Snap (SNAP) Raised to Market Perform at Cowen
Cowen upgraded shares of Snap (NYSE:SNAP) from an underperform rating to a market perform rating in a research report released on Thursday, Marketbeat.com reports. They currently have $6.00 price target on the stock.
Several other research firms have also recently weighed in on SNAP. Goldman Sachs Group reduced their price target on shares of Snap from $17.00 to $11.00 and set a buy rating for the company in a report on Thursday, October 11th. Zacks Investment Research upgraded shares of Snap from a hold rating to a strong-buy rating and set a $7.75 price objective for the company in a report on Wednesday, October 24th. Bank of America lowered shares of Snap from a buy rating to a neutral rating in a report on Friday, October 26th. BTIG Research raised shares of Snap from a sell rating to a neutral rating in a research report on Thursday, December 20th. Finally, Royal Bank of Canada dropped their price objective on Snap to $8.00 and set an outperform rating on the stock in a research note on Friday, October 26th. Seven equities research analysts have rated the stock with a sell rating, twenty-four have given a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $10.81.
Snap stock traded up $0.06 during trading on Thursday, reaching $6.28. 11,725,474 shares of the company’s stock were exchanged, compared to its average volume of 17,244,305. The stock has a market cap of $8.11 billion, a price-to-earnings ratio of -3.02 and a beta of 0.13. Snap has a 52-week low of $4.82 and a 52-week high of $21.22.
In other news, CEO Evan Spiegel sold 1,495,200 shares of the firm’s stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $6.43, for a total transaction of $9,614,136.00. Following the completion of the transaction, the chief executive officer now directly owns 80,452,061 shares in the company, valued at $517,306,752.23. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Lara Sweet sold 22,116 shares of the firm’s stock in a transaction on Monday, December 17th. The stock was sold at an average price of $5.83, for a total value of $128,936.28. Following the transaction, the chief accounting officer now owns 717,431 shares of the company’s stock, valued at $4,182,622.73. The disclosure for this sale can be found here. Insiders sold 2,047,386 shares of company stock valued at $13,200,659 over the last quarter.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SNAP. Edge Wealth Management LLC raised its stake in shares of Snap by 1,173.7% in the fourth quarter. Edge Wealth Management LLC now owns 5,426 shares of the company’s stock valued at $30,000 after acquiring an additional 5,000 shares in the last quarter. Aviance Capital Partners LLC acquired a new stake in shares of Snap in the third quarter valued at $110,000. Paloma Partners Management Co acquired a new stake in shares of Snap in the third quarter valued at $115,000. BB&T Securities LLC acquired a new stake in shares of Snap in the second quarter valued at $157,000. Finally, Wealthsource Partners LLC acquired a new stake in shares of Snap in the third quarter valued at $170,000. Institutional investors and hedge funds own 23.92% of the company’s stock.
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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