Snap Inc. (SNAP) Price Target Cut to $23.00 by Analysts at Deutsche Bank AG

Snap Inc. (NYSE:SNAP) had its price target trimmed by Deutsche Bank AG from $30.00 to $23.00 in a report released on Friday, May 12th. The firm currently has a buy rating on the stock.

Several other research firms have also recently commented on SNAP. Needham & Company LLC assumed coverage on shares of Snap in a research report on Monday, March 6th. They issued an underperform rating and a $28.37 target price for the company. Atlantic Securities cut shares of Snap from a neutral rating to an underweight rating and set a $14.00 price target for the company. in a research report on Friday, March 3rd. Susquehanna Bancshares Inc started coverage on shares of Snap in a research report on Friday, March 3rd. They set a neutral rating and a $22.00 price target for the company. Loop Capital assumed coverage on shares of Snap in a research report on Monday, March 27th. They set a hold rating and a $21.00 price target for the company. Finally, Citigroup Inc. restated a buy rating and set a $24.00 price objective (down from $27.00) on shares of Snap in a research note on Thursday, May 11th. Eight investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $21.84.

Snap (SNAP) traded up 3.18% during midday trading on Friday, hitting $17.54. The stock had a trading volume of 18,955,724 shares. The company’s market cap is $20.68 billion. The company’s 50 day moving average is $20.48 and its 200 day moving average is $21.10. Snap has a 1-year low of $17.00 and a 1-year high of $29.44. Snap also was the target of unusually large options trading activity on Friday. Investors purchased 37,110 call options on the company. This is an increase of approximately 133% compared to the typical daily volume of 15,938 call options.

Snap (NYSE:SNAP) last posted its earnings results on Wednesday, May 10th. The company reported ($2.31) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.05) by $0.26. The firm had revenue of $149.60 million for the quarter, compared to analysts’ expectations of $158.32 million. Snap’s revenue was up 285.6% compared to the same quarter last year. On average, equities analysts anticipate that Snap will post ($0.55) earnings per share for the current fiscal year.

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Institutional investors have recently modified their holdings of the company. FMR LLC acquired a new position in shares of Snap during the first quarter valued at $737,133,000. JPMorgan Chase & Co. acquired a new position in shares of Snap during the first quarter valued at $252,388,000. BlackRock Inc. acquired a new position in shares of Snap during the first quarter valued at $211,934,000. Vanguard Group Inc. acquired a new position in shares of Snap during the first quarter valued at $152,135,000. Finally, Jennison Associates LLC acquired a new position in shares of Snap during the first quarter valued at $119,178,000. Institutional investors own 29.57% of the company’s stock.

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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