Cowen Downgrades Snap (NYSE:SNAP) to Market Perform

Cowen cut shares of Snap (NYSE:SNAP) from an outperform rating to a market perform rating in a research report released on Thursday morning, PriceTargets.com reports. The firm currently has $45.00 target price on the stock, down from their previous target price of $75.00.

A number of other analysts also recently commented on SNAP. Citigroup raised shares of Snap from a sell rating to a neutral rating in a report on Monday, November 1st. cut their price target on shares of Snap from $80.00 to $66.00 and set a hold rating on the stock in a research note on Friday, October 22nd. Morgan Stanley lowered their price target on shares of Snap from $85.00 to $65.00 and set an overweight rating for the company in a report on Wednesday, November 24th. Piper Sandler decreased their price objective on shares of Snap from $75.00 to $72.00 and set an overweight rating for the company in a report on Friday, December 10th. They noted that the move was a valuation call. Finally, Barclays reduced their price target on shares of Snap from $81.00 to $77.00 and set an overweight rating on the stock in a research report on Friday, October 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Buy and an average target price of $72.55.

SNAP traded down $1.28 during midday trading on Thursday, hitting $37.10. 725,632 shares of the company traded hands, compared to its average volume of 19,265,404. The business has a 50 day simple moving average of $48.41 and a two-hundred day simple moving average of $62.85. The company has a market capitalization of $59.72 billion, a price-to-earnings ratio of -91.38 and a beta of 1.07. The company has a current ratio of 5.53, a quick ratio of 5.53 and a debt-to-equity ratio of 0.65. Snap has a 52-week low of $38.26 and a 52-week high of $83.34.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Thursday, October 21st. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.06. Snap had a negative net margin of 16.72% and a negative return on equity of 23.65%. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same period last year, the business earned ($0.14) earnings per share. Equities research analysts anticipate that Snap will post -0.42 earnings per share for the current year.

In related news, General Counsel Michael J. O’sullivan sold 6,000 shares of the business’s stock in a transaction on Wednesday, January 5th. The shares were sold at an average price of $42.80, for a total value of $256,800.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Robert C. Murphy sold 950,000 shares of the business’s stock in a transaction on Monday, October 25th. The shares were sold at an average price of $54.73, for a total transaction of $51,993,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,459,277 shares of company stock worth $80,718,365.

Several hedge funds and other institutional investors have recently made changes to their positions in SNAP. Price T Rowe Associates Inc. MD raised its holdings in shares of Snap by 9.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 141,249,369 shares of the company’s stock valued at $9,624,732,000 after purchasing an additional 12,004,573 shares during the period. Edgewood Management LLC increased its position in shares of Snap by 9.5% during the second quarter. Edgewood Management LLC now owns 55,234,421 shares of the company’s stock worth $3,763,673,000 after acquiring an additional 4,784,751 shares in the last quarter. Artisan Partners Limited Partnership bought a new stake in shares of Snap during the third quarter worth about $291,169,000. Jennison Associates LLC increased its position in shares of Snap by 9.3% during the third quarter. Jennison Associates LLC now owns 45,038,008 shares of the company’s stock worth $3,326,958,000 after acquiring an additional 3,833,307 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its position in shares of Snap by 139.6% during the second quarter. 1832 Asset Management L.P. now owns 6,034,100 shares of the company’s stock worth $404,703,000 after acquiring an additional 3,515,300 shares in the last quarter. Hedge funds and other institutional investors own 54.65% of the company’s stock.

Snap Company Profile

Snap, Inc engages in the operation of its camera platform. Its products include Snapchat, using the camera and editing tools to take and share Snaps, Friends Page, which lets users create and use Stories, Groups, Video and Chat, Discover for searching and surfacing relevant Stories, Snap Map, which shows friends, Stories and Snaps near the user, Memories, for saving personal collections, and Spectacles, wearable sunglasses capable of taking Snaps and interacting directly with the Snapchat application.

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