Snap Inc. (NYSE:SNAP) Stock Rating Lowered by Cleveland Research

Cleveland Research cut shares of Snap Inc. (NYSE:SNAP) from a buy rating to a neutral rating in a research report sent to investors on Tuesday, July 25th.

A number of other research firms have also recently commented on SNAP. Drexel Hamilton reissued a buy rating and set a $30.00 price target on shares of Snap in a report on Thursday, May 11th. Goldman Sachs Group, Inc. (The) reissued a buy rating and set a $28.00 price target on shares of Snap in a report on Thursday, May 11th. J P Morgan Chase & Co reissued a neutral rating and set a $18.00 price target (down previously from $20.00) on shares of Snap in a report on Monday, June 5th. Oppenheimer Holdings, Inc. started coverage on Snap in a report on Monday, March 27th. They set a market perform rating for the company. Finally, Stifel Nicolaus cut Snap from a buy rating to a hold rating and set a $20.00 price target for the company. in a report on Friday, July 14th. Nine analysts have rated the stock with a sell rating, twenty have given a hold rating and fifteen have given a buy rating to the company’s stock. Snap has an average rating of Hold and an average price target of $19.42.

Shares of Snap (NYSE SNAP) traded down 14.09% on Tuesday, reaching $11.83. The company had a trading volume of 83,853,248 shares. Snap has a 52-week low of $11.77 and a 52-week high of $29.44. The company’s 50-day moving average price is $15.10 and its 200-day moving average price is $19.13. The firm’s market capitalization is $8.08 billion. Snap also saw unusually large options trading on Thursday. Traders bought 65,962 put options on the company. This is an increase of approximately 173% compared to the average daily volume of 24,199 put options.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Thursday, August 10th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by $0.07. The firm had revenue of $181.70 million during the quarter, compared to the consensus estimate of $186.49 million. The firm’s revenue was up 153.1% on a year-over-year basis. On average, analysts predict that Snap will post ($0.56) earnings per share for the current year.

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Large investors have recently made changes to their positions in the stock. US Bancorp DE acquired a new stake in shares of Snap during the first quarter valued at approximately $101,000. Seven Bridges Advisors LLC acquired a new stake in shares of Snap during the second quarter valued at approximately $101,000. WFG Advisors LP acquired a new stake in shares of Snap during the first quarter valued at approximately $109,000. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Snap by 654.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after buying an additional 6,540 shares during the last quarter. Finally, Dubuque Bank & Trust Co. acquired a new stake in shares of Snap during the second quarter valued at approximately $137,000. Institutional investors own 30.16% of the company’s stock.

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.

Analyst Recommendations for Snap (NYSE:SNAP)

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