The Goldman Sachs Group Cuts Snap (NYSE:SNAP) Price Target to $9.50

Snap (NYSE:SNAP) had its price target lowered by stock analysts at The Goldman Sachs Group from $13.50 to $9.50 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 20.56% from the company’s current price.

Several other equities analysts have also recently weighed in on the company. Piper Sandler decreased their price objective on Snap from $13.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday. Wells Fargo & Company decreased their price target on Snap from $11.00 to $9.00 and set an “equal weight” rating for the company in a research note on Monday, March 31st. Susquehanna upped their price objective on Snap from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Bank of America decreased their target price on shares of Snap from $14.50 to $10.50 and set a “neutral” rating for the company in a research note on Wednesday, April 9th. Finally, Citizens Jmp raised shares of Snap from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, twenty-four have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $36.17.

Snap Stock Down 1.0 %

NYSE SNAP traded down $0.08 during trading on Monday, hitting $7.88. The stock had a trading volume of 15,173,285 shares, compared to its average volume of 28,146,187. Snap has a 12 month low of $7.08 and a 12 month high of $17.33. The company has a debt-to-equity ratio of 1.47, a quick ratio of 3.95 and a current ratio of 3.95. The company’s 50-day moving average price is $9.48 and its two-hundred day moving average price is $10.67. The company has a market capitalization of $13.37 billion, a PE ratio of -18.76 and a beta of 0.92.

Snap (NYSE:SNAP) last announced its quarterly earnings data 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%. As a group, sell-side analysts forecast that Snap will post -0.3 EPS for the current year.

Insider Buying and Selling

In other Snap news, General Counsel Michael J. O’sullivan sold 18,000 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $11.49, for a total value of $206,820.00. Following the sale, the general counsel now owns 480,498 shares of the company’s stock, valued at approximately $5,520,922.02. This trade represents a 3.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Derek Andersen sold 33,618 shares of Snap stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $8.83, for a total value of $296,846.94. Following the completion of the transaction, the chief financial officer now owns 3,507,897 shares in the company, valued at approximately $30,974,730.51. This represents a 0.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, 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 Trading of Snap

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

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.