Vetr Lowers Snap (SNAP) to Buy

Snap (NYSE:SNAP) was downgraded by equities research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued on Thursday. They presently have a $22.73 target price on the stock. Vetr‘s price objective would suggest a potential upside of 20.90% from the company’s previous close.

Several other analysts also recently weighed in on SNAP. Oppenheimer lifted their price objective on shares of Snap from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday. Summit Redstone upgraded shares of Snap from a “sell” rating to a “hold” rating and set a $16.00 price objective on the stock in a research report on Wednesday. Morgan Stanley lifted their price objective on shares of Snap from $10.00 to $11.00 and gave the company an “underweight” rating in a research report on Wednesday. Zacks Investment Research downgraded shares of Snap from a “hold” rating to a “sell” rating in a research report on Wednesday, October 18th. Finally, Drexel Hamilton reiterated a “buy” rating and issued a $28.00 price objective on shares of Snap in a research report on Friday, December 15th. Fourteen investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and fifteen have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $18.25.

Snap (NYSE:SNAP) traded down $0.59 during trading on Thursday, hitting $18.80. 50,072,813 shares of the stock were exchanged, compared to its average volume of 29,040,000. Snap has a one year low of $11.28 and a one year high of $29.44. The company has a market cap of $22,640.00 and a P/E ratio of -5.68.

In other news, CEO Evan Spiegel sold 739,663 shares of Snap 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 owns 85,744,509 shares of the company’s stock, valued at approximately $1,168,697,657.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 70,566 shares of Snap stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $16.09, for a total transaction of $1,135,406.94. The disclosure for this sale can be found here. Insiders sold a total of 2,230,407 shares of company stock worth $32,578,428 in the last ninety days.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Snap by 17.8% in the 4th quarter. BlackRock Inc. now owns 11,648,770 shares of the company’s stock worth $170,188,000 after purchasing an additional 1,762,106 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Snap by 23.7% in the second quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock worth $148,446,000 after acquiring an additional 1,601,170 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Snap by 11.6% in the third quarter. JPMorgan Chase & Co. now owns 7,650,826 shares of the company’s stock worth $110,556,000 after acquiring an additional 797,290 shares in the last quarter. First Trust Advisors LP increased its position in shares of Snap by 11.3% in the fourth quarter. First Trust Advisors LP now owns 6,546,551 shares of the company’s stock worth $95,645,000 after acquiring an additional 662,450 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its position in shares of Snap by 73.4% in the third quarter. Allianz Asset Management GmbH now owns 4,529,005 shares of the company’s stock worth $65,852,000 after acquiring an additional 1,916,830 shares in the last quarter. 18.97% of the stock is currently owned by institutional investors.

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About Snap

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.

Analyst Recommendations for Snap (NYSE:SNAP)

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