Snap (SNAP) Cut to “Neutral” at Bank of America

Bank of America cut shares of Snap (NYSE:SNAP) from a buy rating to a neutral rating in a research note issued to investors on Friday, MarketBeat Ratings reports.

SNAP has been the subject of several other research reports. Goldman Sachs Group dropped their target price on shares of Snap from $17.00 to $11.00 and set a buy rating for the company in a report on Thursday, October 11th. Zacks Investment Research raised shares of Snap from a hold rating to a strong-buy rating and set a $7.75 target price for the company in a report on Wednesday, October 24th. Royal Bank of Canada dropped their target price on shares of Snap to $8.00 and set an outperform rating for the company in a report on Friday. Loop Capital started coverage on shares of Snap in a report on Monday, October 15th. They issued a hold rating for the company. Finally, SunTrust Banks dropped their target price on shares of Snap to $8.00 and set a hold rating for the company in a report on Tuesday, October 23rd. They noted that the move was a valuation call. Nine equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $12.22.

Shares of Snap stock opened at $5.99 on Friday. The firm has a market capitalization of $8.02 billion, a P/E ratio of -2.88 and a beta of -2.59. Snap has a fifty-two week low of $5.77 and a fifty-two week high of $21.22.



Snap (NYSE:SNAP) last issued its earnings results on Tuesday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.18. The company had revenue of $262.26 million during the quarter, compared to the consensus estimate of $247.24 million. Snap had a negative net margin of 131.39% and a negative return on equity of 47.63%. On average, analysts expect that Snap will post -1.06 earnings per share for the current fiscal year.

In other news, insider Imran Khan sold 600,000 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $12.32, for a total transaction of $7,392,000.00. Following the sale, the insider now directly owns 8,752,691 shares in the company, valued at approximately $107,833,153.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Evan Spiegel sold 1,520,640 shares of the company’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $10.57, for a total transaction of $16,073,164.80. Following the sale, the chief executive officer now owns 81,400,642 shares in the company, valued at $860,404,785.94. The disclosure for this sale can be found here. Insiders have sold a total of 3,537,229 shares of company stock worth $38,854,241 over the last 90 days.

Large investors have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC grew its holdings in Snap by 188.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 10,041 shares of the company’s stock valued at $131,000 after purchasing an additional 6,556 shares during the last quarter. North Star Investment Management Corp. grew its holdings in Snap by 283.0% during the 2nd quarter. North Star Investment Management Corp. now owns 10,150 shares of the company’s stock valued at $133,000 after purchasing an additional 7,500 shares during the last quarter. Dimensional Fund Advisors LP bought a new position in Snap during the 1st quarter valued at about $165,000. Sunbelt Securities Inc. bought a new position in Snap during the 2nd quarter valued at about $138,000. Finally, Greenwood Capital Associates LLC bought a new position in Snap during the 2nd quarter valued at about $138,000. Institutional investors own 22.09% of the company’s stock.

Snap Company Profile

Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.

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Analyst Recommendations for Snap (NYSE:SNAP)

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