Truist Financial Trims Snap (NYSE:SNAP) Target Price to $33.00

Snap (NYSE:SNAPGet Rating) had its price objective trimmed by Truist Financial from $60.00 to $33.00 in a research report released on Tuesday morning, The Fly reports. The firm currently has a buy rating on the stock.

Several other research analysts also recently weighed in on SNAP. JPMorgan Chase & Co. reduced their price target on shares of Snap from $47.00 to $26.00 in a research report on Tuesday. Rosenblatt Securities assumed coverage on shares of Snap in a research report on Tuesday, April 19th. They set a buy rating and a $49.00 price target for the company. Canaccord Genuity Group reduced their price target on shares of Snap from $46.00 to $40.00 and set a hold rating for the company in a research report on Friday, April 22nd. Citigroup upgraded shares of Snap from a neutral rating to a buy rating and increased their price objective for the company from $41.00 to $50.00 in a report on Wednesday, April 20th. Finally, Piper Sandler cut their price objective on shares of Snap from $50.00 to $30.00 and set an overweight rating for the company in a report on Tuesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, Snap currently has an average rating of Buy and a consensus target price of $39.73.

Shares of Snap stock opened at $14.81 on Tuesday. The firm has a 50-day simple moving average of $29.84 and a two-hundred day simple moving average of $37.61. The company has a market cap of $24.23 billion, a P/E ratio of -41.14 and a beta of 1.18. Snap has a fifty-two week low of $12.55 and a fifty-two week high of $83.34. The company has a debt-to-equity ratio of 1.05, a quick ratio of 7.19 and a current ratio of 7.19.

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

In other Snap news, VP Jerry James Hunter sold 42,105 shares of Snap stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $22.67, for a total transaction of $954,520.35. Following the completion of the transaction, the vice president now owns 665,813 shares in the company, valued at $15,093,980.71. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jeremi Gorman sold 8,150 shares of Snap stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $24.00, for a total transaction of $195,600.00. Following the transaction, the insider now owns 1,486,918 shares of the company’s stock, valued at approximately $35,686,032. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,555,687 shares of company stock valued at $44,789,003.

Several large investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its position in shares of Snap by 0.7% in the third quarter. The Manufacturers Life Insurance Company now owns 31,308 shares of the company’s stock valued at $2,313,000 after buying an additional 227 shares during the last quarter. Manchester Capital Management LLC raised its position in shares of Snap by 64.7% in the fourth quarter. Manchester Capital Management LLC now owns 621 shares of the company’s stock valued at $29,000 after buying an additional 244 shares during the last quarter. Samalin Investment Counsel LLC raised its position in shares of Snap by 45.5% in the fourth quarter. Samalin Investment Counsel LLC now owns 815 shares of the company’s stock valued at $38,000 after buying an additional 255 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Snap by 80.7% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 618 shares of the company’s stock valued at $46,000 after buying an additional 276 shares during the last quarter. Finally, Magnus Financial Group LLC raised its position in shares of Snap by 2.5% in the fourth quarter. Magnus Financial Group LLC now owns 11,591 shares of the company’s stock valued at $545,000 after buying an additional 278 shares during the last quarter. 53.88% of the stock is owned by institutional investors and hedge funds.

About Snap (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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