Snap’s (NYSE:SNAP) “Underperform” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their underperform rating on shares of Snap Inc. (NYSE:SNAP) in a report released on Thursday, October 5th.

SNAP has been the subject of several other reports. Cantor Fitzgerald restated a buy rating and set a $15.00 price objective on shares of Snap in a research report on Tuesday, August 22nd. Credit Suisse Group restated an outperform rating and set a $25.00 price objective (down from $30.00) on shares of Snap in a research report on Monday, July 10th. Canaccord Genuity restated a hold rating and set a $15.00 price objective on shares of Snap in a research report on Sunday, October 1st. Wedbush started coverage on Snap in a report on Wednesday, August 30th. They issued a neutral rating and a $12.00 target price for the company. Finally, Vetr raised Snap from a hold rating to a buy rating and set a $13.84 target price for the company in a report on Wednesday, August 9th. Ten equities research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Snap presently has an average rating of Hold and a consensus price target of $18.12.

Shares of Snap (NYSE SNAP) opened at 16.09 on Thursday. Snap has a 52-week low of $11.28 and a 52-week high of $29.44. The stock has a 50 day moving average price of $14.76 and a 200 day moving average price of $17.23. The company’s market capitalization is $19.26 billion.

Snap (NYSE:SNAP) last posted its earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07). The company had revenue of $181.70 million during the quarter, compared to analyst estimates of $186.49 million. The company’s revenue for the quarter was up 153.1% compared to the same quarter last year. On average, analysts predict that Snap will post ($0.64) earnings per share for the current fiscal year.

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In other Snap news, VP Timothy Sehn sold 400,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $14.85, for a total value of $5,940,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andrew Vollero sold 37,874 shares of the firm’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $14.64, for a total value of $554,475.36. Following the completion of 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 disclosure for this sale can be found here. Insiders sold 2,133,598 shares of company stock valued at $29,704,362 over the last three months.

Several hedge funds and other institutional investors have recently made changes to their positions in SNAP. US Bancorp DE purchased a new position in shares of Snap in the first quarter valued at $101,000. Seven Bridges Advisors LLC purchased a new position in shares of Snap in the second quarter valued at $101,000. WFG Advisors LP grew its position in shares of Snap by 52.4% in the second quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock valued at $131,000 after purchasing an additional 2,537 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Snap by 654.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after purchasing an additional 6,540 shares in the last quarter. Finally, Dubuque Bank & Trust Co. purchased a new position in shares of Snap in the second quarter valued at $137,000. Institutional investors own 16.40% of the company’s stock.

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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