Royal Bank of Canada upgraded shares of Snap (NYSE:SNAP) from a sector perform rating to an outperform rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports.
SNAP has been the topic of a number of other research reports. Barclays upgraded Snap from an equal weight rating to an overweight rating and increased their price objective for the stock from $11.00 to $18.00 in a research report on Tuesday, December 5th. Evercore ISI began coverage on Snap in a research report on Tuesday, December 5th. They issued an underperform rating and a $7.00 price objective on the stock. Deutsche Bank reiterated a hold rating and issued a $13.00 price objective on shares of Snap in a research report on Monday, January 22nd. Bank of America lowered their price objective on Snap from $17.00 to $16.00 and set a neutral rating on the stock in a research report on Wednesday, November 8th. Finally, Cowen reiterated a hold rating and issued a $12.00 price objective on shares of Snap in a research report on Friday, November 10th. Fourteen 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 company has an average rating of Hold and an average target price of $18.25.
Shares of Snap (NYSE:SNAP) opened at $20.75 on Wednesday. The stock has a market capitalization of $24,990.00 and a price-to-earnings ratio of -6.53. Snap has a 12-month low of $11.28 and a 12-month high of $29.44.
In other news, CEO Evan Spiegel sold 739,663 shares of the firm’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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Steven Michael Horowitz sold 286,332 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $12.54, for a total value of $3,590,603.28. Following the transaction, the vice president now directly owns 2,532,598 shares in the company, valued at $31,758,778.92. The disclosure for this sale can be found here. Insiders have sold 1,885,626 shares of company stock worth $25,814,031 over the last ninety days.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Snap by 10.0% during the second quarter. BlackRock Inc. now owns 10,343,549 shares of the company’s stock worth $183,805,000 after purchasing an additional 936,791 shares during the period. State Treasurer State of Michigan purchased a new stake in shares of Snap during the third quarter worth about $15,714,000. Hodges Capital Management Inc. purchased a new stake in shares of Snap during the third quarter worth about $7,997,000. Lehman Financial Resources Inc. purchased a new stake in shares of Snap during the third quarter worth about $3,275,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Snap by 23.7% during the second quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock worth $148,446,000 after purchasing an additional 1,601,170 shares during the period. Institutional investors own 18.97% of the company’s stock.
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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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