Snap (SNAP) Receives Upgrade From Barclays. Will Other Analysts Follow Suit?

Mindy Sparks
December 7, 2017

However, the rally was short-lived, as the stock reversed course in after-hours trading, so the Snap stock upgrade didn't put enough gas in the tank to keep it roaring. The shares were sold at an average price of $12.54, for a total value of $3,590,603.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Shares of Snap (NYSE SNAP) traded up $1.37 during mid-day trading on Tuesday, hitting $14.94. About 51.52M shares traded or 103.42% up from the average. Snap Inc has a 52 week low of $11.28 and a 52 week high of $29.44. (NYSE:SNAP) to report earnings on February, 6. After $-0.32 actual EPS reported by Snap Inc. for the previous quarter, Wall Street now forecasts 0.00 % EPS growth. The firm had revenue of $207.90 million during the quarter, compared to analyst estimates of $236.71 million. Seven Bridges Advisors LLC acquired a new position in Snap in the second quarter valued at $101,000. State Treasurer State of MI acquired a new position in shares of Snap during the third quarter worth approximately $15,714,000. JPMorgan Chase & Co. now owns 7,650,826 shares of the company's stock valued at $110,556,000 after buying an additional 797,290 shares during the period. More interesting news about Snap Inc. BlackRock Inc. now owns 10,343,549 shares of the company's stock valued at $183,805,000 after buying an additional 936,791 shares during the period. Baker Avenue Asset Management LP acquired a new position in shares of Snap during the second quarter worth approximately $518,000. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company's stock valued at $134,000 after purchasing an additional 6,540 shares during the period. He explained that seasonality for mobile display ads is a 30% quarter-over-quarter increase across the entire industry, and he feels that Snap should take share. Institutional investors and hedge funds own 18.88% of the company's stock.

A number of research analysts have issued reports on SNAP shares. Jefferies upgraded the shares of SNAP in report on Tuesday, December 5 to "Buy" rating. Evercore ISI assumed coverage on shares of Snap in a research note on Tuesday. They set a "sell" rating and a $10.00 target price on the stock. Barclays Capital upgraded the stock to "Overweight" rating in Tuesday, December 5 report. Finally, Credit Suisse Group lowered their price target on Snap from $20.00 to $17.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 8th. Sixteen equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company. $13.67's average target is -8.50% below currents $14.94 stock price. Also, VP Timothy Sehn sold 400,000 shares of the firm's stock in a transaction on Monday, October 2nd. If you are accessing this piece of content on another site, it was copied illegally and reposted in violation of US and global copyright and trademark laws.

Snap Inc. operates as a camera company. The firm also provides a suite of content tools for partners to build, edit, and publish snaps and attachments based on editorial content; and Spectacles, which are sunglasses that capture video from a human perspective.

Other reports by Iphone Fresh

Discuss This Article