Stifel Nicolaus Lowers Snap Inc. (SNAP) to Hold

Stifel Nicolaus cut shares of Snap Inc. (NYSE:SNAP) from a buy rating to a hold rating in a research note published on Wednesday morning, MarketBeat reports. The brokerage currently has $13.00 price target on the stock, down from their prior price target of $18.00.

Several other research analysts have also issued reports on SNAP. Barclays PLC cut their target price on shares of Snap from $13.00 to $11.00 and set an equal weight rating on the stock in a research note on Wednesday. Monness Crespi & Hardt lowered shares of Snap from a buy rating to a neutral rating in a research note on Friday, August 11th. Royal Bank Of Canada lowered shares of Snap from an outperform rating to a sector perform rating and cut their target price for the stock from $20.00 to $15.00 in a research note on Wednesday. Bank of America Corporation restated a neutral rating and set a $17.00 price objective (down previously from $20.00) on shares of Snap in a report on Friday, August 11th. Finally, Summit Redstone restated a sell rating and set a $8.00 price objective (down previously from $10.00) on shares of Snap in a report on Friday, August 11th. Fifteen research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $17.12.

Snap (NYSE SNAP) traded up $0.38 during trading hours on Wednesday, hitting $12.76. 32,138,000 shares of the stock were exchanged, compared to its average volume of 28,231,418. Snap has a 12 month low of $11.28 and a 12 month high of $29.44.

Snap (NYSE:SNAP) last issued its earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.17. The company had revenue of $207.90 million for the quarter, compared to the consensus estimate of $236.71 million. Snap’s revenue was up 62.2% compared to the same quarter last year. sell-side analysts anticipate that Snap will post -3.04 earnings per share for the current year.

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In related news, CFO Andrew Vollero sold 37,874 shares of the firm’s stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $14.64, for a total value of $554,475.36. Following the sale, the chief financial officer now directly owns 1,797,644 shares of the company’s stock, valued at $26,317,508.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy Sehn sold 400,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $12.50, for a total transaction of $5,000,000.00. Following the completion of the sale, the vice president now directly owns 2,204,168 shares in the company, valued at $27,552,100. The disclosure for this sale can be found here. Insiders sold 2,533,598 shares of company stock valued at $35,540,362 over the last 90 days.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Zevenbergen Capital Investments LLC raised its stake in Snap by 18.3% in the third quarter. Zevenbergen Capital Investments LLC now owns 101,450 shares of the company’s stock valued at $1,475,000 after purchasing an additional 15,700 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Snap by 11.6% in the third quarter. JPMorgan Chase & Co. now owns 7,650,826 shares of the company’s stock valued at $110,556,000 after purchasing an additional 797,290 shares in the last quarter. Van Hulzen Asset Management LLC raised its stake in Snap by 446.7% in the third quarter. Van Hulzen Asset Management LLC now owns 82,000 shares of the company’s stock valued at $1,192,000 after purchasing an additional 67,000 shares in the last quarter. American International Group Inc. purchased a new stake in Snap in the third quarter valued at approximately $2,879,000. Finally, Stillwater Investment Management L.P. purchased a new stake in Snap in the third quarter valued at approximately $427,000. 17.29% of the stock is currently owned by institutional investors and hedge funds.

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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