

Snap Inc. (NYSE:SNAP) had its target price cut by Stifel Nicolaus from $22.00 to $18.00 in a research report report published on Friday morning, Marketbeat Ratings reports. They currently have a buy rating on the stock.

SNAP has been the subject of a number of other reports. Canaccord Genuity initiated coverage on Snap in a research report on Friday, April 28th. They issued a hold rating and a $22.00 price objective for the company. Cowen and Company reaffirmed an outperform rating and issued a $26.00 price objective on shares of Snap in a research report on Tuesday, May 9th. Credit Suisse Group reaffirmed an outperform rating and issued a $25.00 price objective (down from $30.00) on shares of Snap in a research report on Monday, July 10th. Raymond James Financial, Inc. initiated coverage on Snap in a research report on Tuesday, April 25th. They issued a market perform rating and a $23.48 price objective for the company. Finally, Jefferies Group LLC reaffirmed a buy rating and issued a $30.00 price objective on shares of Snap in a research report on Monday, May 22nd. Nine research analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $19.42.

Snap (SNAP) traded down 14.09% during midday trading on Friday, reaching $11.83. The company had a trading volume of 83,853,248 shares. The company’s market cap is $13.95 billion. The company’s 50-day moving average is $15.10 and its 200 day moving average is $19.13. Snap has a 52-week low of $11.77 and a 52-week high of $29.44. Snap also was the recipient of some unusual options trading on Thursday. Traders acquired 65,962 put options on the company. This represents an increase of 173% compared to the average daily volume of 24,199 put options.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.29) by $0.07. The business had revenue of $181.70 million during the quarter, compared to analysts’ expectations of $186.49 million. The firm’s quarterly revenue was up 153.1% compared to the same quarter last year. On average, equities research analysts forecast that Snap will post ($0.56) EPS for the current year.

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Institutional investors have recently made changes to their positions in the stock. US Bancorp DE bought a new position in shares of Snap during the first quarter valued at $101,000. Seven Bridges Advisors LLC acquired a new position in shares of Snap during the second quarter valued at about $101,000. WFG Advisors LP acquired a new position in shares of Snap during the first quarter valued at about $109,000. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Snap by 654.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after buying an additional 6,540 shares during the last quarter. Finally, Dubuque Bank & Trust Co. acquired a new position in shares of Snap during the second quarter valued at about $137,000. 30.16% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Snap (NYSE:SNAP)

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