Morgan Stanley lowered shares of Snap Inc. (NYSE:SNAP) from an equal weight rating to an underweight rating in a research report released on Thursday.

Several other analysts also recently weighed in on the company. Bank of America Corporation dropped their price objective on Snap from $17.00 to $16.00 and set a neutral rating for the company in a research report on Wednesday. Credit Suisse Group dropped their price objective on Snap from $20.00 to $17.00 and set an outperform rating for the company in a research report on Wednesday. Aegis dropped their price objective on Snap from $15.00 to $13.00 and set a hold rating for the company in a research report on Wednesday. Oppenheimer Holdings, Inc. dropped their target price on Snap from $16.00 to $14.00 and set an outperform rating for the company in a research report on Wednesday. Finally, Pivotal Research reiterated a sell rating and issued a $8.00 target price (down from $9.00) on shares of Snap in a research report on Wednesday. Fifteen research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of Hold and an average price target of $17.44.

Shares of Snap (NYSE SNAP) traded up $0.38 during mid-day trading on Thursday, hitting $12.76. The company had a trading volume of 32,103,643 shares, compared to its average volume of 25,793,982. Snap has a twelve month low of $11.28 and a twelve month high of $29.44.

Snap (NYSE:SNAP) last announced its quarterly earnings data on Tuesday, November 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.17. The business had revenue of $207.90 million for the quarter, compared to the consensus estimate of $236.71 million. The business’s quarterly revenue was up 62.2% on a year-over-year basis. analysts predict that Snap will post -2.83 earnings per share for the current year.

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In related news, VP Timothy Sehn sold 400,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $14.59, for a total transaction of $5,836,000.00. Following the completion of the sale, the vice president now owns 2,669,279 shares of the company’s stock, valued at $38,944,780.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Imran Khan sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $12.50, for a total value of $1,875,000.00. Following the sale, the insider now directly owns 9,596,464 shares of the company’s stock, valued at approximately $119,955,800. The disclosure for this sale can be found here. Insiders have sold 2,533,598 shares of company stock valued at $35,540,362 in the last ninety days.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SNAP. Seven Bridges Advisors LLC acquired a new stake in Snap during the second quarter worth approximately $101,000. First Manhattan Co. grew 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 period. WFG Advisors LP grew 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 period. Harel Insurance Investments & Financial Services Ltd. grew its stake in Snap by 654.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 7,540 shares of the company’s stock valued at $134,000 after acquiring an additional 6,540 shares during the period. Finally, Dubuque Bank & Trust Co. acquired a new stake in Snap in the second quarter valued at approximately $137,000. 17.29% of the stock is owned by institutional investors and hedge funds.

About Snap

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.

Analyst Recommendations for Snap (NYSE:SNAP)

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