Snap (SNAP) Downgraded to “Buy” at Vetr

Snap (NYSE:SNAP) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued on Tuesday, December 5th. They presently have a $15.73 price objective on the stock. Vetr‘s target price suggests a potential upside of 7.67% from the company’s current price.

A number of other research analysts also recently weighed in on SNAP. Deutsche Bank reiterated a “buy” rating and set a $20.00 price target on shares of Snap in a report on Wednesday, August 9th. Drexel Hamilton restated a “buy” rating and issued a $30.00 target price on shares of Snap in a research note on Wednesday, August 9th. Royal Bank of Canada restated an “outperform” rating and issued a $31.00 target price on shares of Snap in a research note on Wednesday, August 9th. Citigroup reaffirmed a “neutral” rating and issued a $13.00 price target (down previously from $19.00) on shares of Snap in a research report on Thursday, August 10th. Finally, Barclays reaffirmed an “equal weight” rating and issued a $13.00 price target (down previously from $18.00) on shares of Snap in a research report on Friday, August 11th. They noted that the move was a valuation call. Sixteen equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $16.86.

Shares of Snap (SNAP) traded down $0.24 during trading on Tuesday, hitting $14.61. The stock had a trading volume of 9,514,774 shares, compared to its average volume of 18,317,366. Snap has a 12 month low of $11.28 and a 12 month high of $29.44.

Snap (NYSE:SNAP) last announced its earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.17. Snap had a negative return on equity of 107.36% and a negative net margin of 463.16%. The company had revenue of $207.90 million for the quarter, compared to analyst estimates of $236.71 million. Snap’s revenue for the quarter was up 62.2% compared to the same quarter last year. research analysts anticipate that Snap will post -3.04 EPS for the current fiscal year.

In related news, CFO Andrew Vollero sold 70,566 shares of the firm’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $16.09, for a total transaction of $1,135,406.94. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Evan Spiegel sold 1,652,966 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $12.42, for a total value of $20,529,837.72. Following the sale, the chief executive officer now directly owns 86,657,812 shares in the company, valued at approximately $1,076,290,025.04. The disclosure for this sale can be found here. Insiders sold a total of 4,165,711 shares of company stock worth $55,704,768 over the last quarter.

A number of institutional investors have recently modified their holdings of the stock. Moors & Cabot Inc. raised its stake in Snap by 95.7% during the 3rd quarter. Moors & Cabot Inc. now owns 27,150 shares of the company’s stock worth $396,000 after buying an additional 13,280 shares during the period. Highlander Capital Management LLC raised its stake in Snap by 169.6% during the 3rd quarter. Highlander Capital Management LLC now owns 30,200 shares of the company’s stock worth $439,000 after buying an additional 19,000 shares during the period. California Public Employees Retirement System acquired a new stake in Snap during the 3rd quarter worth $1,576,000. Janney Montgomery Scott LLC acquired a new stake in shares of Snap in the 3rd quarter valued at about $243,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Snap by 49.1% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 64,577 shares of the company’s stock valued at $939,000 after purchasing an additional 21,262 shares during the period. 18.88% of the stock is currently owned by institutional investors and hedge funds.

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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.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Snap (NYSE:SNAP)

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