Snap (NYSE:SNAP) Price Target Lowered to $10.00 at Piper Sandler

Snap (NYSE:SNAP) had its price objective reduced by Piper Sandler from $13.00 to $10.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts have also issued reports on the company. JMP Securities reaffirmed a “market outperform” rating and issued a $16.00 target price on shares of Snap in a research report on Monday, January 27th. Bank of America dropped their target price on Snap from $14.50 to $10.50 and set a “neutral” rating on the stock in a research report on Wednesday. Barclays reissued an “overweight” rating on shares of Snap in a research note on Wednesday, February 5th. BMO Capital Markets reaffirmed an “outperform” rating and set a $16.00 price target (down previously from $18.00) on shares of Snap in a report on Wednesday, January 15th. Finally, Guggenheim reissued a “neutral” rating on shares of Snap in a report on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, twenty-four have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Snap has a consensus rating of “Hold” and an average target price of $36.47.

Snap Stock Performance

Shares of NYSE:SNAP opened at $7.83 on Thursday. The business’s 50-day simple moving average is $9.55 and its 200 day simple moving average is $10.68. The company has a market cap of $13.27 billion, a P/E ratio of -18.63 and a beta of 0.92. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. Snap has a one year low of $7.08 and a one year high of $17.33.

Snap (NYSE:SNAP) last posted its earnings results on Tuesday, February 4th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.13). Snap had a negative return on equity of 25.67% and a negative net margin of 13.02%. On average, sell-side analysts forecast that Snap will post -0.3 earnings per share for the current fiscal year.

Insider Transactions at Snap

In related news, SVP Eric Young sold 102,152 shares of Snap stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $10.84, for a total transaction of $1,107,327.68. Following the sale, the senior vice president now directly owns 3,443,419 shares of the company’s stock, valued at $37,326,661.96. This trade represents a 2.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Michael J. O’sullivan sold 24,000 shares of the company’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $8.60, for a total value of $206,400.00. Following the completion of the transaction, the general counsel now owns 507,660 shares of the company’s stock, valued at $4,365,876. The trade was a 4.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,356,523 shares of company stock worth $12,710,077. Company insiders own 22.68% of the company’s stock.

Institutional Investors Weigh In On Snap

Several institutional investors and hedge funds have recently made changes to their positions in SNAP. Capital International Investors acquired a new position in Snap during the 4th quarter worth about $422,049,000. Capital World Investors grew its holdings in Snap by 38.9% during the fourth quarter. Capital World Investors now owns 84,137,317 shares of the company’s stock valued at $906,161,000 after purchasing an additional 23,569,522 shares during the period. Norges Bank bought a new stake in shares of Snap in the 4th quarter valued at $30,162,000. Renaissance Technologies LLC bought a new stake in shares of Snap in the fourth quarter worth about $27,713,000. Finally, Portolan Capital Management LLC acquired a new stake in Snap during the 4th quarter worth approximately $25,447,000. Institutional investors and hedge funds own 47.52% of the company’s stock.

About Snap

Snap Inc operates as a technology company in North America, Europe, and internationally. The company offers Snapchat, a visual messaging application with various tabs, such as camera, visual messaging, snap map, stories, and spotlight that enable people to communicate visually through short videos and images.