Snap Inc. (SNAP) Downgraded by Cowen and Company to “Market Perform”

Cowen and Company downgraded shares of Snap Inc. (NYSE:SNAP) from an outperform rating to a market perform rating in a research report sent to investors on Friday morning, MarketBeat Ratings reports. Cowen and Company currently has $26.00 price target on the stock, up from their previous price target of $21.00.

Other equities analysts have also issued reports about the company. UBS AG began coverage on Snap in a research note on Monday, March 27th. They set a neutral rating and a $24.00 price target on the stock. Susquehanna Bancshares Inc restated a neutral rating and set a $15.00 price target (down from $22.00) on shares of Snap in a research note on Friday, May 12th. Piper Jaffray Companies restated a neutral rating and set a $16.50 price target (down from $20.00) on shares of Snap in a research note on Thursday. Stifel Nicolaus lowered Snap from a buy rating to a hold rating and set a $20.00 price target on the stock. in a research note on Friday. Finally, Summit Redstone began coverage on Snap in a research note on Monday, March 27th. They set a sell rating and a $17.00 price target on the stock. Nine analysts have rated the stock with a sell rating, twenty have given a hold rating and fifteen have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $21.24.

Shares of Snap (SNAP) traded down 0.92% on Friday, hitting $15.13. The stock had a trading volume of 13,289,636 shares. The firm’s 50-day moving average is $19.18 and its 200 day moving average is $20.72. The stock’s market cap is $10.32 billion. Snap has a 1-year low of $15.12 and a 1-year high of $29.44.

Snap (NYSE:SNAP) last issued its quarterly earnings results on Wednesday, May 10th. The company reported ($2.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.05) by $0.26. The company had revenue of $149.60 million during the quarter, compared to analysts’ expectations of $158.32 million. The business’s revenue for the quarter was up 285.6% compared to the same quarter last year. Equities analysts forecast that Snap will post ($0.56) EPS for the current year.

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Several hedge funds and other institutional investors have recently bought and sold shares of the stock. KPCB DGF Associates LLC bought a new position in Snap during the first quarter worth $40,911,000. Edge Wealth Management LLC bought a new position in Snap during the first quarter worth $257,000. Prospera Financial Services Inc bought a new position in Snap during the first quarter worth $418,000. Narwhal Capital Management bought a new position in Snap during the first quarter worth $282,000. Finally, Essex Investment Management Co. LLC bought a new position in Snap during the first quarter worth $2,012,000. 29.55% 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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