Jefferies Group Downgrades Snap (NYSE:SNAP) to Hold

Jefferies Group lowered shares of Snap (NYSE:SNAP) from a buy rating to a hold rating in a report issued on Monday, January 8th, MarketBeat Ratings reports. Jefferies Group currently has $30.00 target price on the stock, up from their prior target price of $14.50.

SNAP has been the topic of a number of other research reports. Vetr upgraded Snap from a strong sell rating to a hold rating and set a $16.13 price target on the stock in a report on Friday, October 13th. Zacks Investment Research cut Snap from a hold rating to a sell rating in a research report on Wednesday, October 18th. Drexel Hamilton reaffirmed a buy rating and set a $28.00 price objective on shares of Snap in a research report on Friday, December 15th. SunTrust Banks reaffirmed a sell rating and set a $10.00 price objective on shares of Snap in a research report on Thursday, October 12th. Finally, Deutsche Bank cut Snap from a buy rating to a hold rating and dropped their price target for the stock from $20.00 to $17.00 in a research report on Monday, September 11th. Seventeen analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $17.23.

Snap (NYSE:SNAP) traded down $0.21 during trading hours on Monday, reaching $13.71. The company had a trading volume of 18,119,249 shares, compared to its average volume of 14,850,000. Snap has a 12 month low of $11.28 and a 12 month high of $29.44. The company has a market capitalization of $16,510.00 and a price-to-earnings ratio of -4.31.

Snap (NYSE:SNAP) last released its quarterly earnings data on Tuesday, November 7th. The company reported ($0.14) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.17. The firm had revenue of $207.90 million for the quarter, compared to the consensus estimate of $236.71 million. Snap had a negative return on equity of 107.36% and a negative net margin of 463.16%. The company’s quarterly revenue was up 62.2% on a year-over-year basis. research analysts anticipate that Snap will post -3.03 EPS for the current year.

In other Snap news, CEO Evan Spiegel sold 1,652,966 shares of the stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $12.42, for a total transaction of $20,529,837.72. Following the completion of the transaction, the chief executive officer now owns 86,657,812 shares of the company’s stock, valued at approximately $1,076,290,025.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mitchell Lasky sold 25,000 shares of the stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $12.38, for a total transaction of $309,500.00. The disclosure for this sale can be found here. Insiders sold a total of 3,513,592 shares of company stock valued at $45,994,369 in the last ninety days.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNAP. First Trust Advisors LP boosted its holdings in shares of Snap by 873.8% during the 3rd quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock valued at $85,555,000 after purchasing an additional 5,279,883 shares during the last quarter. Valiant Capital Management L.P. lifted its holdings in shares of Snap by 379.1% in the 3rd quarter. Valiant Capital Management L.P. now owns 3,215,300 shares of the company’s stock valued at $46,750,000 after acquiring an additional 2,544,200 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of Snap by 73.4% in the 3rd quarter. Allianz Asset Management GmbH now owns 4,529,005 shares of the company’s stock valued at $65,852,000 after acquiring an additional 1,916,830 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Snap by 23.7% in the 2nd quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock valued at $148,446,000 after acquiring an additional 1,601,170 shares during the last quarter. Finally, State Treasurer State of Michigan bought a new position in shares of Snap in the 3rd quarter valued at about $15,714,000. 18.89% of the stock is owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Snap (NYSE:SNAP)

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