Snap (NYSE:SNAP – Free Report) had its price target cut by BMO Capital Markets from $22.00 to $20.00 in a research note published on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.
Several other brokerages have also issued reports on SNAP. Guggenheim raised Snap from a neutral rating to a buy rating and upped their target price for the company from $9.00 to $23.00 in a research report on Monday, December 18th. Morgan Stanley upped their target price on Snap from $6.50 to $7.00 and gave the company an underweight rating in a research report on Wednesday, October 25th. JPMorgan Chase & Co. upped their target price on Snap from $8.00 to $9.00 and gave the company an underweight rating in a research report on Wednesday, October 25th. China Renaissance raised Snap from a sell rating to a hold rating and set a $9.00 price objective on the stock in a report on Thursday, October 26th. Finally, Deutsche Bank Aktiengesellschaft raised Snap from a hold rating to a buy rating and increased their price objective for the company from $10.00 to $19.00 in a report on Friday, January 26th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Snap presently has an average rating of Hold and a consensus price target of $13.46.
Snap Price Performance
Insider Activity at Snap
In related news, CAO Rebecca Morrow sold 1,792 shares of the stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $17.13, for a total value of $30,696.96. Following the completion of the sale, the chief accounting officer now owns 307,026 shares of the company’s stock, valued at $5,259,355.38. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Snap news, CAO Rebecca Morrow sold 1,792 shares of Snap stock in a transaction on Monday, December 18th. The stock was sold at an average price of $17.13, for a total value of $30,696.96. Following the sale, the chief accounting officer now owns 307,026 shares in the company, valued at $5,259,355.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Derek Andersen sold 10,047 shares of Snap stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $12.15, for a total value of $122,071.05. Following the completion of the sale, the chief financial officer now owns 2,333,483 shares in the company, valued at approximately $28,351,818.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 276,589 shares of company stock valued at $3,796,543. 22.68% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Snap
Institutional investors and hedge funds have recently modified their holdings of the company. NBC Securities Inc. grew its stake in Snap by 2,580.4% during the 4th quarter. NBC Securities Inc. now owns 1,501 shares of the company’s stock worth $25,000 after purchasing an additional 1,445 shares in the last quarter. ICA Group Wealth Management LLC acquired a new position in Snap during the 4th quarter worth $29,000. Newbridge Financial Services Group Inc. boosted its position in shares of Snap by 75.0% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 3,500 shares of the company’s stock worth $31,000 after acquiring an additional 1,500 shares in the last quarter. NVP Associates LLC acquired a new position in shares of Snap during the 2nd quarter worth about $41,000. Finally, Allworth Financial LP boosted its position in shares of Snap by 161.6% during the 4th quarter. Allworth Financial LP now owns 2,765 shares of the company’s stock worth $47,000 after acquiring an additional 1,708 shares in the last quarter. Hedge funds and other institutional investors own 44.37% of the company’s stock.
Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.
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