Benchmark Reaffirms Hold Rating for Snap (NYSE:SNAP)

Benchmark reaffirmed their hold rating on shares of Snap (NYSE:SNAP) in a research note issued to investors on Tuesday, Benzinga reports.

Several other research analysts also recently commented on the company. HSBC upgraded Snap from a reduce rating to a buy rating in a report on Friday, April 26th. Stifel Nicolaus lifted their price target on Snap from $12.00 to $13.00 and gave the stock a hold rating in a research note on Friday, April 26th. Wolfe Research began coverage on Snap in a research note on Tuesday, July 16th. They set a peer perform rating for the company. Wells Fargo & Company lifted their target price on shares of Snap from $16.00 to $18.00 and gave the stock an overweight rating in a research note on Friday, April 26th. Finally, Canaccord Genuity Group raised their price target on shares of Snap from $14.00 to $15.00 and gave the stock a hold rating in a report on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Snap has an average rating of Hold and an average target price of $15.11.

Snap Trading Down 3.9 %

Shares of SNAP opened at $12.80 on Tuesday. Snap has a 1 year low of $8.28 and a 1 year high of $17.90. The stock has a 50 day simple moving average of $15.38 and a two-hundred day simple moving average of $13.91. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 1.55.

Insiders Place Their Bets

In other news, Director Joanna Coles sold 3,950 shares of Snap stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $15.17, for a total transaction of $59,921.50. Following the completion of the transaction, the director now directly owns 46,492 shares in the company, valued at $705,283.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Eric Young sold 115,915 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $15.91, for a total transaction of $1,844,207.65. Following the sale, the senior vice president now directly owns 3,292,657 shares of the company’s stock, valued at approximately $52,386,172.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joanna Coles sold 3,950 shares of Snap stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $15.17, for a total transaction of $59,921.50. Following the completion of the transaction, the director now directly owns 46,492 shares of the company’s stock, valued at $705,283.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 207,078 shares of company stock worth $3,279,089. 22.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Snap

A number of institutional investors have recently made changes to their positions in the company. SRS Investment Management LLC boosted its position in shares of Snap by 23.6% during 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 buying an additional 12,452,415 shares during the last quarter. Carmignac Gestion purchased a new stake in shares of Snap during the 4th quarter valued at about $110,103,000. Contrarius Investment Management Ltd bought a new stake in shares of Snap in the fourth quarter worth approximately $80,644,000. Vanguard Group Inc. lifted its position in Snap by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 95,317,701 shares of the company’s stock valued at $1,613,729,000 after purchasing an additional 3,503,230 shares during the period. Finally, TB Alternative Assets Ltd. boosted its holdings in Snap by 144.5% in the first quarter. TB Alternative Assets Ltd. now owns 5,094,800 shares of the company’s stock worth $58,488,000 after purchasing an additional 3,011,400 shares during the last quarter. Hedge funds and other institutional investors own 47.52% of the company’s stock.

Snap Company Profile

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.