Snap (NYSE:SNAP – Get Rating) had its price objective raised by Rosenblatt Securities from $8.00 to $10.00 in a research note published on Wednesday morning, The Fly reports. Rosenblatt Securities currently has a neutral rating on the stock.
A number of other research firms have also weighed in on SNAP. Deutsche Bank Aktiengesellschaft cut their target price on shares of Snap from $14.00 to $9.00 and set a hold rating for the company in a report on Friday, October 21st. Cowen cut their target price on shares of Snap to $9.00 in a report on Thursday, October 27th. UBS Group lowered shares of Snap from a buy rating to a neutral rating and set a $10.00 target price for the company. in a report on Wednesday. Atlantic Securities cut their target price on shares of Snap to $10.00 in a report on Thursday, October 27th. Finally, Stifel Nicolaus cut their target price on shares of Snap from $14.00 to $9.00 and set a hold rating for the company in a report on Friday, October 21st. Three investment analysts have rated the stock with a sell rating, thirty have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $13.71.
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Snap Trading Down 10.3 %
Shares of SNAP opened at $10.37 on Wednesday. The company has a debt-to-equity ratio of 1.29, a current ratio of 4.86 and a quick ratio of 4.86. Snap has a 1 year low of $7.33 and a 1 year high of $41.97. The company has a 50 day simple moving average of $9.54 and a two-hundred day simple moving average of $10.36. The firm has a market cap of $16.73 billion, a P/E ratio of -11.78 and a beta of 1.09.
Insider Activity at Snap
In related news, COO Jerry James Hunter sold 72,234 shares of Snap stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $8.47, for a total value of $611,821.98. Following the completion of the sale, the chief operating officer now directly owns 2,885,556 shares in the company, valued at $24,440,659.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through
this hyperlink. In related news, COO Jerry James Hunter sold 72,234 shares of Snap stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $8.47, for a total value of $611,821.98. Following the completion of the sale, the chief operating officer now directly owns 2,885,556 shares in the company, valued at $24,440,659.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through
this hyperlink. Also, General Counsel Michael J. O'sullivan sold 5,155 shares of Snap stock in a transaction dated Friday, December 16th. The shares were sold at an average price of $8.47, for a total value of $43,662.85. Following the completion of the sale, the general counsel now owns 582,564 shares of the company's stock, valued at $4,934,317.08. The disclosure for this sale can be found
here. Insiders sold 249,869 shares of company stock worth $2,555,971 over the last three months. 22.68% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Snap
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of New Jersey Common Pension Fund D grew its stake in Snap by 2.9% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 692,306 shares of the company's stock valued at $6,196,000 after purchasing an additional 19,755 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in Snap by 25.0% in the fourth quarter. Geneos Wealth Management Inc. now owns 23,503 shares of the company's stock valued at $210,000 after purchasing an additional 4,705 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Snap by 6.6% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,757,142 shares of the company's stock valued at $42,576,000 after purchasing an additional 293,043 shares during the last quarter. Blue Zone Wealth Advisors LLC grew its stake in Snap by 1.5% in the fourth quarter. Blue Zone Wealth Advisors LLC now owns 102,637 shares of the company's stock valued at $919,000 after purchasing an additional 1,519 shares during the last quarter. Finally, Inspire Investing LLC grew its stake in Snap by 32.5% in the fourth quarter. Inspire Investing LLC now owns 38,749 shares of the company's stock valued at $347,000 after purchasing an additional 9,506 shares during the last quarter. Hedge funds and other institutional investors own 43.30% of the company's stock.
About Snap
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Snap, Inc operates as a camera company. Its flagship product, Snapchat, is a camera application that helps people communicate visually with friends and family through short videos and images called Snaps. The firm's primary source of revenue is advertising. Snap was founded by Frank Reginald Brown IV, Evan Thomas Spiegel, and Robert C.
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