Research analysts at Evercore ISI began coverage on shares of Snap (NYSE:SNAP) in a research note issued to investors on Tuesday. The firm set an “underperform” rating on the stock.
Several other equities research analysts have also recently commented on the company. Stifel Nicolaus cut their price target on Snap from $22.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, August 11th. Drexel Hamilton restated a “buy” rating and set a $30.00 price target on shares of Snap in a research note on Wednesday, August 9th. Deutsche Bank restated a “buy” rating and set a $20.00 price target on shares of Snap in a research note on Wednesday, August 9th. Vetr upgraded Snap from a “hold” rating to a “buy” rating and set a $13.84 price target for the company in a research note on Wednesday, August 9th. Finally, Jefferies Group cut their price target on Snap from $30.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 11th. Sixteen investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the stock. Snap has a consensus rating of “Hold” and a consensus target price of $17.14.
Shares of Snap (SNAP) traded down $0.30 on Tuesday, hitting $13.57. 28,799,200 shares of the stock traded hands, compared to its average volume of 25,370,379. Snap has a 1-year low of $11.28 and a 1-year high of $29.44.
In related news, CEO Evan Spiegel sold 739,663 shares of the business’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $13.63, for a total transaction of $10,081,606.69. Following the completion of the transaction, the chief executive officer now owns 85,744,509 shares of the company’s stock, valued at approximately $1,168,697,657.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew Vollero sold 37,874 shares of the company’s stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $14.64, for a total value of $554,475.36. Following the completion of the transaction, the chief financial officer now directly owns 1,797,644 shares of the company’s stock, valued at approximately $26,317,508.16. The disclosure for this sale can be found here. Insiders have sold 3,751,851 shares of company stock worth $49,485,124 over the last three months.
A number of institutional investors have recently bought and sold shares of the business. Credit Suisse AG acquired a new position in shares of Snap in the 1st quarter worth approximately $799,000. IFP Advisors Inc acquired a new stake in Snap during the 2nd quarter worth $280,000. Seven Bridges Advisors LLC acquired a new stake in Snap during the 2nd quarter worth $101,000. Global X Management Co. LLC raised its stake in Snap by 75.1% during the 2nd quarter. Global X Management Co. LLC now owns 283,672 shares of the company’s stock worth $5,041,000 after buying an additional 121,652 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in Snap by 654.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock worth $134,000 after buying an additional 6,540 shares during the period. 18.88% of the stock is owned by hedge funds and other institutional investors.
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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.
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