Snap (SNAP) Shares Gap Up to $11.28
Snap Inc (NYSE:SNAP) shares gapped up before the market opened on Friday . The stock had previously closed at $11.96, but opened at $11.28. Snap shares last traded at $11.07, with a volume of 1190490 shares.
A number of research analysts recently issued reports on SNAP shares. ValuEngine lowered Snap from a “buy” rating to a “hold” rating in a report on Friday, January 4th. Wedbush reaffirmed an “outperform” rating and set a $12.25 target price on shares of Snap in a report on Wednesday, February 6th. Stifel Nicolaus lifted their target price on Snap from $8.00 to $10.00 and gave the stock a “hold” rating in a report on Wednesday, February 6th. Credit Suisse Group lowered their target price on Snap from $12.00 to $9.50 and set an “outperform” rating on the stock in a report on Monday, January 28th. Finally, Goldman Sachs Group lowered Snap from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $10.00 to $6.00 in a report on Friday, January 4th. Four equities research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and six have given a buy rating to the company’s stock. Snap has a consensus rating of “Hold” and an average target price of $8.85.
The firm has a market capitalization of $13.05 billion, a price-to-earnings ratio of -11.39 and a beta of 1.14.
In other Snap news, CAO Lara Sweet sold 22,116 shares of Snap stock in a transaction that occurred 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 directly owns 717,431 shares of the company’s stock, valued at approximately $4,182,622.73. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Evan Spiegel sold 1,445,107 shares of Snap stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $9.89, for a total value of $14,292,108.23. Following the completion of the transaction, the chief executive officer now directly owns 74,450,661 shares in the company, valued at $736,317,037.29. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,437,339 shares of company stock valued at $63,026,468.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its position in shares of Snap by 4.5% during the fourth quarter. Geode Capital Management LLC now owns 4,810,361 shares of the company’s stock valued at $26,505,000 after purchasing an additional 208,932 shares during the period. FMR LLC increased its position in shares of Snap by 2.8% during the fourth quarter. FMR LLC now owns 22,150,589 shares of the company’s stock valued at $122,050,000 after purchasing an additional 606,983 shares during the period. HighPoint Advisor Group LLC bought a new stake in shares of Snap during the fourth quarter valued at approximately $117,000. B. Riley Wealth Management Inc. bought a new stake in shares of Snap during the fourth quarter valued at approximately $163,000. Finally, HRT Financial LLC increased its position in shares of Snap by 212.9% during the fourth quarter. HRT Financial LLC now owns 108,307 shares of the company’s stock valued at $596,000 after purchasing an additional 73,697 shares during the period. 23.31% of the stock is currently owned by institutional investors.
Snap Company Profile (NYSE:SNAP)
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 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 surfacing the stories and shows from publishers, creators, and the community, based on a user's subscriptions and interests.
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