Snap’s (SNAP) Sell Rating Reiterated at Pivotal Research
“We see the advertiser expansion as an important source of revenue diversification and reflects Snap’s capacity to grow revenue through a broadening of its addressable market. On the other hand, we can infer this result at least partially reflects some degree of deceleration in spending from large brands, which generally view Snap as a niche platform rather than something core to their typical campaigns. However, comments indicating that “of the Top 100 Ad Age Advertisers that started advertising with (Snap) in Q1 of 2016 or earlier, each one of them, at a parent level, also spent with (Snap) in 2017 and over 90 percent of them spent in every quarter of 2017.” Although it does not convey the growth rate of like-for-like advertisers, we think it does reflect a degree of durability for the platform among brands who use it.”,” the firm’s analyst wrote.
Several other research analysts have also issued reports on the stock. Vetr raised shares of Snap from a hold rating to a strong-buy rating and set a $18.29 price target for the company in a research report on Thursday, October 19th. Morgan Stanley lowered shares of Snap from an equal weight rating to an underweight rating in a research report on Thursday, November 9th. Zacks Investment Research lowered shares of Snap from a hold rating to a sell rating in a research report on Wednesday, October 18th. BidaskClub lowered shares of Snap from a hold rating to a sell rating in a research report on Thursday, October 26th. Finally, Credit Suisse Group reissued a buy rating and issued a $18.00 price target on shares of Snap in a research report on Tuesday, January 9th. Fourteen investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fifteen have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $18.25.
In related news, CEO Evan Spiegel sold 739,663 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $13.63, for a total value of $10,081,606.69. Following the completion of the sale, the chief executive officer now owns 85,744,509 shares of the company’s stock, valued at $1,168,697,657.67. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 70,566 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $16.09, for a total transaction of $1,135,406.94. The disclosure for this sale can be found here. In the last three months, insiders sold 2,230,407 shares of company stock valued at $32,578,428.
Several institutional investors have recently modified their holdings of the stock. WFG Advisors LP boosted its stake in Snap by 52.4% in the second quarter. WFG Advisors LP now owns 7,377 shares of the company’s stock valued at $131,000 after acquiring an additional 2,537 shares during the last quarter. First Manhattan Co. boosted its stake in Snap by 384.5% in the third quarter. First Manhattan Co. now owns 7,631 shares of the company’s stock valued at $110,000 after acquiring an additional 6,056 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its stake in Snap by 967.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 8,005 shares of the company’s stock valued at $116,000 after acquiring an additional 7,255 shares during the last quarter. Westwood Holdings Group Inc. bought a new position in Snap in the second quarter valued at approximately $148,000. Finally, Nelson Roberts Investment Advisors LLC boosted its stake in Snap by 10,033.0% in the third quarter. Nelson Roberts Investment Advisors LLC now owns 10,133 shares of the company’s stock valued at $147,000 after acquiring an additional 10,033 shares during the last quarter. 18.97% of the stock is owned by institutional investors and hedge funds.
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Snap Company Profile
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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