Snap Inc. (SNAP) Lowered to Buy at Vetr Inc.

Vetr cut shares of Snap Inc. (NYSE:SNAP) from a strong-buy rating to a buy rating in a research report released on Monday morning. The brokerage currently has $16.95 price target on the stock.

A number of other analysts have also issued reports on the stock. Drexel Hamilton reiterated a buy rating and set a $30.00 price objective on shares of Snap in a research note on Thursday, September 14th. Cantor Fitzgerald reiterated a buy rating and set a $17.00 price objective (up previously from $15.00) on shares of Snap in a research note on Friday, September 15th. Oppenheimer Holdings, Inc. reiterated an outperform rating and set a $23.00 price objective on shares of Snap in a research note on Tuesday, July 11th. Stifel Nicolaus lowered shares of Snap from a buy rating to a hold rating and set a $20.00 price objective on the stock. in a research note on Friday, July 14th. Finally, Credit Suisse Group reiterated an outperform rating and set a $25.00 price objective (down previously from $30.00) on shares of Snap in a research note on Monday, July 10th. Eleven research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and fourteen have given a buy rating to the company. Snap currently has an average rating of Hold and an average price target of $18.14.

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 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 business’s revenue for the quarter was up 153.1% on a year-over-year basis.

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In related news, insider Imran Khan sold 150,000 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $12.50, for a total value of $1,875,000.00. Following the completion of the sale, the insider now owns 9,596,464 shares of the company’s stock, valued at $119,955,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 195,100 shares of the company’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $2,438,750.00. Following the completion of the sale, the chief financial officer now directly owns 1,882,280 shares of the company’s stock, valued at approximately $23,528,500. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,133,598 shares of company stock valued at $29,704,362.

A number of hedge funds have recently bought and sold shares of SNAP. Seven Bridges Advisors LLC acquired a new stake in Snap in the second quarter worth about $101,000. First Manhattan Co. lifted its holdings in Snap by 384.5% in the third quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock worth $110,000 after purchasing an additional 6,056 shares during the period. WFG Advisors LP lifted its holdings in Snap by 52.4% in the second quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after purchasing an additional 2,537 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Snap by 654.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock worth $134,000 after purchasing an additional 6,540 shares during the period. Finally, Dubuque Bank & Trust Co. acquired a new stake in Snap in the second quarter worth about $137,000. 17.20% of the stock is owned by institutional investors and hedge funds.

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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