Investment analysts at Evercore ISI started coverage on shares of Snap (NYSE:SNAP) in a research report issued to clients and investors on Tuesday. The brokerage set an “underperform” rating and a $7.00 price target on the stock. Evercore ISI’s price objective would suggest a potential downside of 52.05% from the stock’s current price.
Other equities analysts have also recently issued reports about the company. SunTrust Banks assumed coverage on Snap in a report on Tuesday, August 15th. They set a “sell” rating and a $10.00 price target on the stock. Zacks Investment Research upgraded Snap from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. Summit Redstone restated a “sell” rating and set a $8.00 price target (down from $10.00) on shares of Snap in a report on Friday, August 11th. Citigroup restated a “neutral” rating and set a $13.00 price target (down from $19.00) on shares of Snap in a report on Thursday, August 10th. Finally, Credit Suisse Group cut their price target on Snap from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Wednesday, November 8th. Sixteen investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the company’s stock. Snap currently has an average rating of “Hold” and a consensus price target of $16.88.
Snap (NYSE SNAP) opened at $14.60 on Tuesday. Snap has a twelve month low of $11.28 and a twelve month high of $29.44.
In related news, CFO Andrew Vollero sold 37,874 shares of the stock in a transaction on 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 sale, the chief financial officer now directly owns 1,797,644 shares of the company’s stock, valued at approximately $26,317,508.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, 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 disclosure for this sale can be found here. Insiders sold a total of 3,903,723 shares of company stock valued at $51,620,444 over the last three months.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNAP. First Trust Advisors LP raised its position in Snap by 873.8% in the 3rd quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock valued at $85,555,000 after buying an additional 5,279,883 shares during the last quarter. Valiant Capital Management L.P. raised its position in Snap by 379.1% in the 3rd quarter. Valiant Capital Management L.P. now owns 3,215,300 shares of the company’s stock valued at $46,750,000 after buying an additional 2,544,200 shares during the last quarter. Allianz Asset Management GmbH raised its position in Snap by 73.4% in the 3rd quarter. Allianz Asset Management GmbH now owns 4,529,005 shares of the company’s stock valued at $65,852,000 after buying an additional 1,916,830 shares during the last quarter. Vanguard Group Inc. raised its position in Snap by 23.7% in the 2nd quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock valued at $148,446,000 after buying an additional 1,601,170 shares during the last quarter. Finally, State Treasurer State of Michigan purchased a new stake in shares of Snap during the 3rd quarter valued at $15,714,000. 18.88% of the stock is owned by institutional investors and hedge funds.
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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