Snap Inc. (SNAP) Downgraded by JMP Securities to “Market Perform”

JMP Securities cut shares of Snap Inc. (NYSE:SNAP) from an outperform rating to a market perform rating in a research note released on Sunday.

A number of other equities analysts also recently commented on SNAP. Monness Crespi & Hardt downgraded shares of Snap from a buy rating to a neutral rating in a research note on Friday, August 11th. Bank of America Corporation reissued a neutral rating and issued a $17.00 price objective (down previously from $20.00) on shares of Snap in a research note on Friday, August 11th. Stifel Nicolaus reduced their price objective on shares of Snap from $22.00 to $18.00 and set a buy rating for the company in a research note on Friday, August 11th. Summit Redstone reissued a sell rating and issued a $8.00 price objective (down previously from $10.00) on shares of Snap in a research note on Friday, August 11th. Finally, Cantor Fitzgerald raised shares of Snap from a neutral rating to an overweight rating and set a $17.00 price objective for the company in a research note on Tuesday, August 15th. Fifteen analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $17.12.

Shares of Snap (NYSE:SNAP) opened at $12.97 on Friday. Snap has a twelve month low of $11.28 and a twelve month high of $29.44.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.17. The firm had revenue of $207.90 million during the quarter, compared to analysts’ expectations of $236.71 million. The company’s revenue for the quarter was up 62.2% compared to the same quarter last year. analysts expect that Snap will post -3.04 EPS for the current fiscal year.

In other news, General Counsel Michael J. O’sullivan sold 10,016 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $12.54, for a total transaction of $125,600.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Evan Spiegel sold 1,652,966 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $12.42, for a total transaction of $20,529,837.72. Following the sale, the chief executive officer now directly owns 86,657,812 shares in the company, valued at $1,076,290,025.04. The disclosure for this sale can be found here. Insiders have sold 3,387,188 shares of company stock worth $44,804,267 over the last three months.

Several institutional investors and hedge funds have recently made changes to their positions in the company. First Trust Advisors LP boosted its stake in shares of Snap by 873.8% in the third quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock worth $85,555,000 after buying an additional 5,279,883 shares during the last quarter. Valiant Capital Management L.P. boosted its stake in shares of Snap by 379.1% in the third quarter. Valiant Capital Management L.P. now owns 3,215,300 shares of the company’s stock worth $46,750,000 after buying an additional 2,544,200 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in shares of Snap by 73.4% in the third quarter. Allianz Asset Management GmbH now owns 4,529,005 shares of the company’s stock worth $65,852,000 after buying an additional 1,916,830 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Snap by 23.7% in the second quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock worth $148,446,000 after buying an additional 1,601,170 shares during the last quarter. Finally, State Treasurer State of Michigan purchased a new stake in shares of Snap in the third quarter worth about $15,714,000. 19.35% of the stock is currently owned by hedge funds and other institutional investors.

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About Snap

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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