Snap Inc. (SNAP) Downgraded by Cowen and Company

Cowen and Company cut shares of Snap Inc. (NYSE:SNAP) from an outperform rating to a market perform rating in a report issued on Friday, July 14th, Marketbeat reports. They currently have $26.00 target price on the stock, up from their previous target price of $21.00.

Several other equities analysts have also weighed in on SNAP. Moffett Nathanson initiated coverage on shares of Snap in a report on Thursday, March 16th. They issued a sell rating and a $15.00 price objective on the stock. Needham & Company LLC restated an underperform rating on shares of Snap in a report on Thursday, March 16th. Mizuho initiated coverage on shares of Snap in a report on Friday, March 17th. They issued a neutral rating and a $20.00 price objective on the stock. They noted that the move was a valuation call. Susquehanna Bancshares Inc restated a neutral rating and issued a $22.00 price objective on shares of Snap in a report on Friday, March 17th. Finally, Vetr upgraded shares of Snap from a hold rating to a buy rating and set a $20.33 price objective on the stock in a report on Monday, March 20th. Nine investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have issued a buy rating to the company. The company has an average rating of Hold and an average price target of $19.42.

Snap (NYSE:SNAP) opened at 11.83 on Friday. The firm has a 50-day moving average of $15.10 and a 200 day moving average of $19.13. Snap has a 52-week low of $11.77 and a 52-week high of $29.44. The firm’s market cap is $13.95 billion. Snap also was the target of some unusual options trading activity on Thursday. Investors acquired 65,962 put options on the stock. This represents an increase of 173% compared to the average volume of 24,199 put options.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by $0.07. The company had revenue of $181.70 million for the quarter, compared to analyst estimates of $186.49 million. The company’s revenue for the quarter was up 153.1% compared to the same quarter last year. On average, equities research analysts forecast that Snap will post ($0.56) earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNAP. US Bancorp DE acquired a new position in Snap during the first quarter worth $101,000. Seven Bridges Advisors LLC acquired a new position in Snap during the second quarter worth $101,000. WFG Advisors LP acquired a new position in Snap during the first quarter worth $109,000. Harel Insurance Investments & Financial Services Ltd. increased its position in Snap by 654.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock worth $134,000 after buying an additional 6,540 shares during the period. Finally, Dubuque Bank & Trust Co. acquired a new position in Snap during the second quarter worth $137,000. 30.16% of the stock is owned by institutional investors and hedge funds.

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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