Snap Inc. (SNAP) Lifted to Hold at Vetr Inc.

Vetr upgraded shares of Snap Inc. (NYSE:SNAP) from a strong sell rating to a hold rating in a report published on Friday. They currently have $16.13 price objective on the stock.

SNAP has been the subject of several other reports. Needham & Company LLC reissued an underperform rating on shares of Snap in a research report on Thursday, October 5th. SunTrust Banks, Inc. reissued a sell rating and set a $10.00 price target on shares of Snap in a research report on Thursday. Cantor Fitzgerald reissued a buy rating and set a $15.00 price target on shares of Snap in a research report on Tuesday, August 22nd. Credit Suisse Group reissued an outperform rating and set a $25.00 price target (down from $30.00) on shares of Snap in a research report on Monday, July 10th. Finally, Canaccord Genuity reissued a hold rating and set a $15.00 price target on shares of Snap in a research report on Sunday, October 1st. Nine research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and thirteen have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $18.12.

Shares of Snap (NYSE SNAP) opened at 16.50 on Friday. Snap has a one year low of $11.28 and a one year high of $29.44. The stock’s 50 day moving average price is $14.76 and its 200 day moving average price is $17.23. The firm’s market capitalization is $19.75 billion.

Snap (NYSE:SNAP) last posted its quarterly earnings data on Thursday, August 10th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 firm’s quarterly revenue was up 153.1% compared to the same quarter last year. Analysts expect that Snap will post ($0.64) EPS 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, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $5,000,000.00. Following the transaction, the vice president now owns 2,204,168 shares in the company, valued at approximately $27,552,100. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 195,100 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $12.50, for a total value of $2,438,750.00. Following the transaction, the chief financial officer now owns 1,882,280 shares in the company, valued at approximately $23,528,500. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,133,598 shares of company stock valued at $29,704,362.

Institutional investors have recently bought and sold shares of the business. US Bancorp DE bought a new position in Snap during the 1st quarter worth $101,000. BlackRock Inc. increased its stake in Snap by 10.0% during the 2nd quarter. BlackRock Inc. now owns 10,343,549 shares of the company’s stock worth $183,805,000 after acquiring an additional 936,791 shares during the period. Brighton Jones LLC bought a new position in Snap during the 2nd quarter worth $312,000. Baker Avenue Asset Management LP bought a new position in Snap during the 2nd quarter worth $518,000. Finally, Oppenheimer & Co. Inc. bought a new position in Snap during the 1st quarter worth $369,000. Hedge funds and other 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.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Snap (NYSE:SNAP)

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