Snap (SNAP) Coverage Initiated at Evercore ISI
Equities researchers at Evercore ISI initiated coverage on shares of Snap (NYSE:SNAP) in a report released on Tuesday, The Fly reports. The brokerage set an “underperform” rating on the stock.
A number of other analysts also recently issued reports on the company. SunTrust Banks reissued a “sell” rating and issued a $10.00 target price on shares of Snap in a research report on Thursday, October 12th. Needham & Company LLC reissued an “underperform” rating on shares of Snap in a research report on Thursday, October 5th. BidaskClub downgraded Snap from a “hold” rating to a “sell” rating in a research report on Thursday, October 26th. Cantor Fitzgerald reissued a “buy” rating and issued a $15.00 target price on shares of Snap in a research report on Tuesday, August 22nd. Finally, Canaccord Genuity reissued a “hold” rating and issued a $15.00 target price on shares of Snap in a research report on Sunday, October 1st. Sixteen research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $17.14.
Shares of Snap (SNAP) traded up $1.37 on Tuesday, hitting $14.94. The company had a trading volume of 51,074,105 shares, compared to its average volume of 25,370,379. Snap has a one year low of $11.28 and a one year high of $29.44.
In other news, VP Timothy Sehn sold 400,000 shares of Snap 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Andrew Vollero sold 37,874 shares of Snap 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 owns 1,797,644 shares in the company, valued at approximately $26,317,508.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,751,851 shares of company stock valued at $49,485,124.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Moors & Cabot Inc. increased its holdings in shares of Snap by 95.7% in the third quarter. Moors & Cabot Inc. now owns 27,150 shares of the company’s stock worth $396,000 after buying an additional 13,280 shares during the period. Highlander Capital Management LLC increased its holdings in Snap by 169.6% during the 3rd quarter. Highlander Capital Management LLC now owns 30,200 shares of the company’s stock valued at $439,000 after purchasing an additional 19,000 shares during the period. California Public Employees Retirement System purchased a new position in Snap during the 3rd quarter valued at about $1,576,000. Janney Montgomery Scott LLC purchased a new position in Snap during the 3rd quarter valued at about $243,000. Finally, Ladenburg Thalmann Financial Services Inc. increased its holdings in Snap by 49.1% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 64,577 shares of the company’s stock valued at $939,000 after purchasing an additional 21,262 shares during the period. Hedge funds and other institutional investors own 18.88% of the company’s stock.
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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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