Royal Bank Of Canada downgraded shares of Snap Inc. (NYSE:SNAP) from an outperform rating to a sector perform rating in a report issued on Wednesday, Marketbeat Ratings reports. They currently have $15.00 price objective on the stock, down from their prior price objective of $20.00.

A number of other equities research analysts have also recently issued reports on the stock. Wedbush reiterated a hold rating and issued a $12.00 price objective on shares of Snap in a report on Friday, November 3rd. Vetr cut shares of Snap from a strong-buy rating to a buy rating and set a $16.95 price objective for the company. in a report on Monday, October 30th. BidaskClub cut shares of Snap from a hold rating to a sell rating in a report on Thursday, October 26th. Zacks Investment Research cut shares of Snap from a hold rating to a sell rating in a report on Wednesday, October 18th. Finally, SunTrust Banks, Inc. reiterated a sell rating and issued a $10.00 price objective on shares of Snap in a report on Thursday, October 12th. Fifteen 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. Snap currently has an average rating of Hold and an average price target of $17.12.

Shares of Snap (SNAP) traded up $0.38 during trading hours on Wednesday, reaching $12.76. 32,138,000 shares of the company were exchanged, compared to its average volume of 28,231,418. Snap has a 12-month low of $11.28 and a 12-month high of $29.44.

Snap (NYSE:SNAP) last issued its quarterly earnings data on Tuesday, November 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.17. The business had revenue of $207.90 million during the quarter, compared to the consensus estimate of $236.71 million. The company’s revenue was up 62.2% compared to the same quarter last year. analysts anticipate that Snap will post -3.04 EPS for the current fiscal year.

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In related news, VP Timothy Sehn sold 400,000 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $14.59, for a total value of $5,836,000.00. Following the completion of the transaction, the vice president now owns 2,669,279 shares of the company’s stock, valued at $38,944,780.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Imran Khan sold 150,000 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $12.50, for a total transaction of $1,875,000.00. Following the completion of the transaction, the insider now directly owns 9,596,464 shares of the company’s stock, valued at approximately $119,955,800. The disclosure for this sale can be found here. Insiders sold 2,533,598 shares of company stock valued at $35,540,362 in the last three months.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Seven Bridges Advisors LLC acquired a new stake in shares of Snap during the second quarter worth approximately $101,000. WFG Advisors LP increased its holdings in shares of Snap by 52.4% during the second quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock worth $131,000 after buying an additional 2,537 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of Snap by 654.0% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock worth $134,000 after buying an additional 6,540 shares in the last quarter. First Manhattan Co. increased its holdings in shares of Snap by 384.5% during the third quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock worth $110,000 after buying an additional 6,056 shares in the last quarter. Finally, Dubuque Bank & Trust Co. acquired a new stake in shares of Snap during the second quarter worth approximately $137,000. 17.29% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Snap (NYSE:SNAP)

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