Snap (NYSE:SNAP – Free Report) had its price target cut by Deutsche Bank Aktiengesellschaft from $17.00 to $14.00 in a research note published on Friday, Benzinga reports. They currently have a buy rating on the stock.
Several other equities analysts have also weighed in on SNAP. Susquehanna decreased their target price on shares of Snap from $15.00 to $12.00 and set a neutral rating on the stock in a report on Friday. Wells Fargo & Company upped their price objective on Snap from $16.00 to $18.00 and gave the company an overweight rating in a report on Friday, April 26th. The Goldman Sachs Group cut their target price on Snap from $16.00 to $12.00 and set a neutral rating for the company in a research note on Friday. JPMorgan Chase & Co. decreased their price target on Snap from $13.00 to $11.00 and set an underweight rating on the stock in a research note on Friday. Finally, UBS Group cut their price objective on Snap from $14.00 to $13.00 and set a neutral rating for the company in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $14.23.
Get Our Latest Stock Analysis on Snap
Snap Trading Down 26.9 %
Insider Activity
In related news, CFO Derek Andersen sold 26,682 shares of Snap stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $15.72, for a total value of $419,441.04. Following the transaction, the chief financial officer now directly owns 2,508,007 shares in the company, valued at approximately $39,425,870.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Derek Andersen sold 26,682 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $15.72, for a total value of $419,441.04. Following the completion of the transaction, the chief financial officer now owns 2,508,007 shares in the company, valued at approximately $39,425,870.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $13.28, for a total value of $239,040.00. Following the completion of the transaction, the general counsel now directly owns 463,908 shares of the company’s stock, valued at $6,160,698.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 225,078 shares of company stock valued at $3,518,129. Insiders own 22.68% of the company’s stock.
Institutional Investors Weigh In On Snap
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SRS Investment Management LLC lifted its position in shares of Snap by 23.6% in the fourth quarter. SRS Investment Management LLC now owns 65,114,732 shares of the company’s stock valued at $1,102,392,000 after acquiring an additional 12,452,415 shares in the last quarter. Carmignac Gestion purchased a new position in Snap in the 4th quarter valued at about $110,103,000. Contrarius Investment Management Ltd acquired a new stake in shares of Snap during the 4th quarter worth about $80,644,000. Vanguard Group Inc. raised its position in shares of Snap by 3.8% in the fourth quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock valued at $1,613,729,000 after buying an additional 3,503,230 shares during the last quarter. Finally, TB Alternative Assets Ltd. raised its position in shares of Snap by 144.5% in the first quarter. TB Alternative Assets Ltd. now owns 5,094,800 shares of the company’s stock valued at $58,488,000 after buying an additional 3,011,400 shares during the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.
About Snap
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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