Snap Inc. (NYSE:SNAP) had its price target decreased by Stifel Nicolaus from $27.00 to $24.00 in a research report issued on Thursday, May 11th, MarketBeat Ratings reports. The brokerage presently has a “hold” rating on the stock. Stifel Nicolaus’ price objective suggests a potential upside of 36.83% from the company’s current price.
The analysts wrote, “We continue to think Snap has the potential to develop into a durable digital media franchise with considerable upside from its current market cap, but investor skepticism and near-term supply / demand dynamics related to the company’s impending lock-up expiration could hold Snap’s stock price in check for the time being.””
SNAP has been the topic of a number of other research reports. Piper Jaffray Companies initiated coverage on Snap in a research note on Thursday, March 23rd. They issued a “neutral” rating and a $23.00 target price on the stock. They noted that the move was a valuation call. Canaccord Genuity initiated coverage on Snap in a research note on Friday, April 28th. They issued a “hold” rating and a $22.00 target price on the stock. Cowen and Company began coverage on Snap in a research note on Monday, March 27th. They issued an “outperform” rating and a $26.00 target price on the stock. Pivotal Research restated a “sell” rating and set a $10.00 price target on shares of Snap in a research note on Saturday, March 11th. Finally, Vetr upgraded Snap from a “hold” rating to a “buy” rating and set a $20.33 price target on the stock in a research note on Monday, March 20th. Eight equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $21.84.
Snap (SNAP) opened at 17.54 on Thursday. The stock’s market capitalization is $20.68 billion. Snap has a 1-year low of $17.00 and a 1-year high of $29.44. The firm’s 50 day moving average is $20.48 and its 200 day moving average is $21.10. Snap also was the target of unusually large options trading on Friday. Stock traders acquired 37,110 call options on the company. This represents an increase of approximately 133% compared to the typical daily volume of 15,938 call options.
Snap (NYSE:SNAP) last released its 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 during the quarter, compared to analyst estimates of $158.32 million. The business’s revenue for the quarter was up 285.6% on a year-over-year basis. On average, equities research analysts anticipate that Snap will post ($0.55) earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Columbia Partners L L C Investment Management bought a new position in shares of Snap during the first quarter valued at $1,162,000. Point72 Asia Hong Kong Ltd acquired a new stake in Snap during the first quarter worth approximately $1,386,000. RBF Capital LLC acquired a new stake in Snap during the first quarter worth approximately $1,014,000. Credit Suisse AG acquired a new stake in Snap during the first quarter worth approximately $799,000. Finally, Canyon Capital Advisors LLC acquired a new stake in Snap during the first quarter worth approximately $3,344,000. Institutional investors own 29.57% of the company’s stock.
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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