Stocks: Snap Inc (SNAP) Receives “Market Perform” Rating from Raymond James Financial, Inc.

Stocks: Snap Inc (SNAP) Receives “Market Perform” Rating from Raymond James Financial, Inc.

Snap Inc (NYSE:SNAP)‘s stock had its “market perform” rating reissued by Raymond James Financial, Inc. in a research report issued to clients and investors on Friday.

Other research analysts have also issued reports about the company. Atlantic Securities assumed coverage on Snap in a research note on Tuesday, February 21st. They set a “neutral” rating for the company. Cantor Fitzgerald upgraded Snap from an “underweight” rating to a “neutral” rating and dropped their price objective for the stock from $18.00 to $17.00 in a research note on Thursday. They noted that the move was a valuation call. Stifel Nicolaus reiterated a “hold” rating and set a $22.00 price objective (down from $24.00) on shares of Snap in a research note on Thursday. JPMorgan Chase & Co. dropped their price objective on Snap from $24.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Oppenheimer Holdings Inc. upgraded Snap from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research note on Thursday. Eight research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and seventeen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $22.11.

Snap (NYSE:SNAP) traded up 1.4432% during mid-day trading on Friday, reaching $18.3105. 13,952,958 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $21.78 and its 200 day moving average price is $21.81. The stock’s market capitalization is $17.51 billion. Snap has a 12 month low of $18.16 and a 12 month high of $29.44.

Snap (NYSE:SNAP) last released 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 business had revenue of $149.60 million during the quarter, compared to analysts’ expectations of $158.32 million. Snap’s revenue for the quarter was up 285.6% compared to the same quarter last year. Equities research analysts predict that Snap will post ($0.54) EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE acquired a new position in Snap during the first quarter valued at $101,000. WFG Advisors LP acquired a new position in Snap during the first quarter valued at $109,000. Benjamin F. Edwards & Company Inc. acquired a new position in Snap during the first quarter valued at $158,000. Pacer Advisors Inc. acquired a new position in Snap during the first quarter valued at $205,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Snap during the first quarter valued at $223,000.

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.

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