Vetr Downgrades Snap (SNAP) to Buy
Snap (NYSE:SNAP) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday. They currently have a $15.73 price target on the stock. Vetr‘s price target would indicate a potential upside of 5.29% from the company’s previous close.
Other equities research analysts also recently issued research reports about the stock. Goldman Sachs Group reaffirmed a “buy” rating and issued a $23.00 target price (down previously from $27.00) on shares of Snap in a research note on Friday, August 11th. Drexel Hamilton reaffirmed a “buy” rating and issued a $30.00 target price on shares of Snap in a research note on Wednesday, August 9th. Deutsche Bank reissued a “buy” rating and set a $20.00 price objective on shares of Snap in a research report on Wednesday, August 9th. Stifel Nicolaus lowered their price objective on shares of Snap from $22.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 11th. Finally, Jefferies Group lowered their price objective on shares of Snap from $30.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 11th. Sixteen research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $17.11.
Shares of Snap (NYSE:SNAP) traded up $1.37 during midday trading on Tuesday, reaching $14.94. 51,465,022 shares of the company traded hands, compared to its average volume of 25,505,475. Snap has a fifty-two week low of $11.28 and a fifty-two week high of $29.44.
In other Snap news, VP Timothy Sehn sold 400,000 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $14.85, for a total value of $5,940,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Steven Michael Horowitz sold 286,332 shares of the stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $12.54, for a total transaction of $3,590,603.28. Following the completion of the sale, the vice president now owns 2,532,598 shares of the company’s stock, valued at approximately $31,758,778.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,751,851 shares of company stock valued at $49,485,124.
A number of hedge funds have recently made changes to their positions in SNAP. BlackRock Inc. lifted its stake in shares of Snap by 10.0% during the 2nd quarter. BlackRock Inc. now owns 10,343,549 shares of the company’s stock worth $183,805,000 after buying an additional 936,791 shares during the last quarter. Brighton Jones LLC acquired a new stake in shares of Snap during the 2nd quarter worth about $312,000. State Treasurer State of Michigan acquired a new stake in shares of Snap during the 3rd quarter worth about $15,714,000. Baker Avenue Asset Management LP acquired a new stake in shares of Snap during the 2nd quarter worth about $518,000. Finally, Hodges Capital Management Inc. acquired a new stake in shares of Snap during the 3rd quarter worth about $7,997,000. 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.
To view Vetr’s full report, visit Vetr’s official website.
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