Snap’s (SNAP) “Outperform” Rating Reiterated at JMP Securities

JMP Securities reissued their outperform rating on shares of Snap Inc. (NYSE:SNAP) in a report released on Thursday, May 11th. They currently have a $28.00 price objective on the stock, up from their previous price objective of $24.00.

“We were encouraged to hear that newer products, such as Search, World Lenses, and greater Discover content, are driving engagement high,,” the firm’s analyst commented.

A number of other research firms have also recently issued reports on SNAP. Needham & Company LLC began coverage on shares of Snap in a report on Monday, March 6th. They set an underperform rating and a $28.37 price target for the company. Susquehanna Bancshares Inc began coverage on shares of Snap in a report on Friday, March 3rd. They set a neutral rating and a $22.00 price target 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 report on Friday, March 3rd. Loop Capital began coverage on shares of Snap in a report on Monday, March 27th. They set a hold rating and a $21.00 price target for the company. Finally, Cantor Fitzgerald upgraded shares of Snap from an underweight rating to a neutral rating and decreased their price target for the company from $18.00 to $17.00 in a report on Thursday, May 11th. They noted that the move was a valuation call. Eight 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 company. The company presently has an average rating of Hold and an average price target of $21.84.

Shares of Snap (NYSE:SNAP) opened at 17.54 on Thursday. The stock’s market cap is $20.68 billion. The stock has a 50 day moving average price of $20.48 and a 200-day moving average price of $21.10. Snap has a 12 month low of $17.00 and a 12 month high of $29.44. Snap also was the recipient of unusually large options trading activity on Friday. Traders bought 37,110 call options on the stock. This is an increase of 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 business had revenue of $149.60 million for the quarter, compared to analysts’ expectations of $158.32 million. The business’s quarterly revenue was up 285.6% compared to the same quarter last year. On average, analysts forecast that Snap will post ($0.55) EPS for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in the stock. KPCB DGF Associates LLC acquired a new position in shares of Snap during the first quarter worth about $40,911,000. Edge Wealth Management LLC acquired a new position in shares of Snap during the first quarter worth about $257,000. Prospera Financial Services Inc acquired a new position in shares of Snap during the first quarter worth about $418,000. Narwhal Capital Management acquired a new position in shares of Snap during the first quarter worth about $282,000. Finally, Essex Investment Management Co. LLC acquired a new position in shares of Snap during the first quarter worth about $2,012,000. 29.57% of the stock is currently owned by hedge funds and other institutional investors.

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.

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