Cowen upgraded shares of Snap (NYSE:SNAP) from an underperform rating to a market perform rating in a research report report published on Thursday, Marketbeat Ratings reports. The firm currently has $6.00 price target on the stock.
Several other brokerages have also commented on SNAP. BTIG Research lowered Snap from a neutral rating to a sell rating in a research report on Wednesday, September 12th. Jefferies Financial Group cut their price target on Snap to $11.00 and set a neutral rating on the stock in a report on Wednesday, September 12th. Aegis cut their price target on Snap from $12.00 to $10.00 and set a hold rating on the stock in a report on Friday, September 21st. Pivotal Research upgraded Snap from a sell rating to a hold rating and set a $9.00 price target on the stock in a report on Wednesday, September 12th. Finally, Citigroup cut their price target on Snap to $8.00 and set a sell rating on the stock in a report on Wednesday, September 12th. Five analysts have rated the stock with a sell rating, twenty-five have given a hold rating and six have given a buy rating to the company’s stock. Snap has a consensus rating of Hold and an average price target of $10.81.
Shares of Snap stock opened at $6.28 on Thursday. Snap has a one year low of $4.82 and a one year high of $21.22. The stock has a market cap of $8.11 billion, a P/E ratio of -3.02 and a beta of 0.13.
In related news, CFO Timothy R. Stone sold 13,608 shares of the stock in a transaction that occurred on Wednesday, October 17th. The stock was sold at an average price of $7.12, for a total transaction of $96,888.96. Following the completion of the sale, the chief financial officer now directly owns 1,206,997 shares of the company’s stock, valued at $8,593,818.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Timothy R. Stone sold 13,034 shares of the stock in a transaction that occurred on Friday, November 16th. The shares were sold at an average price of $6.47, for a total value of $84,329.98. Following the sale, the chief financial officer now directly owns 1,193,197 shares of the company’s stock, valued at $7,719,984.59. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,047,386 shares of company stock valued at $13,200,659.
Institutional investors and hedge funds have recently modified their holdings of the stock. Edge Wealth Management LLC increased its position in shares of Snap by 1,173.7% during the fourth quarter. Edge Wealth Management LLC now owns 5,426 shares of the company’s stock valued at $30,000 after acquiring an additional 5,000 shares during the last quarter. Aviance Capital Partners LLC purchased a new stake in shares of Snap during the third quarter valued at approximately $110,000. Paloma Partners Management Co purchased a new stake in shares of Snap during the third quarter valued at approximately $115,000. BB&T Securities LLC purchased a new stake in shares of Snap during the second quarter valued at approximately $157,000. Finally, Wealthsource Partners LLC purchased a new stake in shares of Snap during the third quarter valued at approximately $170,000. 23.92% of the stock is owned by institutional investors.
Snap Company Profile
Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.
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