Snap Inc (NYSE:SNAP) shares gapped up before the market opened on Monday . The stock had previously closed at $7.18, but opened at $7.18. Snap shares last traded at $7.33, with a volume of 709772 shares.
A number of brokerages have commented on SNAP. Loop Capital began coverage on shares of Snap in a research note on Monday. They set a “hold” rating for the company. BTIG Research restated a “neutral” rating on shares of Snap in a research note on Tuesday, August 7th. Citigroup cut their price target on shares of Snap from $8.00 to $7.00 and set a “sell” rating for the company in a research note on Thursday, October 4th. Pivotal Research upgraded shares of Snap from a “hold” rating to a “buy” rating and cut their price target for the stock from $9.00 to $8.00 in a research note on Friday, October 12th. Finally, Zacks Investment Research cut shares of Snap from a “hold” rating to a “sell” rating in a research note on Tuesday, July 3rd. Ten analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and nine have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $13.66.
The company has a market cap of $10.83 billion, a PE ratio of -3.54 and a beta of -2.59.
In related news, CEO Evan Spiegel sold 1,520,640 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $10.57, for a total value of $16,073,164.80. Following the completion of the sale, the chief executive officer now owns 81,400,642 shares of the company’s stock, valued at $860,404,785.94. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Imran Khan sold 600,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $12.32, for a total transaction of $7,392,000.00. Following the completion of the sale, the insider now directly owns 8,752,691 shares of the company’s stock, valued at approximately $107,833,153.12. The disclosure for this sale can be found here. In the last three months, insiders sold 3,552,773 shares of company stock valued at $39,248,165.
Institutional investors have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC increased its holdings in shares of Snap by 188.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 10,041 shares of the company’s stock valued at $131,000 after purchasing an additional 6,556 shares in the last quarter. North Star Investment Management Corp. increased its holdings in shares of Snap by 283.0% in the second quarter. North Star Investment Management Corp. now owns 10,150 shares of the company’s stock valued at $133,000 after purchasing an additional 7,500 shares in the last quarter. NEXT Financial Group Inc acquired a new stake in Snap during the 1st quarter worth $163,000. Dimensional Fund Advisors LP acquired a new stake in Snap during the 1st quarter worth $165,000. Finally, Sunbelt Securities Inc. acquired a new stake in Snap during the 2nd quarter worth $138,000. 22.29% of the stock is owned by institutional investors and hedge funds.
About Snap (NYSE:SNAP)
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.
See Also: What is the NASDAQ?
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.