Snap Inc. (SNAP) Hits New 12-Month Low at $14.16

Snap Inc. (NYSE:SNAP)’s share price hit a new 52-week low during trading on Monday . The company traded as low as $14.16 and last traded at $14.16, with a volume of 8,793,644 shares changing hands. The stock had previously closed at $14.48.

A number of equities analysts recently commented on SNAP shares. Canaccord Genuity started coverage on Snap in a report on Friday, April 28th. They set a “hold” rating and a $22.00 target price for the company. Cowen and Company restated an “outperform” rating and set a $26.00 target price on shares of Snap in a report on Tuesday, May 9th. Credit Suisse Group restated an “outperform” rating and set a $25.00 target price (down from $30.00) on shares of Snap in a report on Monday, July 10th. Raymond James Financial, Inc. started coverage on Snap in a report on Tuesday, April 25th. They set a “market perform” rating and a $23.48 target price for the company. Finally, Jefferies Group LLC restated a “buy” rating and set a $30.00 target price on shares of Snap in a report on Monday, May 22nd. Nine analysts have rated the stock with a sell rating, twenty-three have given a hold rating and thirteen have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $18.58.

The firm’s market cap is $9.56 billion. The firm has a 50-day moving average price of $14.47 and a 200 day moving average price of $18.88.

Snap (NYSE:SNAP) last posted its earnings results on Thursday, August 10th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.29) by $0.07. The company had revenue of $181.70 million during the quarter, compared to analysts’ expectations of $186.49 million. The business’s revenue was up 153.1% compared to the same quarter last year. On average, equities research analysts expect that Snap Inc. will post ($0.63) EPS for the current fiscal year.

In other news, VP Steven Michael Horowitz sold 50,624 shares of Snap stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $13.04, for a total transaction of $660,136.96. Following the transaction, the vice president now directly owns 2,440,055 shares in the company, valued at approximately $31,818,317.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 195,100 shares of Snap stock in a transaction on Monday, August 14th. The shares were sold at an average price of $12.50, for a total value of $2,438,750.00. Following the transaction, the chief financial officer now owns 1,882,280 shares in the company, valued at $23,528,500. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 795,724 shares of company stock worth $9,973,887.

Several institutional investors have recently modified their holdings of the stock. FMR LLC purchased a new position in shares of Snap during the first quarter valued at about $737,133,000. JPMorgan Chase & Co. purchased a new position in shares of Snap during the first quarter valued at about $252,388,000. BlackRock Inc. purchased a new position in shares of Snap during the first quarter valued at about $211,934,000. Vanguard Group Inc. purchased a new position in shares of Snap during the first quarter valued at about $152,135,000. Finally, Jennison Associates LLC purchased a new position in shares of Snap during the first quarter valued at about $119,178,000. Institutional investors own 29.24% of the company’s stock.

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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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