Morgan Stanley lowered shares of Snap Inc. (NYSE:SNAP) from an equal weight rating to an underweight rating in a research note released on Thursday, Marketbeat Ratings reports.

Several other research firms have also recently weighed in on SNAP. Vetr upgraded Snap from a strong sell rating to a hold rating and set a $16.13 price target for the company in a report on Friday, October 13th. Zacks Investment Research cut Snap from a hold rating to a sell rating in a report on Wednesday, October 18th. SunTrust Banks, Inc. reiterated a sell rating and issued a $10.00 target price on shares of Snap in a report on Thursday, October 12th. Cowen and Company cut Snap from an outperform rating to a market perform rating and lifted their target price for the stock from $21.00 to $26.00 in a report on Friday, July 14th. Finally, Stifel Nicolaus cut Snap from a buy rating to a hold rating and set a $20.00 target price for the company. in a report on Friday, July 14th. Fifteen investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $17.12.

Snap (SNAP) traded up $0.38 during midday trading on Thursday, reaching $12.76. The company’s stock had a trading volume of 32,141,000 shares, compared to its average volume of 25,794,475. Snap has a fifty-two week low of $11.28 and a fifty-two week high of $29.44.

Snap (NYSE:SNAP) last released its quarterly earnings results on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.17. The firm had revenue of $207.90 million for the quarter, compared to analysts’ expectations of $236.71 million. The business’s revenue was up 62.2% on a year-over-year basis. equities research analysts expect that Snap will post -3.04 earnings per share for the current fiscal year.

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In related news, VP Timothy Sehn sold 400,000 shares of the business’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $14.59, for a total transaction of $5,836,000.00. Following the transaction, the vice president now directly owns 2,669,279 shares in the company, valued at approximately $38,944,780.61. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Steven Michael Horowitz sold 50,624 shares of the business’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $13.04, for a total value of $660,136.96. Following the transaction, the vice president now owns 2,440,055 shares in the company, valued at $31,818,317.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,788,498 shares of company stock valued at $26,226,612.

A number of hedge funds have recently made changes to their positions in the stock. Stifel Financial Corp grew its stake in Snap by 119.9% during the 3rd quarter. Stifel Financial Corp now owns 87,684 shares of the company’s stock worth $1,267,000 after buying an additional 47,816 shares during the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in Snap by 199.1% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 525,420 shares of the company’s stock worth $7,640,000 after buying an additional 349,744 shares during the last quarter. KBC Group NV grew its stake in Snap by 54.0% during the 3rd quarter. KBC Group NV now owns 25,308 shares of the company’s stock worth $368,000 after buying an additional 8,873 shares during the last quarter. Schwab Charles Investment Management Inc. purchased a new position in Snap during the 3rd quarter worth $7,845,000. Finally, Zevenbergen Capital Investments LLC grew its stake in Snap by 18.3% during the 3rd quarter. Zevenbergen Capital Investments LLC now owns 101,450 shares of the company’s stock worth $1,475,000 after buying an additional 15,700 shares during the last quarter. Hedge funds and other institutional investors own 17.33% of the company’s stock.

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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