Cowen Cuts Snap (NYSE:SNAP) Price Target to $17.00

Snap (NYSE:SNAP – Get Rating) had its price target lowered by Cowen to $17.00 in a research report released on Wednesday morning, Stock Target Advisor reports.

Other research analysts also recently issued reports about the stock. Bank of America dropped their target price on shares of Snap from $50.00 to $30.00 and set a buy rating on the stock in a research report on Tuesday, May 24th. Deutsche Bank Aktiengesellschaft began coverage on shares of Snap in a research report on Friday, March 11th. They issued a buy rating and a $45.00 target price on the stock. JMP Securities dropped their target price on shares of Snap from $50.00 to $45.00 and set a market outperform rating on the stock in a research report on Tuesday, May 24th. Barclays dropped their target price on shares of Snap from $77.00 to $42.00 and set an overweight rating on the stock in a research report on Friday, April 22nd. Finally, Rosenblatt Securities dropped their target price on shares of Snap from $49.00 to $23.00 and set a buy rating on the stock in a research report on Tuesday, May 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Buy and a consensus target price of $39.73.

Shares of NYSE:SNAP opened at $15.58 on Wednesday. Snap has a 52 week low of $12.55 and a 52 week high of $83.34. The company’s 50 day moving average is $29.43 and its two-hundred day moving average is $37.22. The company has a current ratio of 7.19, a quick ratio of 7.19 and a debt-to-equity ratio of 1.05. The company has a market cap of $25.49 billion, a PE ratio of -43.28 and a beta of 1.18.

Snap (NYSE:SNAP – Get Rating) last announced its quarterly earnings data on Thursday, April 21st. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.03). Snap had a negative net margin of 12.71% and a negative return on equity of 16.37%. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the prior year, the company posted ($0.19) earnings per share. The company’s revenue for the quarter was up 38.1% on a year-over-year basis. As a group, equities research analysts expect that Snap will post -0.43 EPS for the current year.

In other Snap news, CTO Robert C. Murphy sold 900,000 shares of the firm’s stock in a transaction dated Monday, April 25th. The shares were sold at an average price of $29.55, for a total transaction of $26,595,000.00. Following the completion of the transaction, the chief technology officer now directly owns 75,110,002 shares in the company, valued at approximately $2,219,500,559.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 12,500 shares of the firm’s stock in a transaction dated Monday, February 28th. The shares were sold at an average price of $39.85, for a total transaction of $498,125.00. The disclosure for this sale can be found here. Insiders sold a total of 1,555,687 shares of company stock valued at $44,789,003 in the last quarter.

A number of large investors have recently bought and sold shares of SNAP. Center for Financial Planning Inc. purchased a new position in Snap during the 3rd quarter valued at about $41,000. AlphaCrest Capital Management LLC purchased a new stake in shares of Snap during the third quarter worth about $298,000. Aviva PLC purchased a new stake in shares of Snap during the third quarter worth about $1,530,000. Prospera Financial Services Inc purchased a new stake in shares of Snap during the third quarter worth about $377,000. Finally, Geode Capital Management LLC grew its holdings in shares of Snap by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,258,028 shares of the company’s stock worth $682,550,000 after buying an additional 664,769 shares in the last quarter. Hedge funds and other institutional investors own 53.88% of the company’s stock.

Snap Company Profile (Get Rating)

Snap Inc operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images.

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