Snap (NYSE:SNAP) had its price objective hoisted by Oppenheimer from $14.00 to $19.00 in a research report report published on Wednesday morning. They currently have an outperform rating on the stock.
Several other equities research analysts also recently commented on the company. Morgan Stanley boosted their target price on Snap from $10.00 to $11.00 and gave the stock an underweight rating in a report on Wednesday. Stifel Nicolaus boosted their target price on Snap from $13.00 to $17.00 and gave the stock a buy rating in a report on Wednesday. Barclays reissued an overweight rating and issued a $21.00 target price (up from $18.00) on shares of Snap in a report on Wednesday. Susquehanna Bancshares reissued a negative rating and issued a $22.00 target price on shares of Snap in a report on Wednesday. Finally, Wedbush reissued a hold rating and issued a $12.50 target price on shares of Snap in a report on Wednesday. Fourteen investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $18.25.
Shares of Snap (NYSE:SNAP) opened at $20.75 on Wednesday. Snap has a 1-year low of $11.28 and a 1-year high of $29.44. The company has a market capitalization of $24,990.00 and a price-to-earnings ratio of -6.53.
In related news, VP Steven Michael Horowitz sold 286,332 shares of the stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $12.54, for a total transaction of $3,590,603.28. Following the completion of the transaction, the vice president now directly owns 2,532,598 shares of the company’s stock, valued at $31,758,778.92. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Evan Spiegel sold 739,663 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $13.63, for a total value of $10,081,606.69. Following the transaction, the chief executive officer now directly owns 85,744,509 shares of the company’s stock, valued at $1,168,697,657.67. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,885,626 shares of company stock valued at $25,814,031.
Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Snap by 10.0% during the second quarter. BlackRock Inc. now owns 10,343,549 shares of the company’s stock valued at $183,805,000 after buying an additional 936,791 shares during the last quarter. State Treasurer State of Michigan bought a new position in Snap during the third quarter valued at approximately $15,714,000. Hodges Capital Management Inc. bought a new position in Snap during the third quarter valued at approximately $7,997,000. Lehman Financial Resources Inc. bought a new position in Snap during the third quarter valued at approximately $3,275,000. Finally, Vanguard Group Inc. boosted its stake 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 buying an additional 1,601,170 shares during the last quarter. 18.97% of the stock is owned by institutional investors.
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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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