Benzinga's Brief On Trending Tickers For May 24, 2022: Abercrombie & Fitch, Zoom Video And More

Benzinga’s “Daily Brief On Trending Tickers” highlights top-searched tickers from around the web and uses the Benzinga Pro platform to highlight recent news items possibly impacting those stocks.
The data on the trending tickers is compiled from a list of most-discussed tickers on the popular Reddit forum WallStreetBets.

Snap Inc SNAP shares are trading 39% lower after the company filed a Form 8-K with the U.S. Securities and Exchange Commission showing it expects to miss its previously-issued guidance. CEO Evan Spiegel also said Snap will slow its pace of hiring for the remainder of the year in an effort to manage expenses.

Oppenheimer analyst Jason Helfstein maintains Snap with an Outperform rating and lowered the price target from $40 to $30.

Best Buy Co Inc BBY reported an EPS of $1.57, missing Street estimates of $1.63. Revenue fell $990 million from the same period a year prior.

Wedbush analyst Seth Basham maintains BestBuy with a Hold rating and lowered the price target from $110.00 to $80.00

Abercrombie & Fitch Co. ANF shares are down 30% after the company reported an EPS of $-0.27, missing Street expectations of $0.08. Revenue was up $31.36 million over the same period last year.

Citigroup analyst Paul Lejuez downgraded Ambercrombie with a Hold rating, and lowered the price target from $59.00 to $30.00.

Meta Platforms Inc FB shares are trading lower, moving in sympathy with Snapchat after the company issued guidance below the low end of its previously-issued forecast.

Guggenheim analyst Michael Morris maintained Meta with a Strong Buy, and lowered the price target from $275.00 to $250.00.

Zoom Video Communications Inc ZM shares are trading lower after the company said first-quarter revenue increased 12% year-over-year to $1.07 billion, beating Street estimates of $1.07 billion. Zoom reported quarterly earnings of $1.03 per share, which beat the estimate of 87 cents per share.

Stifel analyst Parker Lane maintains Zoom with a Hold and lowers the price target from $150 to $120.

Alphabet Inc Class A GOOG Pegasystems PEGA announced a strategic partnership with Google on Tuesday to enable joint clients to accelerate their digital transformations with Pega's low-code enterprise software on Google Cloud's highly scalable cloud services.

Jefferies analyst Brent Thill maintains Alphabet with a Buy and lowers the price target from $3400 to $3100.

Pinterest Inc PINS shares are trading lower, moving in sympathy with Snapchat after the company issued guidance below the low end of its previously-issued forecast.

Credit Suisse analyst Stephen Ju maintained a Hold rating on Pinterest and lowered the price target from $39.00 to $31.00 on April 28, 2022.