Sumitomo Mitsui Trust Holdings Acquires More Shares in Snap Inc. as Analysts Provide …

Snap Inc., the camera company that operates popular visual communication platform Snapchat, saw an increase in interest from Sumitomo Mitsui Trust Holdings Inc. during the fourth quarter of 2020. According to a recent filing with the Securities and Exchange Commission (SEC), Sumitomo Mitsui acquired 293,043 shares of Snap Inc., resulting in a 6.6% increase in its holdings. At the end of the quarter, Sumitomo Mitsui Trust Holdings owned around 4,757,142 shares of Snap which were valued at $42,576,000. This makes up approximately 0.29% of Snap’s total worth. Snap has seen a significant amount of attention from research reports lately, with various analysts providing their ratings and price objectives for the company. Among these reports is Truist Financial’s report which cut their price objective on Snap from $10.00 to $8.00 while rating it as “hold.” Meanwhile, UBS Group downgraded Snap’s buy rating to neutral and set a target price of $10 for the stock. New Street Research started covering Snap and gave it a “buy” rating along with a $12 target price. Benchmark also lowered its buy rating for Snap to hold and Susquehanna provided a “neutral” rating while increasing their share price estimate to $10. Overall, three analysts rated the
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