Snap (SNAP) Rating Lowered to Buy at Vetr

Snap (NYSE:SNAP) was downgraded by research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Tuesday. They currently have a $15.73 price objective on the stock. Vetr‘s price objective would indicate a potential upside of 7.74% from the stock’s current price.

SNAP has been the topic of a number of other research reports. J P Morgan Chase & Co reissued a “neutral” rating and set a $14.00 price target (down previously from $16.00) on shares of Snap in a research report on Monday, September 25th. Barclays raised Snap from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $11.00 to $18.00 in a research report on Tuesday. Wedbush began coverage on Snap in a research report on Wednesday, August 30th. They set a “neutral” rating and a $12.00 price target on the stock. Evercore ISI began coverage on Snap in a research report on Tuesday. They set an “underperform” rating and a $7.00 price target on the stock. Finally, Monness Crespi & Hardt downgraded Snap from a “buy” rating to a “neutral” rating in a research report on Friday, August 11th. Sixteen research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the company. Snap currently has an average rating of “Hold” and a consensus target price of $16.88.

Shares of Snap (SNAP) opened at $14.60 on Tuesday. Snap has a 52 week low of $11.28 and a 52 week high of $29.44.

Snap (NYSE:SNAP) last posted its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.17. The firm had revenue of $207.90 million for the quarter, compared to the consensus estimate of $236.71 million. Snap’s revenue for the quarter was up 62.2% on a year-over-year basis. research analysts predict that Snap will post -3.04 EPS for the current fiscal year.

In other news, CFO Andrew Vollero sold 37,874 shares of the firm’s stock in a transaction dated Tuesday, September 19th. The stock was 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 in the company, valued at $26,317,508.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Timothy Sehn sold 400,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $14.85, for a total value of $5,940,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,903,723 shares of company stock valued at $51,620,444.

Several large investors have recently made changes to their positions in SNAP. First Trust Advisors LP raised its position in Snap by 873.8% during the third quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock valued at $85,555,000 after acquiring an additional 5,279,883 shares in the last quarter. Valiant Capital Management L.P. raised its position in Snap by 379.1% during the third quarter. Valiant Capital Management L.P. now owns 3,215,300 shares of the company’s stock valued at $46,750,000 after acquiring an additional 2,544,200 shares in the last quarter. Allianz Asset Management GmbH raised its position in Snap by 73.4% during the third quarter. Allianz Asset Management GmbH now owns 4,529,005 shares of the company’s stock valued at $65,852,000 after acquiring an additional 1,916,830 shares in the last quarter. Vanguard Group Inc. raised its position in Snap by 23.7% during the second quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock valued at $148,446,000 after acquiring an additional 1,601,170 shares in the last quarter. Finally, State Treasurer State of Michigan purchased a new position in Snap during the third quarter valued at approximately $15,714,000. Hedge funds and other institutional investors own 18.88% of the company’s stock.

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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.

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