Snap (NYSE:SNAP) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued on Tuesday, December 5th. They presently have a $15.73 price objective on the stock. Vetr‘s target price suggests a potential upside of 7.67% from the company’s current price.
A number of other research analysts also recently weighed in on SNAP. Deutsche Bank reiterated a “buy” rating and set a $20.00 price target on shares of Snap in a report on Wednesday, August 9th. Drexel Hamilton restated a “buy” rating and issued a $30.00 target price on shares of Snap in a research note on Wednesday, August 9th. Royal Bank of Canada restated an “outperform” rating and issued a $31.00 target price on shares of Snap in a research note on Wednesday, August 9th. Citigroup reaffirmed a “neutral” rating and issued a $13.00 price target (down previously from $19.00) on shares of Snap in a research report on Thursday, August 10th. Finally, Barclays reaffirmed an “equal weight” rating and issued a $13.00 price target (down previously from $18.00) on shares of Snap in a research report on Friday, August 11th. They noted that the move was a valuation call. Sixteen equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $16.86.
Shares of Snap (SNAP) traded down $0.24 during trading on Tuesday, hitting $14.61. The stock had a trading volume of 9,514,774 shares, compared to its average volume of 18,317,366. Snap has a 12 month low of $11.28 and a 12 month high of $29.44.
In related news, CFO Andrew Vollero sold 70,566 shares of the firm’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $16.09, for a total transaction of $1,135,406.94. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Evan Spiegel sold 1,652,966 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $12.42, for a total value of $20,529,837.72. Following the sale, the chief executive officer now directly owns 86,657,812 shares in the company, valued at approximately $1,076,290,025.04. The disclosure for this sale can be found here. Insiders sold a total of 4,165,711 shares of company stock worth $55,704,768 over the last quarter.
A number of institutional investors have recently modified their holdings of the stock. Moors & Cabot Inc. raised its stake in Snap by 95.7% during the 3rd quarter. Moors & Cabot Inc. now owns 27,150 shares of the company’s stock worth $396,000 after buying an additional 13,280 shares during the period. Highlander Capital Management LLC raised its stake in Snap by 169.6% during the 3rd quarter. Highlander Capital Management LLC now owns 30,200 shares of the company’s stock worth $439,000 after buying an additional 19,000 shares during the period. California Public Employees Retirement System acquired a new stake in Snap during the 3rd quarter worth $1,576,000. Janney Montgomery Scott LLC acquired a new stake in shares of Snap in the 3rd quarter valued at about $243,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Snap by 49.1% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 64,577 shares of the company’s stock valued at $939,000 after purchasing an additional 21,262 shares during the period. 18.88% of the stock is currently owned by institutional investors and hedge funds.
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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.
To view Vetr’s full report, visit Vetr’s official website.
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