Raymond James Financial, Inc. Reaffirms Market Perform Rating for Snap Inc. (SNAP)

Snap Inc. (NYSE:SNAP)‘s stock had its “market perform” rating reissued by equities research analysts at Raymond James Financial, Inc. in a research note issued on Friday, May 12th.

Several other analysts also recently weighed in on the company. Canaccord Genuity reiterated a “hold” rating and set a $22.00 target price on shares of Snap in a research report on Friday, May 12th. Deutsche Bank AG decreased their target price on Snap from $30.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, May 12th. Drexel Hamilton reiterated a “buy” rating and set a $30.00 target price on shares of Snap in a research report on Thursday, May 11th. Royal Bank Of Canada lifted their target price on Snap from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, May 11th. Finally, Morgan Stanley restated an “overweight” rating and issued a $31.00 price objective on shares of Snap in a report on Thursday, May 11th. Eight investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $21.84.

Analyst Recommendations for Snap (NYSE:SNAP)

Shares of Snap (NYSE SNAP) traded up 3.18% during trading on Friday, reaching $17.54. 18,955,724 shares of the company traded hands. The firm’s 50-day moving average is $20.48 and its 200-day moving average is $21.10. The stock’s market capitalization is $20.68 billion. Snap has a 12-month low of $17.00 and a 12-month high of $29.44. Snap also was the target of unusually large options trading on Friday. Stock traders acquired 37,110 call options on the stock. This represents an increase of 133% compared to the average 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 the consensus estimate of ($2.05) by $0.26. The firm had revenue of $149.60 million during the quarter, compared to analyst estimates of $158.32 million. The firm’s quarterly revenue was up 285.6% compared to the same quarter last year. On average, equities analysts predict that Snap will post ($0.55) earnings per share for the current fiscal year.

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Large investors have recently modified their holdings of the company. FMR LLC acquired a new stake in shares of Snap during the first quarter worth $737,133,000. JPMorgan Chase & Co. purchased a new stake in shares of Snap during the first quarter worth approximately $252,388,000. BlackRock Inc. purchased a new stake in shares of Snap during the first quarter worth approximately $211,934,000. Vanguard Group Inc. purchased a new stake in shares of Snap during the first quarter worth approximately $152,135,000. Finally, Jennison Associates LLC purchased a new stake in shares of Snap during the first quarter worth approximately $119,178,000. Institutional investors and hedge funds 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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