Snap (NYSE:SNAP) had its price objective trimmed by Stifel Nicolaus from $15.00 to $9.00 in a research report released on Wednesday morning, Marketbeat.com reports. The brokerage currently has a hold rating on the stock.
Several other research firms have also weighed in on SNAP. Goldman Sachs Group decreased their price target on Snap from $17.00 to $11.00 and set a buy rating on the stock in a report on Thursday, October 11th. Zacks Investment Research lowered Snap from a hold rating to a sell rating in a report on Thursday, August 2nd. Loop Capital assumed coverage on Snap in a report on Monday, October 15th. They set a hold rating on the stock. SunTrust Banks decreased their price target on Snap to $8.00 and set a hold rating on the stock in a report on Tuesday. They noted that the move was a valuation call. Finally, Nomura assumed coverage on Snap in a report on Wednesday, July 11th. They set a neutral rating and a $13.00 price target on the stock. Nine research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Snap currently has an average rating of Hold and a consensus price target of $12.22.
Shares of SNAP traded down $0.71 during mid-day trading on Wednesday, hitting $6.28. 79,735,303 shares of the stock were exchanged, compared to its average volume of 27,503,204. Snap has a 52-week low of $5.77 and a 52-week high of $21.22.
In other Snap news, VP Lara Sweet sold 20,848 shares of the stock in a transaction on Tuesday, October 16th. The stock was sold at an average price of $7.12, for a total value of $148,437.76. Following the sale, the vice president now owns 598,948 shares in the company, valued at $4,264,509.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Jerry James Hunter sold 97,656 shares of the stock in a transaction on Friday, August 17th. The stock was sold at an average price of $12.23, for a total value of $1,194,332.88. Following the transaction, the vice president now directly owns 1,864,934 shares in the company, valued at approximately $22,808,142.82. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,562,229 shares of company stock worth $39,164,741.
Institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. grew its position in shares of Snap by 23.1% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 67,949 shares of the company’s stock worth $889,000 after buying an additional 12,765 shares in the last quarter. Vident Investment Advisory LLC grew its position in shares of Snap by 85.6% during the 2nd quarter. Vident Investment Advisory LLC now owns 123,186 shares of the company’s stock worth $1,613,000 after buying an additional 56,831 shares in the last quarter. City Financial Investment Co Ltd bought a new position in shares of Snap during the 2nd quarter worth $2,618,000. HRT Financial LLC bought a new position in shares of Snap during the 2nd quarter worth $207,000. Finally, Cornerstone Wealth Management LLC bought a new position in shares of Snap during the 2nd quarter worth $1,043,000. 22.26% of the stock is currently owned by institutional investors and hedge funds.
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.
Further Reading: Hedge Funds
Receive News & Ratings for Snap Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap and related companies with MarketBeat.com's FREE daily email newsletter.