JPMorgan Chase & Co. upgraded shares of Snap (NYSE:SNAP) from an underweight rating to a neutral rating in a research note issued to investors on Wednesday morning, Marketbeat.com reports. The firm currently has $10.00 price objective on the stock.
A number of other equities analysts also recently issued reports on the stock. Credit Suisse Group reiterated an outperform rating and set a $20.00 price objective (up from $17.00) on shares of Snap in a research note on Wednesday, October 11th. They noted that the move was a valuation call. Piper Jaffray Companies reiterated a hold rating on shares of Snap in a research note on Wednesday, October 11th. SunTrust Banks reiterated a sell rating and set a $10.00 price objective on shares of Snap in a research note on Thursday, October 12th. Vetr upgraded shares of Snap from a strong sell rating to a hold rating and set a $16.13 price objective on the stock in a research note on Friday, October 13th. Finally, Zacks Investment Research downgraded shares of Snap from a hold rating to a sell rating in a research note on Wednesday, October 18th. Fourteen analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $18.25.
Snap (NYSE SNAP) opened at $20.75 on Wednesday. The company has a market cap of $24,990.00 and a PE ratio of -6.53. Snap has a one year low of $11.28 and a one year high of $29.44.
In other Snap news, VP Steven Michael Horowitz sold 286,332 shares of the firm’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $12.54, for a total value of $3,590,603.28. Following the completion of the transaction, the vice president now owns 2,532,598 shares of the company’s stock, valued at $31,758,778.92. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Mitchell Lasky sold 25,000 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $13.98, for a total transaction of $349,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,885,626 shares of company stock valued at $25,814,031.
Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in shares of Snap by 10.0% during the second quarter. BlackRock Inc. now owns 10,343,549 shares of the company’s stock worth $183,805,000 after purchasing an additional 936,791 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Snap by 23.7% during the second quarter. Vanguard Group Inc. now owns 8,353,729 shares of the company’s stock worth $148,446,000 after purchasing an additional 1,601,170 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Snap by 11.6% during the third quarter. JPMorgan Chase & Co. now owns 7,650,826 shares of the company’s stock worth $110,556,000 after purchasing an additional 797,290 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Snap by 873.8% during the third quarter. First Trust Advisors LP now owns 5,884,101 shares of the company’s stock worth $85,555,000 after purchasing an additional 5,279,883 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in shares of Snap by 73.4% during the third quarter. Allianz Asset Management GmbH now owns 4,529,005 shares of the company’s stock worth $65,852,000 after purchasing an additional 1,916,830 shares during the last quarter. 18.97% of the stock is owned by hedge funds and other institutional investors.
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Snap Inc, formerly Snapchat, Inc, is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company offers three ways for people to make Snaps: the Snapchat application, Publishers Tools that help its partners to create Publisher Stories, and Spectacles, its sunglasses that make Snaps.
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