Snap (SNAP) Given “Buy” Rating at Drexel Hamilton
Snap (NYSE:SNAP)‘s stock had its “buy” rating reiterated by analysts at Drexel Hamilton in a research report issued on Friday. They currently have a $28.00 price objective on the stock. Drexel Hamilton’s price target points to a potential upside of 77.51% from the company’s current price.
SNAP has been the subject of several other reports. SunTrust Banks reissued a “sell” rating and issued a $10.00 price objective 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 cut 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 price objective on shares of Snap in a research report on Tuesday, August 22nd. Finally, Canaccord Genuity reissued a “hold” rating and issued a $15.00 price objective on shares of Snap in a research report on Sunday, October 1st. Sixteen investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $16.86.
Shares of Snap (NYSE SNAP) traded down $0.27 during mid-day trading on Friday, reaching $15.77. The company’s stock had a trading volume of 7,562,533 shares, compared to its average volume of 25,407,012. Snap has a one year low of $11.28 and a one year high of $29.44.
In other Snap news, VP Timothy Sehn sold 400,000 shares of Snap stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $14.85, for a total transaction of $5,940,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Evan Spiegel sold 1,652,966 shares of Snap stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $12.42, for a total value of $20,529,837.72. Following the transaction, the chief executive officer now directly owns 86,657,812 shares of the company’s stock, valued at $1,076,290,025.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,053,723 shares of company stock valued at $53,888,194.
Hedge funds and other institutional investors have recently modified their holdings of the business. First Manhattan Co. increased its stake in shares of Snap by 384.5% in the third quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock valued at $110,000 after buying an additional 6,056 shares in the last quarter. WFG Advisors LP increased its stake in shares of Snap by 52.4% in the second quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock valued at $131,000 after buying an additional 2,537 shares in the last quarter. Nelson Roberts Investment Advisors LLC increased its stake in shares of Snap by 10,033.0% in the third quarter. Nelson Roberts Investment Advisors LLC now owns 10,133 shares of the company’s stock valued at $147,000 after buying an additional 10,033 shares in the last quarter. Westwood Holdings Group Inc. acquired a new stake in shares of Snap in the second quarter valued at $148,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Snap by 9,588.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 9,688 shares of the company’s stock valued at $172,000 after buying an additional 9,588 shares in the last quarter. 18.88% of the stock is owned by institutional investors.
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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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