Snap (SNAP) Lifted to “Outperform” at Wedbush
Wedbush upgraded shares of Snap (NYSE:SNAP) from a neutral rating to an outperform rating in a research note issued to investors on Tuesday, MarketBeat reports. Wedbush currently has $12.25 price target on the stock, up from their prior price target of $11.50.
Other equities analysts have also recently issued reports about the stock. Stifel Nicolaus reaffirmed a hold rating and set a $15.00 target price (down from $17.00) on shares of Snap in a research note on Wednesday, August 8th. Pivotal Research reissued a sell rating and issued a $9.00 price objective on shares of Snap in a research note on Wednesday, August 8th. Zacks Investment Research cut shares of Snap from a hold rating to a sell rating in a research note on Tuesday, July 3rd. BTIG Research reissued a neutral rating on shares of Snap in a research note on Tuesday, August 7th. Finally, Moffett Nathanson raised shares of Snap from a sell rating to a neutral rating and set a $15.00 price objective for the company in a research note on Monday, May 21st. Eleven investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $14.60.
SNAP opened at $9.35 on Tuesday. The firm has a market cap of $11.75 billion, a P/E ratio of -4.50 and a beta of -2.84. Snap has a fifty-two week low of $8.90 and a fifty-two week high of $21.22.
In other news, insider Imran Khan sold 600,000 shares of the firm’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $12.32, for a total value of $7,392,000.00. Following the completion of the sale, the insider now owns 8,752,691 shares in the company, valued at approximately $107,833,153.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Evan Spiegel sold 1,520,640 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $10.57, for a total transaction of $16,073,164.80. Following the completion of the sale, the chief executive officer now owns 81,400,642 shares of the company’s stock, valued at approximately $860,404,785.94. The disclosure for this sale can be found here. Insiders sold a total of 3,375,218 shares of company stock valued at $38,429,235 in the last 90 days.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC lifted its holdings in Snap by 188.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 10,041 shares of the company’s stock valued at $131,000 after buying an additional 6,556 shares in the last quarter. North Star Investment Management Corp. lifted its holdings in Snap by 283.0% during the 2nd quarter. North Star Investment Management Corp. now owns 10,150 shares of the company’s stock valued at $133,000 after buying an additional 7,500 shares in the last quarter. Quantbot Technologies LP bought a new stake in Snap during the 1st quarter valued at about $134,000. Greenwood Capital Associates LLC bought a new stake in Snap during the 2nd quarter valued at about $138,000. Finally, Sunbelt Securities Inc. bought a new stake in Snap during the 2nd quarter valued at about $138,000. Institutional investors own 22.29% of the company’s stock.
Snap Company Profile
Snap Inc operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application that helps people to communicate through short videos and images. It also provides Camera, a tool to personalize and add context to Snaps; Friends Page that allows to creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of contextual stickers and Bitmojis; and Discover that helps to surface the most interesting stories from publishers, creators, and the community, based on a user's subscriptions and interests.
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