Snap Inc. (SNAP) Lowered to Market Perform at JMP Securities

Snap Inc. (NYSE:SNAP) was downgraded by equities research analysts at JMP Securities from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. They presently have a $28.00 price target on the stock, up from their prior price target of $12.40. JMP Securities’ target price would indicate a potential upside of 122.75% from the company’s current price.

Other research analysts have also issued research reports about the stock. Drexel Hamilton reiterated a “buy” rating and issued a $30.00 price target on shares of Snap in a research note on Wednesday, August 9th. Deutsche Bank AG reiterated a “buy” rating and set a $20.00 price objective on shares of Snap in a research report on Wednesday, August 9th. Vetr upgraded shares of Snap from a “hold” rating to a “buy” rating and set a $13.84 price objective for the company in a research report on Wednesday, August 9th. Jefferies Group LLC reduced their price target on shares of Snap from $30.00 to $16.00 and set a “buy” rating for the company in a report on Friday, August 11th. Finally, 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 report on Friday, August 11th. Fifteen investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the stock. Snap presently has a consensus rating of “Hold” and an average target price of $16.76.

Snap (NYSE SNAP) traded up $0.17 during trading hours on Wednesday, hitting $12.57. 13,959,801 shares of the stock were exchanged, compared to its average volume of 25,691,822. Snap has a 52 week low of $11.28 and a 52 week high of $29.44.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.17. The company had revenue of $207.90 million during the quarter, compared to analyst estimates of $236.71 million. Snap’s quarterly 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.

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In other Snap news, CEO Evan Spiegel sold 1,652,966 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 86,657,812 shares in the company, valued at approximately $1,076,290,025.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Andrew Vollero sold 37,874 shares of the company’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $14.64, for a total transaction of $554,475.36. Following the transaction, the chief financial officer now owns 1,797,644 shares in the company, valued at approximately $26,317,508.16. The disclosure for this sale can be found here. Insiders have sold a total of 3,390,840 shares of company stock worth $46,096,313 over the last three months.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Ladenburg Thalmann Financial Services Inc. lifted its stake in Snap by 49.1% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 64,577 shares of the company’s stock valued at $939,000 after acquiring an additional 21,262 shares during the period. Whetstone Capital Advisors LLC bought a new position in shares of Snap in the 3rd quarter worth approximately $1,991,000. Penn Mutual Life Insurance Co bought a new position in shares of Snap in the 3rd quarter worth approximately $2,646,000. First Republic Investment Management Inc. lifted its stake in shares of Snap by 563.8% in the 3rd quarter. First Republic Investment Management Inc. now owns 132,908 shares of the company’s stock worth $1,932,000 after purchasing an additional 112,887 shares during the period. Finally, Ferris Capital LLC lifted its stake in shares of Snap by 83.2% in the 3rd quarter. Ferris Capital LLC now owns 23,120 shares of the company’s stock worth $336,000 after purchasing an additional 10,500 shares during the period. Institutional investors and hedge funds own 17.33% of the company’s stock.

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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