Snap (NYSE:SNAP) had its price target decreased by Goldman Sachs Group from $17.00 to $11.00 in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage currently has a “buy” rating on the stock. Goldman Sachs Group’s price target would indicate a potential upside of 66.92% from the company’s current price.
A number of other research firms have also issued reports on SNAP. Zacks Investment Research lowered shares of Snap from a “hold” rating to a “sell” rating in a report on Thursday, August 2nd. Nomura assumed coverage on shares of Snap in a report on Wednesday, July 11th. They set a “neutral” rating and a $13.00 price target on the stock. SunTrust Banks restated a “hold” rating and set a $13.00 price target on shares of Snap in a report on Monday, August 6th. Aegis cut their price target on shares of Snap from $12.00 to $10.00 and set a “hold” rating on the stock in a report on Friday, September 21st. Finally, Cowen cut their price target on shares of Snap from $9.00 to $8.00 and set an “underperform” rating on the stock in a report on Friday, July 13th. Ten research analysts have rated the stock with a sell rating, nineteen have given a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $13.69.
NYSE SNAP opened at $6.59 on Thursday. Snap has a 12 month low of $6.59 and a 12 month high of $21.22. The company has a market capitalization of $10.83 billion, a P/E ratio of -3.17 and a beta of -2.59.
In related news, CEO Evan Spiegel sold 1,520,640 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $10.57, for a total transaction of $16,073,164.80. Following the transaction, the chief executive officer now directly owns 81,400,642 shares of the company’s stock, valued at $860,404,785.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mitchell Lasky sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 17th. The shares were sold at an average price of $13.33, for a total transaction of $333,250.00. The disclosure for this sale can be found here. Insiders have sold 3,596,960 shares of company stock worth $39,834,299 over the last ninety days.
Hedge funds have recently bought and sold shares of the business. Raymond James Financial Services Advisors Inc. grew its position in Snap by 23.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 67,949 shares of the company’s stock worth $889,000 after acquiring an additional 12,765 shares in the last quarter. Vident Investment Advisory LLC grew its position in Snap by 85.6% in the second quarter. Vident Investment Advisory LLC now owns 123,186 shares of the company’s stock worth $1,613,000 after acquiring an additional 56,831 shares in the last quarter. City Financial Investment Co Ltd bought a new stake in Snap in the second quarter worth approximately $2,618,000. HRT Financial LLC bought a new stake in Snap in the second quarter worth approximately $207,000. Finally, Cornerstone Wealth Management LLC bought a new stake in Snap in the second quarter worth approximately $1,043,000. 22.29% of the stock is owned by institutional investors.
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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