Vetr Inc. Lowers Snap Inc. (NYSE:SNAP) to Hold

Snap Inc. (NYSE:SNAP) was downgraded by stock analysts at Vetr from a “buy” rating to a “hold” rating in a research report issued on Monday, July 31st. They currently have a $13.95 price target on the stock. Vetr‘s price objective points to a potential downside of 0.43% from the company’s current price.

SNAP has been the topic of a number of other reports. Piper Jaffray Companies reduced their price target on shares of Snap from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday, May 11th. Cantor Fitzgerald raised shares of Snap from an “underweight” rating to a “neutral” rating and reduced their price target for the stock from $18.00 to $17.00 in a research report on Thursday, May 11th. They noted that the move was a valuation call. Loop Capital reaffirmed a “hold” rating and issued a $21.00 price objective on shares of Snap in a research report on Thursday, April 6th. Barclays PLC cut their price objective on shares of Snap from $23.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 11th. Finally, Aegis reaffirmed a “hold” rating on shares of Snap in a research report on Wednesday, May 31st. Nine investment analysts have rated the stock with a sell rating, twenty-three have given a hold rating and thirteen have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $18.58.

Shares of Snap (NYSE SNAP) opened at 14.01 on Monday. The stock’s market cap is $9.56 billion. The stock has a 50 day moving average price of $14.47 and a 200-day moving average price of $18.88. Snap has a 12-month low of $11.28 and a 12-month high of $29.44.

Snap (NYSE:SNAP) last announced its quarterly earnings results on Thursday, August 10th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by $0.07. The firm had revenue of $181.70 million for the quarter, compared to the consensus estimate of $186.49 million. The company’s revenue was up 153.1% compared to the same quarter last year. Equities analysts anticipate that Snap will post ($0.63) EPS for the current fiscal year.

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In other news, VP Timothy Sehn sold 400,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $12.50, for a total transaction of $5,000,000.00. Following the completion of the sale, the vice president now owns 2,204,168 shares of the company’s stock, valued at approximately $27,552,100. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Steven Michael Horowitz sold 50,624 shares of the stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $13.04, for a total transaction of $660,136.96. Following the completion of the transaction, the vice president now directly owns 2,440,055 shares of the company’s stock, valued at approximately $31,818,317.20. The disclosure for this sale can be found here. Insiders sold a total of 795,724 shares of company stock valued at $9,973,887 in the last three months.

A number of institutional investors have recently modified their holdings of the stock. FMR LLC bought a new position in shares of Snap during the first quarter valued at approximately $737,133,000. JPMorgan Chase & Co. bought a new position in shares of Snap during the first quarter valued at approximately $252,388,000. BlackRock Inc. bought a new position in shares of Snap during the first quarter valued at approximately $211,934,000. Vanguard Group Inc. bought a new position in shares of Snap during the first quarter valued at approximately $152,135,000. Finally, Jennison Associates LLC bought a new position in shares of Snap during the first quarter valued at approximately $119,178,000. 29.24% of the stock is owned by institutional investors and hedge funds.

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.

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