Snap (SNAP) Receives a Hold from Monness

By Carrie Williams

Monness analyst Brian White maintained a Hold rating on Snap (SNAPResearch Report) today. The company’s shares closed last Tuesday at $24.74, close to its 52-week high of $26.76.

According to TipRanks.com, White is a top 25 analyst with an average return of 29.0% and a 78.0% success rate. White covers the Technology sector, focusing on stocks such as Spotify Technology SA, Slack Technologies, and Salesforce.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Snap with a $26.18 average price target, which is a 2.3% upside from current levels. In a report issued on July 9, Needham also assigned a Hold rating to the stock.

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The company has a one-year high of $26.76 and a one-year low of $7.89. Currently, Snap has an average volume of 30.16M.

Based on the recent corporate insider activity of 137 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SNAP in relation to earlier this year.

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Snap, Inc. engages in the operation of its camera platform. Its products include Snapchat, using the camera and editing tools to take and share Snaps, Friends Page, which lets users create and use Stories, Groups, Video and Chat, Discover for searching and surfacing relevant Stories, Snap Map, which shows friends, Stories and Snaps near the user, Memories, for saving personal collections, and Spectacles, wearable sunglasses capable of taking Snaps and interacting directly with the Snapchat application. The company’s primary source of revenue is advertising. Snap was founded by Frank Reginald Brown IV, Evan Thomas Spiegel, and Robert C. Murphy in 2010 and is headquartered in Santa Monica, CA.