Snap (SNAP) Downgraded by Cowen to Underperform

Cowen cut shares of Snap (NYSE:SNAP) from a market perform rating to an underperform rating in a research report report published on Thursday. They currently have $11.00 price target on the stock, down from their previous price target of $12.00.

Several other analysts also recently weighed in on SNAP. Vetr upgraded Snap from a hold rating to a strong-buy rating and set a $18.29 price objective for the company in a research report on Thursday, October 19th. Drexel Hamilton reiterated a buy rating and issued a $30.00 price objective on shares of Snap in a research report on Thursday, September 14th. Morgan Stanley downgraded Snap from an equal weight rating to an underweight rating in a research report on Thursday, November 9th. Cantor Fitzgerald reiterated a buy rating and issued a $17.00 price objective (up previously from $15.00) on shares of Snap in a research report on Friday, September 15th. Finally, Royal Bank of Canada reiterated a buy rating and issued a $20.00 price objective on shares of Snap in a research report on Sunday, October 8th. Seventeen investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and twelve have assigned a buy rating to the stock. Snap presently has a consensus rating of Hold and an average target price of $16.84.

Snap (NYSE:SNAP) traded down $0.72 during trading hours on Thursday, reaching $14.59. The company had a trading volume of 27,229,701 shares, compared to its average volume of 17,707,334. The company has a market cap of $17,370.00 and a P/E ratio of -4.59. Snap has a one year low of $11.28 and a one year high of $29.44.

Snap (NYSE:SNAP) last released its earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.17. The company had revenue of $207.90 million during the quarter, compared to the consensus estimate of $236.71 million. Snap had a negative return on equity of 107.36% and a negative net margin of 463.16%. The company’s revenue was up 62.2% compared to the same quarter last year. sell-side analysts forecast that Snap will post -3.04 EPS for the current fiscal year.

In related news, CFO Andrew Vollero sold 70,566 shares of the company’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $16.09, for a total value of $1,135,406.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Evan Spiegel sold 1,652,966 shares of the company’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $12.42, for a total value of $20,529,837.72. Following the completion of 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. Over the last ninety days, insiders sold 3,790,711 shares of company stock worth $50,137,268.

Hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. grew its stake in shares of Snap by 8.3% in the second quarter. Pacer Advisors Inc. now owns 9,869 shares of the company’s stock worth $175,000 after acquiring an additional 757 shares during the last quarter. Private Advisor Group LLC grew its stake in shares of Snap by 6.7% in the second quarter. Private Advisor Group LLC now owns 22,293 shares of the company’s stock worth $379,000 after acquiring an additional 1,393 shares during the last quarter. WFG Advisors LP grew its stake in shares of Snap by 52.4% in the second quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after acquiring an additional 2,537 shares during the last quarter. Oppenheimer & Co. Inc. grew its stake in shares of Snap by 21.1% in the second quarter. Oppenheimer & Co. Inc. now owns 19,816 shares of the company’s stock worth $352,000 after acquiring an additional 3,447 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Snap by 22.9% in the third quarter. Rhumbline Advisers now owns 22,900 shares of the company’s stock worth $333,000 after acquiring an additional 4,260 shares during the last quarter. 18.88% of the stock is currently owned by institutional investors.

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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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