Snap Inc. (SNAP) Price Target Cut to $20.00 by Analysts at J P Morgan Chase & Co

Snap Inc. (NYSE:SNAP) had its price target decreased by stock analysts at J P Morgan Chase & Co from $24.00 to $20.00 in a research note issued to investors on Thursday, May 11th, MarketBeat.com reports. The brokerage currently has a “neutral” rating on the stock. J P Morgan Chase & Co’s price target points to a potential upside of 14.03% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on SNAP. Atlantic Securities assumed coverage on shares of Snap in a research report on Tuesday, February 21st. They set a “neutral” rating for the company. Moffett Nathanson reiterated a “sell” rating on shares of Snap in a research report on Friday, March 31st. Wells Fargo & Company started coverage on shares of Snap in a research report on Friday, March 31st. They set a “market perform” rating and a $21.00 price target for the company. Instinet started coverage on shares of Snap in a research note on Thursday, March 2nd. They issued a “reduce” rating and a $16.00 price objective for the company. Finally, Susquehanna Bancshares Inc started coverage on shares of Snap in a research note on Friday, March 3rd. They issued a “neutral” rating and a $22.00 price objective for the company. Eight research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $21.84.

Analyst Recommendations for Snap (NYSE:SNAP)

Shares of Snap (NYSE:SNAP) opened at 17.54 on Thursday. Snap has a 12-month low of $17.00 and a 12-month high of $29.44. The stock’s market capitalization is $20.68 billion. The stock’s 50 day moving average is $20.48 and its 200-day moving average is $21.10. Snap also was the target of some unusual options trading activity on Friday. Investors acquired 37,110 call options on the company. This represents an increase of 133% compared to the average daily volume of 15,938 call options.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Wednesday, May 10th. The company reported ($2.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.05) by $0.26. The business had revenue of $149.60 million for the quarter, compared to analyst estimates of $158.32 million. The firm’s revenue was up 285.6% compared to the same quarter last year. On average, analysts expect that Snap will post ($0.55) earnings per share for the current year.

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Institutional investors have recently made changes to their positions in the stock. US Bancorp DE purchased a new position in shares of Snap during the first quarter valued at about $101,000. WFG Advisors LP purchased a new position in shares of Snap during the first quarter valued at about $109,000. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Snap during the first quarter valued at about $158,000. Pacer Advisors Inc. purchased a new position in shares of Snap during the first quarter valued at about $205,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Snap during the first quarter valued at about $223,000. 29.57% of the stock is currently owned by 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.

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