SunTrust Banks, Inc. Begins Coverage on Snap Inc. (SNAP)

SunTrust Banks, Inc. initiated coverage on shares of Snap Inc. (NYSE:SNAP) in a research report sent to investors on Tuesday morning, Marketbeat.com reports. The brokerage issued a sell rating and a $10.00 price target on the stock.

SNAP has been the subject of several other research reports. Canaccord Genuity started coverage on shares of Snap in a research report on Friday, April 28th. They set a hold rating and a $22.00 price objective for the company. Cowen and Company reissued an outperform rating and set a $26.00 price objective on shares of Snap in a research report on Tuesday, May 9th. Credit Suisse Group reissued an outperform rating and set a $25.00 price objective (down previously from $30.00) on shares of Snap in a research report on Monday, July 10th. Raymond James Financial, Inc. started coverage on shares of Snap in a research report on Tuesday, April 25th. They set a market perform rating and a $23.48 price objective for the company. Finally, Jefferies Group LLC reissued a buy rating and set 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-three have given a hold rating and thirteen have issued a buy rating to the stock. The stock has an average rating of Hold and an average price target of $18.58.

Shares of Snap (NYSE SNAP) opened at 14.01 on Tuesday. The firm’s market cap is $9.56 billion. Snap has a 52 week low of $11.28 and a 52 week high of $29.44. The firm’s 50 day moving average is $14.47 and its 200-day moving average is $18.88.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by $0.07. The firm had revenue of $181.70 million for the quarter, compared to the consensus estimate of $186.49 million. The firm’s quarterly revenue was up 153.1% on a year-over-year basis. Equities research analysts predict that Snap will post ($0.63) EPS for the current year.

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In related news, VP Timothy Sehn sold 400,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $12.50, for a total transaction of $5,000,000.00. Following the transaction, the vice president now directly owns 2,204,168 shares of the company’s stock, valued at $27,552,100. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Steven Michael Horowitz sold 50,624 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $13.04, for a total transaction of $660,136.96. Following the transaction, the vice president now directly owns 2,440,055 shares in the company, valued at $31,818,317.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 795,724 shares of company stock valued at $9,973,887.

Institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE acquired a new position in Snap during the first quarter worth approximately $101,000. Seven Bridges Advisors LLC acquired a new position in Snap during the second quarter worth approximately $101,000. WFG Advisors LP acquired a new position in Snap during the first quarter worth approximately $109,000. Harel Insurance Investments & Financial Services Ltd. raised its position in Snap by 654.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock worth $134,000 after buying an additional 6,540 shares in the last quarter. Finally, Dubuque Bank & Trust Co. acquired a new position in Snap during the second quarter worth approximately $137,000. 29.24% of the stock is currently owned by institutional investors and hedge funds.

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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