Rosenblatt Securities Cuts Snap (NYSE:SNAP) Price Target to $23.00

Snap (NYSE:SNAPGet Rating) had its target price decreased by Rosenblatt Securities from $49.00 to $23.00 in a research note issued to investors on Tuesday morning, Stock Target Advisor reports. Rosenblatt Securities currently has a buy rating on the stock.

A number of other brokerages also recently commented on SNAP. Bank of America reduced their price objective on Snap from $50.00 to $30.00 and set a buy rating for the company in a research report on Tuesday. JMP Securities reduced their price objective on Snap from $50.00 to $45.00 and set a market outperform rating for the company in a research report on Tuesday. Susquehanna reduced their price objective on Snap from $42.00 to $34.00 and set a neutral rating for the company in a research report on Friday, April 22nd. Benchmark reduced their price objective on Snap from $40.00 to $20.00 and set a buy rating for the company in a research report on Tuesday. Finally, Wolfe Research reduced their price objective on Snap from $31.00 to $22.00 and set an outperform rating for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Buy and an average target price of $39.73.

SNAP opened at $14.81 on Tuesday. The firm has a market capitalization of $24.23 billion, a P/E ratio of -41.14 and a beta of 1.18. The stock’s 50 day moving average price is $29.84 and its two-hundred day moving average price is $37.61. The company has a quick ratio of 7.19, a current ratio of 7.19 and a debt-to-equity ratio of 1.05. Snap has a 12-month low of $12.55 and a 12-month high of $83.34.

Snap (NYSE:SNAPGet Rating) last released its earnings results on Thursday, April 21st. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.03). The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.07 billion. Snap had a negative net margin of 12.71% and a negative return on equity of 16.37%. The business’s quarterly revenue was up 38.1% compared to the same quarter last year. During the same period last year, the business earned ($0.19) EPS. As a group, analysts anticipate that Snap will post -0.43 earnings per share for the current year.

In related news, General Counsel Michael J. O’sullivan sold 12,500 shares of Snap stock in a transaction on Monday, February 28th. The stock was sold at an average price of $39.85, for a total transaction of $498,125.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jerry James Hunter sold 42,105 shares of Snap stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $22.67, for a total value of $954,520.35. Following the sale, the vice president now directly owns 665,813 shares of the company’s stock, valued at $15,093,980.71. The disclosure for this sale can be found here. Insiders sold a total of 1,555,687 shares of company stock valued at $44,789,003 over the last three months.

Institutional investors have recently made changes to their positions in the stock. AlphaCrest Capital Management LLC grew its stake in shares of Snap by 730.6% during the fourth quarter. AlphaCrest Capital Management LLC now owns 33,481 shares of the company’s stock worth $1,575,000 after purchasing an additional 29,450 shares during the period. Raymond James & Associates lifted its holdings in Snap by 5.6% during the fourth quarter. Raymond James & Associates now owns 788,491 shares of the company’s stock worth $37,083,000 after acquiring an additional 41,539 shares in the last quarter. AMS Capital Ltda bought a new position in Snap during the fourth quarter worth about $6,584,000. Balyasny Asset Management LLC bought a new position in Snap during the third quarter worth about $13,460,000. Finally, Pictet Asset Management SA lifted its holdings in Snap by 236.4% during the fourth quarter. Pictet Asset Management SA now owns 1,503,415 shares of the company’s stock worth $70,706,000 after acquiring an additional 1,056,439 shares in the last quarter. 53.88% of the stock is owned by institutional investors and hedge funds.

Snap Company Profile (Get Rating)

Snap Inc operates as a camera company in North America, Europe, and internationally. The company offers Snapchat, a camera application with various functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate visually through short videos and images.

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