Snap (NYSE:SNAP) Downgraded by JMP Securities to “Market Perform”

JMP Securities downgraded shares of Snap (NYSE:SNAPGet Rating) from an outperform rating to a market perform rating in a research note released on Tuesday, The Fly reports.

SNAP has been the topic of a number of other reports. Jefferies Financial Group lowered Snap from a buy rating to a hold rating and cut their price objective for the company from $12.00 to $10.00 in a report on Thursday, December 15th. UBS Group cut their price objective on Snap from $14.00 to $10.00 in a report on Friday, October 21st. MKM Partners lowered Snap from a buy rating to a neutral rating and dropped their target price for the stock from $15.00 to $10.00 in a report on Friday, October 21st. Royal Bank of Canada dropped their target price on Snap from $11.00 to $8.00 and set a sector perform rating on the stock in a report on Friday, October 21st. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Snap from $14.00 to $9.00 and set a hold rating on the stock in a report on Friday, October 21st. Three equities research analysts have rated the stock with a sell rating, twenty-eight have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $13.88.

Snap Trading Down 1.3 %

Snap stock opened at $9.67 on Tuesday. The stock has a 50-day moving average of $9.62 and a two-hundred day moving average of $10.63. The company has a debt-to-equity ratio of 1.29, a quick ratio of 4.86 and a current ratio of 4.86. Snap has a one year low of $7.33 and a one year high of $41.97. The stock has a market cap of $15.60 billion, a PE ratio of -14.01 and a beta of 0.99.

Snap (NYSE:SNAPGet Rating) last announced its quarterly earnings data on Thursday, October 20th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.15 billion. Snap had a negative return on equity of 25.57% and a negative net margin of 24.32%. On average, research analysts anticipate that Snap will post -0.65 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Jerry James Hunter sold 42,105 shares of the company’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $11.45, for a total transaction of $482,102.25. Following the completion of the transaction, the chief operating officer now directly owns 668,336 shares of the company’s stock, valued at approximately $7,652,447.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Evan Spiegel sold 250,000 shares of the company’s stock in a transaction dated Monday, October 24th. The stock was sold at an average price of $7.54, for a total value of $1,885,000.00. Following the completion of the sale, the chief executive officer now directly owns 4,077,844 shares of the company’s stock, valued at approximately $30,746,943.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Jerry James Hunter sold 42,105 shares of the company’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $11.45, for a total value of $482,102.25. Following the completion of the sale, the chief operating officer now directly owns 668,336 shares of the company’s stock, valued at $7,652,447.20. The disclosure for this sale can be found here. Insiders sold 1,392,701 shares of company stock valued at $11,177,148 in the last three months.

Institutional Trading of Snap

A number of large investors have recently made changes to their positions in SNAP. Vanguard Group Inc. lifted its position in Snap by 21.6% during the 3rd quarter. Vanguard Group Inc. now owns 90,476,082 shares of the company’s stock worth $888,475,000 after acquiring an additional 16,046,220 shares during the period. Wellington Management Group LLP lifted its position in Snap by 95.8% during the 1st quarter. Wellington Management Group LLP now owns 17,811,242 shares of the company’s stock worth $641,028,000 after acquiring an additional 8,712,380 shares during the period. Renaissance Technologies LLC lifted its position in Snap by 287.0% during the 2nd quarter. Renaissance Technologies LLC now owns 11,275,800 shares of the company’s stock worth $148,051,000 after acquiring an additional 8,362,000 shares during the period. Two Sigma Advisers LP lifted its position in Snap by 55.7% during the 3rd quarter. Two Sigma Advisers LP now owns 21,895,177 shares of the company’s stock worth $215,011,000 after acquiring an additional 7,831,100 shares during the period. Finally, Two Sigma Investments LP lifted its position in Snap by 51.5% during the 3rd quarter. Two Sigma Investments LP now owns 16,139,726 shares of the company’s stock worth $158,492,000 after acquiring an additional 5,485,640 shares during the period. 43.30% of the stock is owned by institutional investors and hedge funds.

About Snap

(Get Rating)

Snap Inc operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images.

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