Instinet reaffirmed their reduce rating on shares of Snap Inc (NYSE:SNAP) in a research report sent to investors on Thursday, May 11th. Instinet currently has a $14.00 price target on the stock, down from their previous price target of $16.00.
Several other equities analysts have also recently issued reports on the stock. Jefferies Group LLC reissued a buy rating and issued a $30.00 price objective on shares of Snap in a research note on Monday, April 17th. Barclays PLC reissued a sell rating on shares of Snap in a research note on Friday, April 14th. Summit Research reissued a sell rating and issued a $17.00 price objective on shares of Snap in a research note on Tuesday, March 28th. Bank of America Corp started coverage on shares of Snap in a research note on Monday, March 27th. They issued a neutral rating and a $25.00 price objective on the stock. Finally, CIBC reissued a market perform rating on shares of Snap in a research note on Tuesday, March 28th. Eight analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $21.86.
Shares of Snap (NYSE SNAP) opened at 20.21 on Thursday. The company has a 50-day moving average of $21.15 and a 200 day moving average of $21.46. Snap has a one year low of $17.59 and a one year high of $29.44. The stock’s market cap is $23.82 billion.
Snap (NYSE:SNAP) last announced its quarterly earnings data on Wednesday, May 10th. The company reported ($2.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.05) by $0.26. The firm had revenue of $149.60 million during the quarter, compared to analyst estimates of $158.32 million. Snap had a negative net margin of 1,476.02% and a negative return on equity of 337.23%. Snap’s quarterly revenue was up 285.6% on a year-over-year basis. On average, analysts predict that Snap will post ($0.57) earnings per share for the current year.
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A number of hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. acquired a new stake in Snap during the first quarter worth about $252,388,000. KPCB DGF Associates LLC acquired a new stake in Snap during the first quarter worth about $40,911,000. Sumitomo Mitsui Asset Management Company LTD acquired a new stake in Snap during the first quarter worth about $2,119,000. Prospera Financial Services Inc acquired a new stake in Snap during the first quarter worth about $418,000. Finally, Oxford Asset Management acquired a new stake in Snap during the first quarter worth about $11,062,000.
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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